Savings

Yield and risks

Every does not set the Savings rate, and it is not fixed. Borrowers pay it, it changes every day, and it can fall. This page explains where each figure you see comes from and what can go wrong, plainly.

What the percentage means

Every percentage in Savings is a one-year estimate, with the curator’s or the venue’s fees already taken off. It is not a fixed or guaranteed rate: it is what 12 months would pay if today’s rate did not change, and it changes.

On each pot you see that pot’s rate right now.
In the Savings header, with money in, you see “X% on average”: the average of your pots, weighted by what you hold in each. With nothing in, “Up to X% a year”: the better of the two.
In a year, at this rate, on a pot’s page, multiplies what you hold by that rate. It is a projection.

Every’s fee (0.2% in and out) is not part of that percentage: it is charged once per move, and you see it as a figure before you confirm.

Where the app reads it

Morpho

The app reads the vault’s net rate from Morpho’s public API, every few minutes. “Net” means after the curator’s fee (Gauntlet), which keeps part of the interest and is not Every’s. The pot’s page shows it under Curator fee, as “X of the interest”.

That interest comes from the lending markets the curator spreads the vault’s money across. It rises when a lot is borrowed there and falls when it is not. The curator can also change the split, and the rate with it.

Hyperliquid

The app reads the rate of Hyperliquid’s USDC lending market, as the venue publishes it. It follows a formula that depends on utilization: how much of the money available to lend is lent out.

Borrowers pay 5% a year while utilization stays at or under 80%. Above that, the rate climbs fast to push them to repay.
Lenders, you, receive that rate times the utilization, less the 10% Hyperliquid keeps as a buffer for liquidations.

With half the money lent out, for example, the pot pays 2.25%. With 80% lent out it reaches 3.6%. Above that it can pay more, but that is exactly when money is hardest to take out, because nearly all of it is lent.

Why the rate changes

Demand for loans. The main reason, in both pots. When markets run and people borrow to trade, the rate rises; when things calm down, it falls.
Money coming in and going out. If many people lend at once, the same interest is shared across more money, and the rate falls.
Morpho’s curator, who can move the vault’s money between markets.
Where your next dollar goes. The Morpho pot puts new money into the vault that pays best between Arbitrum and Base, with a margin so it does not switch networks over a small difference. Money already in earns the rate of the vault it is in.

The risks

Contracts and software

Your money is held by software: Morpho’s contracts on Arbitrum or Base, and Hyperliquid’s lending market. If one of them has a bug or is attacked, you can lose part or all of what is in that pot.

Not being able to take it out right then

What is lent out is not in the till. If nearly all of a pot’s money is lent, taking yours out waits until borrowers repay or are liquidated.

On Hyperliquid, the pot’s page says so with the figure: “X of this pot is lent out right now and can’t come out until it’s repaid”, and its Taking it out row says When it’s repaid. The rate rises at the same time, precisely to get borrowers to repay.
On Morpho, when choosing where new money goes, the app avoids vaults with little money free to take out. But a vault’s free money can also shrink later, and then taking yours out depends on how much is free.

There is no fixed time: it depends on when loans are repaid. If you will need the money on a specific date, keep that in mind.

Collateral that does not cover the loan

Borrowers put up something worth more than they borrow. If it drops so fast that there is no time to sell it, debt can be left that the collateral does not cover. On Hyperliquid the collateral is HYPE or BTC; the venue keeps part of the interest as a buffer, but if a loss goes past it, lenders could get back less. On Morpho, each of the vault’s markets has its own collateral and rules, and the vault absorbs the loss.

The curator

On Morpho, Gauntlet decides which markets the vault lends into and with what limits. If they get it wrong, the vault can end up exposed to a market that goes bad. We picked a large vault with one of the most careful collateral sets, but that lowers the risk; it does not remove it.

Money in retired vaults

If part of your Morpho pot is In retired vaults, that part carries its own vault’s risk, not today’s vault’s. The pot’s page lists it vault by vault. To stop carrying it, take it out; if you put it back in, it goes into today’s vault.

What is not a Savings risk

Every keeping your money. We do not touch it: it sits in your wallet or your Hyperliquid account, and it only moves with your signature.
The price of an asset. You lend dollars (USDC) and get dollars back: your balance does not depend on the price of BTC or of a stock.

More on Every’s risks in general in Risks.