Sève Carry Book
Sève SAS · Wildcat seve1 USDT0 → Morpho USDC/USD3

Sève Carry Book

Sève borrowed 49,990 USDT0 on Wildcat at 7.35% all-in, bridged it to Ethereum, swapped to USDC and lent it on Morpho. Loading figures…

Snapshot 10 Oct 2026 11:25 UTC
Net P&L to date…
Wildcat interest owed…
Morpho earned, incl. Merkl…
Carry right now…
Race since the loan was drawn

Interest paid to Wildcat vs earned on Morpho

Wildcat interest + fee (cumulative)Morpho interest + Merkl USDC (cumulative)Morpho interest only

The orange line starts on 10 Sep, when the loan was drawn. The blue line only starts on 15 Sep, when the money reached Morpho. Those first 4.8 days are pure cost.

Where it was won and lost

P&L bridge

Rate we earn vs rate we pay

Morpho supply APY vs Wildcat cost

Morpho base supply APY (daily)Base + Merkl USDC rewardsWildcat all-in cost 7.35%

What would make it work

Break-even check

Wildcat charges 7.00% to lenders plus a 5% protocol fee on that interest, so 7.35% on the full 50,000 supplied. Morpho pays base interest plus Merkl USDC rewards on what is deployed.

Carry / year
…
Per day
…

Balance sheet, both wallets

What Sève holds vs what it owes

Morpho supply, USDC/USD3 market (borrower Safe)
…
Merkl USDC rewards, earned not claimed
…
USDC idle (rebalancer Safe)
110.63
PYUSD idle (rebalancer Safe)
39.94
XPL gas float (borrower Safe, 29.95 XPL)
3.00
Assets
…
Wildcat principal drawn
49,990.00
Accrued interest + protocol fee
…
Minus cash still in the market
…
Owed to Wildcat
…
Equity (assets − owed)
…
Option under review

Move the deposit to Yuzu yzSyrup?

yzSyrup (0xc985…09b1, Ethereum, USDC in) runs leveraged Maple syrupUSDC/syrupUSDT loops on Aave, Morpho, Euler and Fluid. Its share price is the only on-chain yield record, so the rates below are read from it, not from Yuzu's site.

Realised yield, last 7 days
9.39%
Realised yield, last 30 days
9.44%
Realised yield, last 60 days
9.51%
Share price now
1.02577
TVL now / 30 days ago / 90 days ago
$5.05M / $3.84M / ~$0
Mint, redeem, management, performance fees
all 0 today
Carry / year
…
Per day
…

Yield is reported, not read. Yuzu's pool manager sets the pool size and a daily linear yield rate (updatePool); the share price follows that number, not a live valuation of the loops. A loss shows up only when Yuzu books it.
Exit is discretionary. Redemptions are orders that Yuzu's order filler pays out. After the 24 h fill window an unfilled order can only be cancelled, which returns the shares, not USDC. Morpho today is instant, limited only by the market's 80% utilization.
Admin. A 48 h TimelockController (0xD216…7E5e) holds the admin role. Admin can withdraw collateral and change fees, so the zero fees are a current setting, not a cap.
What the extra yield pays for. Maple credit on syrupUSDC/USDT, liquidation and depeg risk on leveraged loops, and stablecoin borrow-rate spikes (this Morpho market hit 30.7% on 30 Sep, which is the rate a loop pays). The vault has about 90 days of history.
Every money-moving transaction

Ledger

Date (UTC)WalletWhat happenedKindP&L (USD)Tx
Read before quoting

Notes

2.71 USDC to an unidentified address. Both Safes sent 1.354 USDC to 0x8bb8…f99d (an EOA) on 10 Sep. It is counted as a loss until we know what it paid for.
Who gets the interest. 180.00 of the Wildcat cost goes to the only lender, the Mithras treasury Safe 0xd884…5016. About 9.00 goes to Wildcat as protocol fee. Seen from the group, only the fee and the execution costs leave.
Gas is off this book. Safe signers paid it. Operations: 0.00104 ETH (≈ $2.83). One-off setup (Wildcat market deploys on Ethereum and Plasma, Zodiac roles on the rebalancer): 0.0151 ETH (≈ $41) plus 0.012 XPL.
Merkl rewards are counted (since 10 Oct). The USD3/USDC market pays USDC through weekly Merkl campaigns. Earlier versions of this page left them out. Nothing is claimed yet: the Safe can claim what is in the Merkl root, and a few cents more are pending the next root. Campaign rates fell from about 1.4% to 0.8%, and nothing was paid between 2 Oct 20:00 and 5 Oct 06:00 UTC.
Stables marked at par. USDT0, USDT, USDC and PYUSD are all valued at $1. Swap losses are measured in token units received versus sent.
Sources. Wildcat debt read from totalDebts − totalAssets on Plasma; Morpho value from supply shares on Morpho Blue; daily points are archive reads at 00:00 UTC; APY history from the Morpho API; Merkl rewards from the Merkl API, spread evenly over each campaign window for the chart.