CARRYBorrow near zero. Lend at what stock borrowers pay.
Put ETH up as collateral, borrow USDG on Morpho's WETH market and lend it to people borrowing against NVDA, SPCX, GOOGL and AAPL. One transaction, and every position stays in your own wallet.
Where the USDG goes
Stock-token markets on Morpho Blue, Robinhood Chain. Borrowers pay the rate; lenders split it.
The trade, in one transaction
ETH goes in as collateral
Carry wraps your ETH and supplies it to the WETH/USDG market on Morpho, under your address.
USDG is borrowed against it
Up to 50% of the ETH's value at Morpho's oracle. Liquidation on that market starts at 77%.
The USDG is lent to stock borrowers
Supplied to the market you pick, again under your address. Interest accrues every second.
Unwind when you want out
Carry takes back what the lend market can pay right now, repays the debt and returns your ETH. Lending earned above the debt comes to you in USDG.
The catch
High rates exist because these markets are busy. Know what that means before you open one.
Stock markets run near 100% borrowed. You can always unwind what is free; the rest comes out as borrowers repay or new lenders arrive.
Your debt is in dollars and your collateral is ETH. At 30% LTV, ETH has to drop about 60% to reach liquidation. Keep it low.
Both sides float. The borrow rate rises when the WETH market fills up; the lend rate falls when borrowers leave.
Questions
Does Carry hold my funds?
No. Morpho records the collateral, the debt and the lending under your address. Carry is a router with no owner and no fee; it only acts inside your transactions.
Why do I authorize Carry on Morpho?
So it can borrow and withdraw for you inside open and unwind. You can revoke it on Morpho at any time, and your positions stay yours either way.
Where does the yield come from?
From people borrowing USDG against stock tokens on Morpho. They pay interest; the market's lenders, you among them, receive it.
What if I cannot unwind everything?
Unwind takes what is free and repays that much. Your remaining lending keeps earning until there is liquidity for the rest.
Audited?
No. The router is short and tested on a fork of Robinhood Chain against the live Morpho markets. Unaudited software.