sUSDS Yield: Earn up to 20% APY on sUSDS/USDT

sUSDS is Sky Protocol’s savings USDS token, deposited into Spark’s ERC-4626 vault. Holders earn the Sky Savings Rate (SSR), funded by Sky’s revenue from crypto-collateralized loans, U.S. Treasury investments, and SparkLend liquidity provisioning.

How the strategy works

This is a max-APY yield loop: sUSDS is supplied as collateral and USDT is borrowed against it on Morpho, then recycled back into sUSDS to multiply the underlying Sky Savings Rate yield. Because the two assets are price-correlated, the position targets amplified yield rather than directional price exposure.

Strategy details

Collateral asset

Savings USDS (sUSDS)

Borrowed asset

USDT

Issuer

Sky

Yield source

Sky Savings Rate

Underlying

USDS

Category

stable

Network

Ethereum

Protocol

Morpho

Live metrics

Collateral APY

3.79%

Net borrow APY

3.02%

Max leverage

26.7x

Default leverage

22.2x → 20.11% APY

Leverage ladder

1x 3.79% · 2x 4.56% · 3x 5.33% · 4x 6.10% · 5x 6.87% · 6x 7.64% · 7x 8.41% · 8x 9.18% · 9x 9.95% · 10x 10.72% · 11x 11.49% · 12x 12.26% · 13x 13.03% · 14x 13.80% · 15x 14.57% · 16x 15.34% · 17x 16.11% · 18x 16.88% · 19x 17.65% · 20x 18.42% · 21x 19.19% · 22x 19.96% · 23x 20.73% · 24x 21.50% · 25x 22.27% · 26x 23.04% · 26.7x(max) 23.58%

Oracle type

nav

Exit slippage

$100k 0.00% · $500k 0.00% · $1M 0.00% · $5M 0.00% · $10M 0.00%

as-of 2026-10-14T08:53:51.306Z — live snapshot. Live data (source of truth): https://api.spiralstake.xyz/v1/strategies?chainId=1

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