Table of Contents
Uniswap v3 WBTC-WETH jumped from 5.87% to 21.46% in seven days, a 15.59 percentage point move driven by fee volume during a week of elevated volatility. Two other LP pools also spiked: Curve's CRVUSD-CBBTC rose from 1.58% to 9.9%, and Uniswap's USDC-WETH moved from 8.63% to 12.55%. Stablecoin core yields held the 3.8% to 6.58% range with minimal movement.
Stablecoin Yields
The core stablecoin venues sit between 3.8% and 6.58% as of 05 November 2026. Sky Lending STUSDS leads at 6.58% on Ethereum, with $181M TVL and 116 days of history. Aave v3 USDT on Ethereum offers 5.87% backed by 1,355 days of history and $176M TVL. Aave v3 SGHO yields 4.5% on Ethereum with $222M TVL.
Spark Savings USDT on Ethereum pays 4%, while Spark Savings USDC and USDS both sit at 3.8%. Aave v3 USDC on Ethereum, Arbitrum and Base offers 3.96% with $240M TVL and the longest track record in this cohort at 1,365 days. Sky Lending SUSDS pays 3.8% across Ethereum and Arbitrum with $4,974M TVL and 622 days of history. Compound v3 USDC on Ethereum yields 3.22%, while Sparklend DAI sits at 2.93%.
Ethena sUSDe on Ethereum offers 5.19% from $1,143M TVL. This yield is funding-rate dependent and can turn negative in a bear market. Morpho Blue vaults GTUSDCP and STEAKUSDC pay 5.19% and 5.2% respectively, but risk parameters are set by the curator rather than protocol governance. Jupiter Lend USDC on Solana yields 6.16% with $466M TVL, carrying a different chain risk profile to Ethereum.
Sparklend USDS on Ethereum shows 3.5% APY, but 100% of that yield comes from token emissions rather than base rate. Sky Lending USDS on Ethereum displays 5.79%, also entirely emissions-driven. Fluid Lending USDC on Ethereum and Arbitrum pays 4.57% with $186M TVL and 888 days of history, representing a newer lending design with a shorter track record than Aave. Sky Lending SDAI on Ethereum offers 1.25% with $187M TVL and 1,427 days of history, the longest continuous record in the stablecoin set.
Tokenised Treasuries And Credit
Maple USDC on Ethereum leads this segment at 5.1% with $2,524M TVL and 465 days of history. This is institutional credit and carries real borrower default risk, not smart-contract risk. Maple USDG offers 4.86% with $743M TVL, and Maple USDT pays 4.92% with $673M TVL. Both carry the same default risk profile.
Ondo USDY on Ethereum and Solana yields 3.75% with $1,434M TVL, representing tokenised US Treasuries. BlackRock BUIDL on Solana, Ethereum, Arbitrum and Polygon pays 3.86% with $1,010M TVL and 223 days of history. Invesco USTB on Ethereum offers 3.83% with $438M TVL. All three are tokenised Treasury products, each carrying issuer counterparty risk and regulatory exposure distinct from protocol risk.
Usual USD0 bUSD0 on Ethereum shows 4.82%, but 100% of that yield comes from token rewards layered on top of a treasury-backed structure. Midas RWA USDC on Ethereum pays 3.41% with $184M TVL and 155 days of history, backed by tokenised yield-bearing real-world assets.
Liquid Staking
Ethereum staking yields cluster between 2.19% and 2.37% as of 05 November 2026. Lido stETH on Ethereum offers 2.26% with $23,181M TVL and 1,615 days of history. Rocket Pool rETH pays 2.27% with $1,163M TVL and 1,386 days. Coinbase cbETH yields 2.28% with $473M TVL. Stakewise v3 osETH offers 2.37% with $382M TVL and 1,044 days of history, representing a smaller staking pool with a longer track record.
Binance wBETH on Ethereum pays 2.19% with $8,781M TVL but is exchange-operated, adding custodial counterparty risk to the staking yield. Ether.fi weETH on Ethereum and Base yields 2.97% with $5,294M TVL, reflecting restaking exposure layered on top of base staking returns.
Solana liquid staking yields run structurally higher, between 4.79% and 5.48%, reflecting higher nominal network inflation and MEV rewards. Marinade mSOL on Solana leads at 5.48% with $215M TVL. Jupiter jupSOL offers 5.01% with $482M TVL and 617 days of history. Drift dSOL pays 4.93% with $269M TVL. Jito jitoSOL yields 4.79% with $984M TVL and 589 days of history, including MEV rewards in the base rate.
What Changed
Four pools entered the dataset this week: Midas RWA USDC at 3.41%, Curve USDC-RLUSD at 5.31%, Aave v3 WETH at 4.98%, and Convex Finance sfrxUSD-frxUSD at 3.65%. Three pools dropped out: Centrifuge Protocol USDS (was 3.83%), Convex Finance cvxCRV (was 15.58%), and Curve USDT-CRVUSD (was 3.72%), all failing to meet inclusion thresholds.
Uniswap v3 WBTC-WETH rose 15.59 percentage points from 5.87% to 21.46%, the largest single move in the dataset. Curve CRVUSD-CBBTC jumped 8.32 percentage points from 1.58% to 9.9%. Uniswap v3 USDC-WETH climbed 3.92 percentage points from 8.63% to 12.55%. All three are LP pools where yield derives from trading fee volume, which spikes during volatility. These figures carry impermanent loss risk.
Fluid Lending USDC fell 2.28 percentage points from 6.85% to 4.57%. Sky Lending USDS dropped 1.51 percentage points from 7.3% to 5.79%. Morpho Blue GTUSDCP and STEAKUSDC both declined roughly one percentage point, from 6.23% to 5.19% and 6.24% to 5.2% respectively. Aave v3 USDT rose 1.20 percentage points from 4.67% to 5.87%.
Where The Yield Is Not Real
Several pools display double-digit APYs composed primarily of protocol token emissions rather than fee income. A pool paying 2% in actual yield and 12% in a token that declines 40% is not a 12% pool.
Sky Lending USDS on Ethereum shows 5.79% APY, with 100% derived from reward tokens and zero base yield. Sky Lending SKY on Ethereum offers 4.65%, also entirely token emissions with $576M TVL. Usual USD0 bUSD0 on Ethereum displays 4.82%, again 100% emissions-driven despite $496M TVL and 696 days of history.
Aave v3 RLUSD on Ethereum advertises 5.59%, but 4.47 percentage points (80% of the headline figure) comes from reward tokens, with only 1.12% base yield. Curve USDC-RLUSD on Ethereum shows 5.31%, with 4.53 percentage points (85%) from emissions and just 0.78% base. Aave v3 WETH on Ethereum pays 4.98%, but 3.51 percentage points (70%) is emissions, leaving 1.47% base.
Curve DOLA-sUSDe on Ethereum offers 3.74%, with 2.27 percentage points (61%) from rewards. Convex Finance sfrxUSD-frxUSD on Ethereum yields 3.65%, split between 1.76% base and 1.89% rewards (52% emissions). The distinction matters because reward token value is not guaranteed and often declines as supply increases.
How To Verify Any Of This
Every pool in this report links directly to its DefiLlama page. Sky Lending STUSDS at 6.58% can be checked in one click. Ethena sUSDe at 5.19% shows daily rate history. Maple USDC at 5.1% displays TVL and track record. Lido stETH at 2.26% includes 1,615 days of historical performance.
Yields change daily. The figures in this report are a snapshot as of 05 November 2026. A pool showing 5.2% today may yield 4.8% or 5.6% tomorrow depending on utilisation, fee volume, or token price. The VERIFY links allow you to confirm current rates before committing capital. Any analysis claiming fixed yields or guaranteed returns is selling something other than information.
