Bank cash vs onchain.

Same snapshot, less spreadsheet. Every bar is sourced.

Spread · vault base vs top HYSA ~+1.65%

frgmnt Morpho USDC vault base ~6% APR (excl. incentives) vs Openbank 4.35% APY. Not like-for-like — see caveats.

Incentives (~10% total with Merkl on Oct 21) are shown as a dashed ghost on the vault bar — temporary, labeled separately.

Not apples-to-apples tap to expand

Savings can be FDIC-insured; MMFs and T-bills are regulated. The onchain rate is a variable DeFi lending APR with smart-contract, collateral and depeg risk. APY / 7-day SEC yield / discount yield / APR differ. Snapshot only — not a forecast or advice.

Turn these rates into dollars, or see where a vault deposit goes.

Open calculator Where lent →