Rates and Yield

Overview

Rates and yield metrics describe the price of borrowing and lending on a protocol market: what suppliers earn, what borrowers pay in both compounding (APY) and non-compounding (APR) form, how heavily the market is utilized, and the compounding indices those rates accrue against. They are part of the Protocol Metrics family. See that page for the shared entity model (protocol, chain, market), the beginning-of-interval timestamp convention, and for what an instantaneous value versus a _mean value represents at each frequency.

At a Glance

Data type	Entities	Frequency / cadence	Unit	Primary endpoint	Coverage
Lending rates, utilization, and interest-accrual indices	Protocol markets (protocol + chain + market)	1d and 1m	Percent (APY, APR, utilization) or dimensionless (indices)	/timeseries/protocol-metrics	coming soon....

Metrics

Supply and borrow rates, in both compounding (APY) and non-compounding (APR) form, and utilization each have an instantaneous form and a _mean form (see APR versus APY for how the two forms relate). liquidity_index and debt_index_variable are compounding indices with no _mean form: they only make sense as a running cumulative value, not as an hourly average.

Metric	Description	Frequency
supply_apy	The instantaneous annual percentage yield earned by suppliers of the market's asset, closing value for the interval.	1d, 1m
supply_apy_mean	The mean supply_apy value over the time interval.	1d, 1m
borrow_apy_variable	The instantaneous annual percentage yield charged to borrowers at the market's variable interest rate, closing value for the interval.	1d, 1m
borrow_apy_variable_mean	The mean borrow_apy_variable value over the time interval.	1d, 1m
borrow_apy_stable	The instantaneous annual percentage yield charged to borrowers at the market's stable interest rate, closing value for the interval.	1d, 1m
borrow_apy_stable_mean	The mean borrow_apy_stable value over the time interval.	1d, 1m
supply_apr	The instantaneous non-compounding annual percentage rate suppliers earn on the market's asset, before compounding into supply_apy. See APR versus APY.	1d, 1m
supply_apr_mean	The mean supply_apr value over the time interval.	1d, 1m
borrow_apr_variable	The instantaneous non-compounding annual percentage rate charged to borrowers at the market's variable interest rate, before compounding into borrow_apy_variable. See APR versus APY.	1d, 1m
borrow_apr_variable_mean	The mean borrow_apr_variable value over the time interval.	1d, 1m
borrow_apr_stable	The instantaneous non-compounding annual percentage rate charged to borrowers at the market's stable interest rate, before compounding into borrow_apy_stable. See APR versus APY.	1d, 1m
borrow_apr_stable_mean	The mean borrow_apr_stable value over the time interval.	1d, 1m
utilization_rate	The instantaneous fraction of supplied liquidity that is currently borrowed (total borrowed divided by total market size), closing value for the interval.	1d, 1m
utilization_rate_mean	The mean utilization_rate value over the time interval.	1d, 1m
liquidity_index	A cumulative index that tracks compounded interest accrued to suppliers since the market's inception. Used internally to convert principal into interest-bearing balances.	1d, 1m
debt_index_variable	A cumulative index that tracks compounded interest accrued on variable-rate debt since the market's inception. Used internally to convert principal debt into its current accrued balance.	1d, 1m

Conventions.

• Metric values are returned as JSON strings to preserve precision.
• supply_apy, borrow_apy_variable, borrow_apy_stable, supply_apr, borrow_apr_variable, borrow_apr_stable, and utilization_rate are already scaled: APY and APR values are percentages (for example 1.4575 means 1.4575%) and utilization_rate is a fraction between 0 and 1.
• Not every market supports a stable borrow rate. Where it is not offered, borrow_apy_stable, borrow_apy_stable_mean, borrow_apr_stable, and borrow_apr_stable_mean are absent rather than zero.

Methodology

• supply_apy and the two borrow APYs are the annualized yields based on the rates the protocol's own interest-rate model publishes for the market at that instant.
• utilization_rate is the ratio of borrowed liquidity to total market size, and it is what typically drives the interest-rate model: rates rise as utilization approaches 100%, incentivizing more supply and less borrowing.
• liquidity_index and debt_index_variable are the running multipliers Aave-style pools use internally so that a static principal balance, multiplied by the current index, yields the current interest-accrued balance without needing to replay every historical rate change.

See Protocol Metrics: Frequency and the daily mean for how the instantaneous and _mean forms differ at each frequency.

Protocol Specifics

Aave APR vs APY

Aave-style pools track their interest rates on-chain as an APR: a simple, non-compounding annualized rate with no assumption about how often interest is reinvested. supply_apy, borrow_apy_variable, and borrow_apy_stable are the compounding version of that same rate.

supply_apr, borrow_apr_variable, and borrow_apr_stable publish the underlying non-compounding rate directly. APY is always greater than or equal to its corresponding APR for a positive rate. The two are related by:

$$\mathrm{APY} = \left(1 + \frac{\mathrm{APR}}{n}\right)^{n} - 1$$

where $n$ is the number of compounding periods per year implied by the protocol's interest-accrual cadence (for a per-second accrual model, $n$ is the number of seconds in a year).

Note: Morpho vaults expose APY values directly. These are read from the protocol as is.

Accessing the Data

• /timeseries/protocol-metrics

Python Client

import os
from coinmetrics.api_client import CoinMetricsClient

client = CoinMetricsClient(os.environ["CM_API_KEY"])

df = client.get_protocol_metrics(
    protocols="aave_v3",
    markets="core-weth",
    metrics=["supply_apy", "borrow_apy_variable", "utilization_rate"],
    frequency="1d",
).to_dataframe()

Shell

curl --compressed "https://api.coinmetrics.io/v4/timeseries/protocol-metrics?protocols=aave_v3&markets=core-weth&metrics=supply_apy,borrow_apy_variable,utilization_rate&frequency=1d&page_size=10000&api_key=$CM_API_KEY"

Python

import os, requests

response = requests.get(
    "https://api.coinmetrics.io/v4/timeseries/protocol-metrics",
    params={"protocols": "aave_v3", "markets": "core-weth",
            "metrics": "supply_apy,borrow_apy_variable,utilization_rate",
            "frequency": "1d", "page_size": 10000, "api_key": os.environ["CM_API_KEY"]},
).json()
print(response)

Full parameter reference: see the API Reference for /timeseries/protocol-metrics.

Examples

The examples below are live pulls, returned as JSON strings, and change on each pull.

Example: daily rates and utilization

supply_apy, borrow_apy_variable, and utilization_rate for the Aave v3 WETH market on Ethereum (browser):

[
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-07T00:00:00.000000000Z",
    "borrow_apy_variable": "2.11922926594",
    "supply_apy": "1.45753532854",
    "utilization_rate": "0.809169209261718752"
  },
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-08T00:00:00.000000000Z",
    "borrow_apy_variable": "2.09759089682",
    "supply_apy": "1.42827312202",
    "utilization_rate": "0.801108789868759973"
  },
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-09T00:00:00.000000000Z",
    "borrow_apy_variable": "2.1000111088",
    "supply_apy": "1.43154982822",
    "utilization_rate": "0.80198774294377139"
  }
]

Example: 1m frequency

The same market's supply_apy at the 1m frequency, close to real time (browser):

[
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-10T19:56:00.000000000Z",
    "market_size_total_usd": "4066207708.825581682926940026405",
    "supply_apy": "1.4224161144635605"
  },
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-10T19:57:00.000000000Z",
    "market_size_total_usd": "4067596112.53438854564029603356",
    "supply_apy": "1.4223895750835744"
  },
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-10T19:58:00.000000000Z",
    "market_size_total_usd": "4067614906.322207655579850468638",
    "supply_apy": "1.4223895750835744"
  }
]

Example: liquidity and debt indices

liquidity_index and debt_index_variable for the same market (browser):

[
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-08T00:00:00.000000000Z",
    "debt_index_variable": "1.104426312288926397401149293",
    "liquidity_index": "1.06914347979207487347415743"
  },
  {
    "protocol": "aave_v3",
    "market": "core-weth",
    "chain": "ethereum",
    "time": "2026-08-09T00:00:00.000000000Z",
    "debt_index_variable": "1.104489702160771097701198238",
    "liquidity_index": "1.069185273533461987214857589"
  }
]

Coverage

See Protocol Metrics: Coverage for how to check current availability against the catalog directly.

Related

• Protocol Metrics: the parent page, with the shared entity model and frequency semantics.
• Liquidity and Size: the total market size, borrowed, and available liquidity figures that utilization_rate is computed from.
• Risk Parameters: the caps and thresholds that bound how far utilization and borrowing can go.