Base APY, reward APY and points: which yield is actually yours
· StockAPY
Three numbers get added together and quoted as one APY. Only one of them is interest. Here is how to tell them apart in about ten seconds.
Nearly every yield figure you see quoted is a sum of up to three things that behave completely differently. Pulling them apart is the whole skill.
Base APY: interest
Base APY is money that borrowers pay. Someone wanted to borrow against your deposit, they are paying a rate for it, and a share of that rate reaches you. It exists for as long as borrow demand exists, and it needs no budget from anyone.
On tokenized stock markets, base APY is currently close to zero nearly everywhere, because there is almost no borrow demand for tokenized equities.
Reward APY: a marketing budget
Reward APY is the protocol paying you in its own token to attract deposits. It is an expense on someone's budget, and it ends when the budget ends or the token price falls. A 20% reward APY and a 20% base APY are not comparable products — one is a trade with a borrower, the other is a promotion.
Two questions make the difference concrete:
- Who is paying, and out of what? If the answer is "the protocol, out of its treasury," you are being paid to show up, not to lend.
- What happens if the programme stops tomorrow? For base APY, nothing. For reward APY, your yield goes to zero that day.
Points: a lottery ticket
Points are a tally of your deposits that may convert into a future airdrop. No rate, no valuation, no date. There is nothing wrong with farming them deliberately, but a points programme cannot be expressed as an APY without inventing a number, so we never do.
How to read any rate in ten seconds
- Find the base/reward split. If a site will not show it, that is itself the answer.
- Ask whether the venue lends your asset out at all. Collateral-only venues pay 0% by design — see our glossary.
- Check whether the strategy borrows. A vault that borrows against your deposit has a liquidation price; a plain deposit does not.
- Check the TVL. A high rate on a tiny pool usually will not survive your deposit arriving.
Our table shows base and reward in separate columns for exactly this reason, and flags any row where more than half the rate is incentives.
| Stock | Platform | Chain | APY | TVL | Open market |
|---|---|---|---|---|---|
| GOOGLGOOGLc · Coinbase | Superform· Base | Base | 21.26%incentive0.04pp interest + 21.22pp incentives. | Deposit (opens in a new tab) | |
| AAPLAAPLc · Coinbase | Superform· Base | Base | 21.26%incentive0.04pp interest + 21.22pp incentives. | Deposit (opens in a new tab) | |
| METAMETAc · Coinbase | Superform· Base | Base | 21.26%incentive0.04pp interest + 21.22pp incentives. | Deposit (opens in a new tab) | |
| SPCXSPCXc · Coinbase | Superform· Base | Base | 17.59%incentive0pp interest + 17.59pp incentives. | Deposit (opens in a new tab) | |
| TSLATSLAc · Coinbase | Superform· Base | Base | 17.04%incentive0.03pp interest + 17.00pp incentives. | Deposit (opens in a new tab) | |
| NVDANVDAc · Coinbase | Superform· Base | Base | 16.68%incentive0.14pp interest + 16.54pp incentives. | Deposit (opens in a new tab) | |
| MSFTMSFTc · Coinbase | Superform· Base | Base | 15.04%incentive0.04pp interest + 15.00pp incentives. | Deposit (opens in a new tab) | |
| AMZNAMZNc · Coinbase | Superform· Base | Base | 15.04%incentive0.04pp interest + 15.00pp incentives. | Deposit (opens in a new tab) | |
| SPCXSPCX (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was4.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| MSTRMSTR (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was4.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| METAMETAc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| NVDANVDAc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| GOOGLGOOGLc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| AAPLAAPLc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| TSLATSLAc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| AMZNAMZNc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| MSFTMSFTc · Coinbase | Aave· Base | Base | 3.04%incentive0pp interest + 3.04pp incentives. | Deposit (opens in a new tab) | |
| AMDAMD (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was3.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| PLTRPLTR (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was3.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| SPYSPYx · xStocks | Kraken· InkCeFiNotice period 3d | Ink | 2.65%Split not disclosed. | Open Kraken (opens in a new tab) | |
| QQQQQQx · xStocks | Kraken· InkCeFiNotice period 3d | Ink | 2.42%Split not disclosed. | Open Kraken (opens in a new tab) | |
| NVDANVDAx · xStocks | Kraken· InkCeFiNotice period 3d | Ink | 2.24%Split not disclosed. | Open Kraken (opens in a new tab) | |
| AMZNAMZN (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| NVDANVDA (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| TSLATSLA (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| METAMETA (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| AAPLAAPL (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| GOOGLGOOGL (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| MSFTMSFT (Crypto.com) · Crypto.com | Crypto.com· Crypto.comCeFiEnded | Crypto.com | was2.00%Split not disclosed. | Open Crypto.com (opens in a new tab) | |
| QQQQQQx · xStocks | Kamino Lend· Solana | Solana | 0.18%0.18pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| SPYSPYx · xStocks | Kamino Lend· Solana | Solana | 0.08%0.08pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| NVDANVDAx · xStocks | Kamino Lend· Solana | Solana | 0.02%0.02pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| TSLATSLAx · xStocks | Kamino Lend· Solana | Solana | <0.01%<0.01pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| SPYSPYx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| MSTRMSTRx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| GOOGLGOOGLx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| SPYSPYx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| NVDANVDA (Robinhood) · Robinhood | Morpho· Robinhood ChainUnlistedCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDAx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| SPCXSPCX (Robinhood) · Robinhood | Morpho· Robinhood ChainUnlistedCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| CRCLCRCLx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| QQQQQQx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| TSLATSLAx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDAx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| GOOGLGOOGL (Robinhood) · Robinhood | Morpho· Robinhood ChainUnlistedCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| SPYwSPYx · xStocks | Morpho· EthereumCollateral only | Ethereum | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| AAPLAAPL (Robinhood) · Robinhood | Morpho· Robinhood ChainUnlistedCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| HOODHOODx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| SPYSPYx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| AAPLAAPLx · xStocks | Kamino Lend· Solana | Solana | 0%0pp interest + 0pp incentives. | Deposit (opens in a new tab) | |
| QQQQQQx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| TSLATSLAx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDAx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| QQQQQQx · xStocks | Jupiter Lend· SolanaCollateral only | Solana | 0%+ xPoints0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDA (Robinhood) · Robinhood | Morpho· Robinhood ChainCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| SPYSPY (Robinhood) · Robinhood | Morpho· Robinhood ChainCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| SPCXSPCXc · Coinbase | Morpho· BaseCollateral only | Base | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| AAPLAAPLc · Coinbase | Morpho· BaseCollateral only | Base | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| GOOGLGOOGLc · Coinbase | Morpho· BaseCollateral only | Base | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDA (Robinhood) · Robinhood | Morpho· Robinhood ChainCollateral only | Robinhood Chain | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) | |
| NVDANVDAc · Coinbase | Morpho· BaseCollateral only | Base | 0%0pp interest + 0pp incentives. | Borrow (opens in a new tab) |
Questions
- What is the difference between base APY and reward APY?
- Base APY is interest that borrowers pay to depositors. Reward APY is a protocol paying you in its own token out of an incentive budget. Base APY persists as long as borrow demand does; reward APY stops whenever the protocol decides to stop it, often with no notice.
- Should points count as yield?
- No. Points are a tally that may convert into a future airdrop with no stated rate, value or date. Any APY figure that includes a valuation of points is a guess presented as a measurement. We show points as a label, never folded into a rate.