CARRY
Open a carry

Docs

Carry is a router for Morpho Blue on Robinhood Chain. In one transaction it puts your ETH up as collateral on the WETH/USDG market, borrows USDG there and lends it on a USDG market where people borrow against stock tokens. Every position is recorded by Morpho under your address; the router holds nothing between transactions, has no owner and takes no fee.

Opening

  • First, once: setAuthorization(Carry, true) on Morpho, so the router can borrow and withdraw for you. Revoke it any time.
  • open(lendMarket, borrowUsdg) with ETH attached: wraps the ETH, supplyCollateral on the WETH market for you, borrow for you, then supply the USDG to the lend market for you.
  • The router refuses an open that would leave the WETH-market position above 50% LTV. Morpho liquidates that market at 77%.
  • Lend markets listed at deploy: NVDA, SPCX, GOOGL and AAPL USDG markets (62.5% LLTV for their borrowers).

Unwinding

  • unwind(lendMarket, usdg, ethOut): withdraws usdg from the lend market (or, with the maximum value, everything the market can pay right now), repays that much of your WETH-market debt, then returns ethOut of collateral as ETH.
  • If the lending covers the whole debt, the debt is repaid in full and the rest of the USDG is sent to you.
  • Stock lend markets often run at 100% utilization. Then only part, or none, of your lending can be withdrawn at a given moment; the rest keeps earning until borrowers repay or new lenders arrive.

The numbers

  • You pay the WETH/USDG market's borrow rate on the debt and earn the lend market's supply rate on the lending. Both are variable and set by Morpho's adaptive rate model.
  • The borrow rate rises as the WETH market fills; the free USDG to borrow there is limited, and the app shows it.
  • Liquidation price = ETH price × your LTV ÷ 77%.

Risks

  • ETH falling: your debt is in dollars. Keep the LTV low.
  • Liquidity: exits depend on free USDG in the lend market.
  • Rates: the spread can shrink or turn negative.
  • Morpho, its oracles and the stock-token markets are outside Carry's control. Unaudited; tested on a fork of Robinhood Chain against the live markets.

Contracts

Carry routerdeploys at launch
Morpho Blue0x9D53…1010
WETH/USDG market0x7c82…66e2