➥ Pendle PT-USDat on Monad is probably the more interesting loop right now the latest @saturn_credit incentives pushed PT implied APY to ~7.02% while the current effective USDC borrow rate on Morpho is ~5% simple spread, but leverage makes the difference at ~3x exposure: 3 × 7.02% - 2 × 5.0% = ~11.06% APY before slippage/fees go to 5x and the rough number moves toward ~16% but i don’t think i need to take that much liquidation risk just to squeeze a few more points more importantly, Monad currently has ~$2M USDC available in this Morpho market versus only ~$90K on Ethereum so there’s simply more room to execute the loop without immediately fighting for borrow liquidity I’m watching the native borrow rate is actually ~6.5% current WMON rewards reduce the effective cost by ~1.5%, bringing it closer to 5% as long as @pendle_fi PT yield stays ~7%+ and effective borrow stays around 5% the loop makes sense to me