Table of Contents
Two major LP venues lost nearly half their trading-fee yield in seven days. Uniswap v3 USDC-WETH dropped from 19.4% to 10.13%, and Uniswap v4 ETH-USDC fell from 27.64% to 19.12%. That volume moved somewhere, or it stopped. Either way, the narrative that DEX fee income is stable has taken another hit.
Stablecoin Yields
The core venues remain narrow and predictable. Sky Lending sUSDS pays 3.6% across Ethereum and Arbitrum, backed by $4,817M in TVL and 580 days of history. Spark Savings USDC offers 3.6% on Ethereum with $304M TVL. Aave v3 USDC sits at 3.61% across Ethereum, Base, Arbitrum and Polygon, while Aave v3 USDT on Ethereum delivers 3.68%. Spark Savings USDT on Ethereum pays 3.5% with $389M TVL. All figures are as of 24 September 2026.
Aave v3 sGHO on Ethereum pays 4.5% with $163M TVL and 131 days of history. Compound v3 USDC on Ethereum dropped to 3.23%, down from 5.76% a week earlier. Compound v3 USDT sits at 3.0% with $28M TVL. Sparklend DAI, newly added this week, pays 2.71% on Ethereum with $86M TVL and an 830-day track record.
The yields requiring mechanism explanation: Ethena sUSDe pays 4.67% on Ethereum with $1,331M TVL. That yield is funding-rate dependent and can go negative in a bear market. Sparklend USDS on Ethereum delivers 4.22%, but 100% of that APY comes from emissions, not base yield. It carries $973M TVL and 206 days of history.
Morpho Blue steakUSDC pays 4.43% across Base and Ethereum with $764M TVL. Risk parameters are set by the curator, not algorithmically. Morpho Blue gtUSDcp offers the same 4.43% with $668M TVL under the same structure. Jupiter Lend USDC on Solana pays 4.91%, composed of 4.53% base and 0.38% reward, with $470M TVL. That carries Solana chain risk, which is a different profile from Ethereum.
Fluid Lending USDC across Ethereum, Arbitrum and Base pays 4.5% with $216M TVL. It is a newer lending design with a shorter track record than Aave. Aave v3 USDe on Ethereum sits at just 0.54% despite $536M TVL. Sky Lending sDAI on Ethereum pays 1.25% with $202M TVL and a 1,385-day history.
Tokenised Treasuries And Credit
Maple USDC on Ethereum pays 5.17% with $2,908M TVL and 423 days of history. This is institutional credit. It carries real borrower default risk, not just smart-contract risk. Maple USDT on the same chain offers 4.92% with $633M TVL under the same credit structure. Maple USDG delivers 5.04% with $435M TVL and only 104 days of history.
BlackRock BUIDL, tokenised US Treasuries, pays 3.76% across Solana and Ethereum with $1,436M TVL and 181 days of history. Ondo USDY, also tokenised Treasuries, offers 3.59% across Ethereum and Solana with $1,372M TVL. Invesco USTB on Ethereum sits at 3.55% with $542M TVL and 174 days of history.
Usual USD0 (bUSD0) on Ethereum pays 5.84%, but 100% of that yield is emissions. It is treasury-backed with a token incentive layer. TVL stands at $504M with 654 days of history. The rate climbed 2.16 percentage points since last week. Centrifuge Protocol USDS on Ethereum offers 3.53% with $327M TVL. This is tokenised real-world credit, not Treasuries.
Liquid Staking
Lido stETH on Ethereum pays 2.25% with $26,057M TVL and a 1,573-day track record. Binance Staked ETH (wBETH) sits at 2.2% with $9,375M TVL but carries exchange-operated custodial counterparty risk. Ether.fi weETH pays 2.28% on Ethereum and Base with $5,990M TVL and includes restaking exposure on top of staking. Rocket Pool rETH offers 2.13% with $1,391M TVL. Coinbase Wrapped Staked ETH (cbETH) pays 2.34% with $509M TVL. Stakewise v3 osETH delivers 2.33% with $421M TVL and 1,002 days of history.
Solana liquid staking rates are structurally higher because of MEV rewards and network design. Jupiter Staked SOL (jupSOL) pays 5.52% with $593M TVL and 575 days of history. Drift Staked SOL (dSOL) offers 5.14% with $323M TVL. Jito jitoSOL and Marinade mSOL both sit at 4.98%, with $1,189M and $261M TVL respectively. All Solana venues carry the different chain risk profile inherent to Solana versus Ethereum.
What Changed
Four pools disappeared from the dataset entirely: Curve DOLA-sUSDe (was 4.09%), Curve crvUSD-cbBTC (was 7.85%), Curve frxUSD-crvUSD (was 3.97%) and Curve apyUSD-apxUSD (was 7.44%). None now meet the reporting bars. Two venues were added: Sparklend DAI at 2.71% and Curve OETH-WETH at 1.56%.
The largest move was Uniswap v3 USDC-WETH, down 9.27 percentage points to 10.13%. Uniswap v4 ETH-USDC fell 8.52 points to 19.12%. Compound v3 USDC dropped 2.53 points to 3.23%. Fluid Lending ETH declined 1.36 points to 1.94%. On the upside, Usual USD0 bUSD0 climbed 2.16 points to 5.84%, and Centrifuge Protocol USDS rose 1.16 points to 3.53%.
The drops in Uniswap pools are large enough to matter. A venue losing half its yield in a week means the volume that generated those fees either evaporated or migrated. If it migrated, it is not showing up in the surviving dataset. If it evaporated, the assumption that LP fee income is durable needs revising.
Where The Yield Is Not Real
Convex Finance cvxCRV on Ethereum pays 9.76%, but 100% of that is reward tokens. TVL is $50M with 1,464 days of history, and the pool carries impermanent loss risk on top of emissions dependence. Curve rEUSD-scrvUSD delivers 8.1%, of which 90% is emissions. Base yield is just 0.81%. TVL stands at $28M.
Usual USD0 bUSD0 appears in both the treasury section and here. Its 5.84% is entirely emissions, despite being treasury-backed. The token incentive layer is doing all the work. Aave v3 RLUSD on Ethereum pays 4.98%, but 64% of that (3.17 percentage points) is rewards. Only 1.81% is base. A separate Aave v3 WETH pool on Ethereum shows 4.93%, of which 71% is emissions.
Curve PYUSD-USDC on Ethereum pays 4.78%, but 99% of that is rewards. Base yield is 0.05%. Curve USDC-RLUSD offers 4.63%, also 99% emissions with a 0.03% base. These are not yield venues. They are token distribution mechanisms dressed as lending pools.
Sparklend USDS on Ethereum, mentioned earlier, pays 4.22% in full from emissions. No base yield. $973M TVL and 206 days of history do not change the fact that the APY disappears if the reward programme stops.
How To Verify Any Of This
Every pool in this report links directly to its DefiLlama page. Sky Lending sUSDS, Spark Savings USDC, Aave v3 USDC, Ethena sUSDe, Lido stETH and Curve PYUSD-USDC can all be checked in one click. Yields change daily. These figures are a snapshot as of 24 September 2026. If a number looks wrong, the verification link is there to prove it or correct it. That is the mechanism that keeps this report honest.
