A stablecoin loop on @kamino is paying 46% right now. Here's what you're actually risking for it. A loop means you deposit a token, borrow against it, buy more of it, and repeat. Kamino calls it Multiply and does it in one click. LTV (loan-to-value) is how much you've borrowed against your deposit. A depeg is when a stablecoin slips off $1. All numbers are as of 15 Oct. 1. eUSX/USX Multiply (@solsticefi) APY: 45.57%, including Solstice Flares rewards. Leverage: 4x. Liquidity: $2.98M, with $498.07K collateral, the deepest here. Risk: some of that 46% is Flares rewards, not cash yield. 2. apyUSD/USDC Multiply APY: 36.24%. Leverage: 3.3x. Liquidity: $512.52K, with $76.16K collateral. Risk: it's new and tiny, and a depeg would sting. 3. JLP/USDT Multiply (JLP market, @JupiterExchange) APY: 30.67%. Leverage: 6.2x. Liquidity: $281.51K, with $3.04M collateral. JLP is Jupiter's perp pool token, a basket of SOL, ETH, BTC and stables that earns trading fees. You have long exposure to this tokens while holding JLP. You also have exposure to the traders PnL. Never Max leverage. 4. syrupUSDC/USDC Multiply (@maplefinance) APY: 22.69%. Leverage: 8.3x. Liquidity: $261.63K, with $624.07K collateral. Risk: it has the least room of the stable loops, so keep size small. 5. STRCx/USDC RWA Loop STRCx is tokenized @Strategy preferred stock. APY: 17.30%. Leverage: 2x, with max LTV 50% and liquidation at 65% LTV. Liquidity: none free right now, with $203.40K collateral, and it opens up as more lenders join. You're long STRCx, earning yield plus points. You have full price exposure to STRCx. It gets liquidated if the price drops. You also earn @xStocksFi Points for their upcoming airdrop. My take. eUSX is where I'd look first, as long as you're fine with part of the yield coming in Flares. JLP is the pick if you want to be long crypto and get paid fees for it.