lendrates

lendrates

what a dollar earns and what borrowing one costs on ethereum's big lending markets, right now: aave v3, spark, the compound v3 comets and the sky savings rate, read from the contracts at one block over a public rpc. no keys, no api, no dashboard in between.

$ lendrates
lending on ethereum mainnet, block 25,947,470 (2026-09-10 14:04 utc)

asset    market       supply apy borrow apy    util   supplied  borrowed
USDC     compound v3       5.77%      6.90%  90.7%*      $375m     $340m
USDC     aave v3           3.79%      4.49%  93.9%*    $2.31bn   $2.17bn
USDC     spark             3.61%      4.36%  92.2%*       $26m      $24m

USDT     aave v3           3.92%      4.65%  94.1%*    $2.96bn   $2.78bn
USDT     spark             3.45%      4.08%  94.2%*      $334m     $315m
USDT     compound v3       3.16%      3.98%  86.5%       $180m     $156m

DAI      aave v3           3.13%      4.84%  87.0%       $131m     $114m
DAI      spark             2.49%      4.13%  67.7%       $308m     $208m

USDS     compound v3       3.11%      3.94%  85.1%      $1.89m    $1.61m
USDS     spark             2.35%      4.00%  65.6%       $936m     $614m
USDS     aave v3           0.27%      5.71%   6.5%      $9.40m     $613k

USDe     aave v3           1.05%      6.45%  22.2%       $668m     $148m

PYUSD    aave v3           3.98%      5.04%  88.2%      $7.58m    $6.69m
PYUSD    spark             0.62%      3.98%  17.5%       $100m      $17m

WETH     spark             1.48%      1.96%  79.8%     $1.32bn   $1.06bn
WETH     aave v3           1.46%      2.07%  83.4%     $5.15bn   $4.30bn
WETH     compound v3       1.30%      1.88%  64.8%       $123m      $80m

savings rates, set by governance, nothing lent out:
  sUSDS  sky savings rate    3.60% on 4.66bn USDS
  sDAI   dai savings rate    1.25% on 165.53m DAI

apy: the rate compounded every second, the way aave's interface shows it; compound's shows the apr.
usd at each market's oracle price (aave's for compound, whose weth market prices in eth).
* utilization at or above 90%: nearly all of it is lent out, a large withdrawal may have to wait for repayments.

usdc pays 5.77% on compound and 3.79% on aave, and aave is the more lent out of the two: the rate curves differ from market to market, so utilization alone does not say who pays more. usds on aave is the other end of it: 0.27% to supply, 5.71% to borrow, 6.5% used. and none of this includes rewards paid in other tokens; those change weekly and are not in the contracts read here.

install

pipx install git+https://github.com/alinaschanz/lendrates

or clone it and run python -m lendrates from the folder. python 3.10 or newer, no dependencies.

use

lendrates                                   # usdc, usdt, dai, usds, usde, pyusd, weth everywhere
lendrates --assets USDC,USDT                # just these
lendrates --assets all                      # every reserve with at least $10m supplied
lendrates --assets all --min-usd 1e9        # the big ones only
lendrates --markets aave,spark              # leave compound and sky out
lendrates --json
lendrates --summary-append data/daily.csv --quiet   # one row per asset and market, the dataset

how it works

• aave v3 and spark run the same pool code. getReservesList() and every token's symbol() pick the reserves; getReserveData(asset) gives currentLiquidityRate and currentVariableBorrowRate, both aprs in ray (1e27), and the addresses of the a-token and the variable debt token, whose totalSupply() are what is supplied and what is borrowed. decimals, "frozen", "paused" and "borrowing enabled" are bits of the reserve's configuration word (48-55, 57, 60, 58). prices come from the pool's own oracle (ADDRESSES_PROVIDER().getPriceOracle(), usd with 8 decimals). pool addresses: aave v3, spark.
• compound v3 is one contract per lent token (a comet): usdc, usdt, usds, weth, wbtc, wsteth. getUtilization(), then getSupplyRate(u) and getBorrowRate(u), which are rates per second scaled by 1e18; totalSupply(), totalBorrow(), baseScale() for the sizes. a comet prices everything in its own numeraire (the weth comet in eth), so the usd columns use aave's oracle price for the same token. the live test checks every comet's baseToken() against the table.
• sky: susds ssr() and the pot's dsr() behind sdai are per-second multipliers in ray set by governance; totalAssets() is what sits in them.
• apy: an apr compounded every second, (1 + apr / 31,536,000) ** 31,536,000 - 1, and a per-second rate (1 + r) ** 31,536,000 - 1. that is how aave's interface shows it; compound's shows the apr, which is a little lower.
• every call is an eth_call at one block, twenty to a batch request; endpoints publicnode, mevblocker, drpc, tenderly, blastapi in that order, or --rpc yours. a market that reverts is left out with a warning, the rest still print.

reading the table

• an apy here is the rate at this block. it moves with every deposit, borrow and repayment, and on a 90%+ market it can move a lot within an hour.
• * is not a warning about the protocol: it says the pool is nearly lent out, which is exactly when suppliers earn the most and when a large withdrawal can have to wait for someone to repay.
• the savings rates are set by vote and change rarely; they are not market rates.
• numbers, not calls: none of this says where money should go. rewards, risks, caps, collateral rules and the chance of a bad debt event are all outside these columns.

the dataset

data/daily.csv gets one row per asset and market every night at 00:33 utc. columns are in data/README.md; a rerun for the same day replaces the day.

exit codes and scripting

0 after a table, 2 when a market name is wrong or no rpc answered. --json carries every row with the raw sizes in tokens and the price used, so lendrates --json | jq '.rows[] | select(.utilization > 0.95)' lists the pools that are nearly lent out.

see also

• stablepeg: whether the dollars in these pools are still a dollar
• bigmoves, netflows: where large amounts of them go
• the notes: alinaschanz.life, the short version on x

verify a release

every release carries the sdist and the wheel, a SHA256SUMS file, an opentimestamps proof of that file, and a build provenance attestation made in github's own signing flow. with the files downloaded into one folder:

sha256sum -c SHA256SUMS
gh attestation verify ./*.whl --owner alinaschanz
ots verify SHA256SUMS.ots

the commit itself is signed.

license

mit. numbers, not calls. not financial advice.