Earn on tokenized SPY

SPDR S&P 500 ETF Trust · ETF

As of 23 Oct 2026: up to 2.65% on Kraken (SPYx, —pp interest + —pp incentives); the median of 3 venues is 0.08%.

Best deposit rate: 2.65%
Best LP fee APY: 54.79%
Max LTV: 86%
Real interest: 100.0%

Deposit SPY

Filters

Yield opportunities on tokenized stocks, with base interest and token incentives shown separately.
Stock	Platform	Chain	APY	TVL	Open market
SPYSPYx · xStocks	Kraken· InkCeFiNotice period 3d xStocks Vault	Ink	2.65%Split not disclosed.	$1.02M	Open Kraken (opens in a new tab)
SPYSPYx · xStocks	Kamino Lend· Solana xStocks Market	Solana	0.08%0.08pp interest + 0pp incentives.	$4.12M	Deposit (opens in a new tab)
SPYSPYx · xStocks	Jupiter Lend· SolanaCollateral only SPYx/USDC	Solana	0%+ xPoints0pp interest + 0pp incentives.	$4.92M	Borrow (opens in a new tab)
SPYSPYx · xStocks	Kamino Lend· Solana Sentora xStocks Market	Solana	0%0pp interest + 0pp incentives.	$2.90M	Deposit (opens in a new tab)
SPYwSPYx · xStocks	Morpho· EthereumCollateral only wSPYx / AUSD 86.0% LLTV	Ethereum	0%0pp interest + 0pp incentives.	$514k	Borrow (opens in a new tab)
SPYSPYx · xStocks	Jupiter Lend· SolanaCollateral only SPYx/JupUSD	Solana	0%+ xPoints0pp interest + 0pp incentives.	$450k	Borrow (opens in a new tab)
SPYSPY (Robinhood) · Robinhood	Morpho· Robinhood ChainCollateral only SPY / USDG 62.5% LLTV	Robinhood Chain	0%0pp interest + 0pp incentives.	$19k	Borrow (opens in a new tab)

7 of 7 · bar = interest ■ vs incentives ■

Provide liquidityFee APY is paid by traders, before impermanent loss; concentrated pools only earn while in range. 6 speculative pairs are hidden here.

Active liquidity pools containing a tokenized stock. Fee APY is what reaches the liquidity provider. All rates are before impermanent loss.
Stock	Pool	Chain	Fee APY	TVL	24h volume	Open pool
SPY	WETH / SPY0.0161% AeroCL50· Concentrated· Robinhood Chain	Robinhood Chain	89.21%or $2k/day xAERO	TVL $322k	Vol $2.43M7.6× TVL	Deposit (opens in a new tab)
SPY	SPY / USDG0.0296% AeroCL10· Concentrated· Robinhood Chain	Robinhood Chain	59.48%or $96/day xAERO	TVL $167k	Vol $1.03M6.2× TVL	Deposit (opens in a new tab)
SPY	SPY / USDG0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	54.79%	TVL $924k	Vol $2.78M3.0× TVL	Deposit (opens in a new tab)
TSLA SPY	TSLA / SPY0.035% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	47.32%	TVL $516k	Vol $1.91M3.7× TVL	Deposit (opens in a new tab)
TSLA SPY	TSLA / SPY0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	43.85%	TVL $145k	Vol $349k2.4× TVL	Deposit (opens in a new tab)
PLTR SPY	PLTR / SPY0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	39.12%	TVL $428k	Vol $918k2.1× TVL	Deposit (opens in a new tab)
META SPY	META / SPY0.035% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	36.27%	TVL $520k	Vol $1.48M2.8× TVL	Deposit (opens in a new tab)
AMD SPY	AMD / SPY0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	34.06%	TVL $374k	Vol $697k1.9× TVL	Deposit (opens in a new tab)
SPY	SPY / WETH0.05% Uniswapv3· Concentrated· Robinhood Chain	Robinhood Chain	27.29%	TVL $1.99M	Vol $2.97M1.5× TVL	Deposit (opens in a new tab)
SPY	WSOL / SPYx0.25% RaydiumCLMM· Concentrated· Solana	Solana	26.92%	TVL $944k	Vol $331k0.4× TVL	Deposit (opens in a new tab)
META SPY	META / SPY0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	21.76%	TVL $25k	Vol $29k1.2× TVL	Deposit (opens in a new tab)
AMZN SPY	AMZN / SPY0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	21.43%	TVL $560k	Vol $658k1.2× TVL	Deposit (opens in a new tab)
SPY AAPL	SPY / AAPL0.035% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	19.37%	TVL $556k	Vol $842k1.5× TVL	Deposit (opens in a new tab)
MSFT SPY	MSFT / SPY0.03% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	14.97%	TVL $347k	Vol $474k1.4× TVL	Deposit (opens in a new tab)
SPY	SPY / USDG0.01% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	13.66%	TVL $410k	Vol $1.53M3.7× TVL	Deposit (opens in a new tab)
SPY	SPYx / USDC0.01% RaydiumCLMM· Concentrated· Solana	Solana	13.07%	TVL $467k	Vol $1.99M4.3× TVL	Deposit (opens in a new tab)
SPY NVDA	SPY / NVDA0.025% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	12.39%	TVL $1.67M	Vol $2.27M1.4× TVL	Deposit (opens in a new tab)
QQQ SPY	QQQ / SPY0.02% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	11.37%	TVL $1.08M	Vol $1.68M1.6× TVL	Deposit (opens in a new tab)
QQQ SPY	QQQ / SPY0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	11.01%	TVL $127k	Vol $77k0.6× TVL	Deposit (opens in a new tab)
SPY NVDA	SPY / NVDA0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	10.77%	TVL $292k	Vol $172k0.6× TVL	Deposit (opens in a new tab)
MSFT SPY	MSFT / SPY0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	9.90%	TVL $29k	Vol $16k0.5× TVL	Deposit (opens in a new tab)
GOOGL SPY	GOOGL / SPY0.025% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	9.83%	TVL $697k	Vol $751k1.1× TVL	Deposit (opens in a new tab)
GOOGL SPY	GOOGL / SPY0.05% Uniswapv4· Concentrated· Robinhood Chain	Robinhood Chain	6.58%	TVL $73k	Vol $26k0.4× TVL	Deposit (opens in a new tab)
QQQ SPY	QQQx / SPYx0.25% RaydiumCLMM· Concentrated· Solana	Solana	5.77%	TVL $25k	Vol $2k0.1× TVL	Deposit (opens in a new tab)
SPY	SPYx / USDC0.1% RaydiumCLMM· Concentrated· Solana	Solana	2.25%	TVL $2.10M	Vol $154k0.1× TVL	Deposit (opens in a new tab)
SPY	SPYx / USDC0.25% RaydiumCLMM· Concentrated· Solana	Solana	1.02%	TVL $76k	Vol $1k0.0× TVL	Deposit (opens in a new tab)

Borrow against itMax LTV is the liquidation line, not a target: borrowing near it invites liquidation on an ordinary day's move.

Tokenized stocks accepted as collateral, with the maximum loan-to-value and the cost of borrowing against them.
Stock	Platform	Chain	Max LTV	Borrow	Open market
SPYwSPYx · xStocks	Morpho· Ethereum wSPYx / AUSD 86.0% LLTV	Ethereum	86%	AUSD at 13.04%	Borrow (opens in a new tab)
SPYSPYx · xStocks	Jupiter Lend· Solana SPYx/JupUSD	Solana	75%	JupUSD at 6.70%	Borrow (opens in a new tab)
SPYSPYx · xStocks	Jupiter Lend· Solana SPYx/USDC	Solana	75%	USDC at 7.92%	Borrow (opens in a new tab)
SPYSPYx · xStocks	Kamino Lend· Solana xStocks Market	Solana	73%	USDC at 8.86%	Borrow (opens in a new tab)
SPYSPYx · xStocks	Kamino Lend· Solana Sentora xStocks Market	Solana	72%	PYUSD at 0.87%	Borrow (opens in a new tab)
SPYSPY (Robinhood) · Robinhood	Morpho· Robinhood Chain SPY / USDG 62.5% LLTV	Robinhood Chain	63%	USDG at 0.09%	Borrow (opens in a new tab)

Which SPY token?The same share exists as several tokens. They are not interchangeable: each issuer has its own chain, redemption rules and venues.

xStocks

SPYx, wSPYx · Ink, Solana, Ethereum

2.65%

Robinhood

SPY (Robinhood) · Robinhood Chain

Before you deposit

Earning on tokenized stocks: six things to know before you deposit1 min read Providing liquidity with tokenized stocks: fees, impermanent loss and weekend gaps2 min read Borrowing against tokenized stocks: four risks behind the LTV number1 min read

Questions about tokenized SPY

Can you earn yield on tokenized SPY?

Yes, but very little of it is interest. The highest rate we track is 2.65% on Kraken for SPYx on Ink, and — of those 2.65 percentage points are token incentives rather than interest paid by borrowers.

Which tokenized SPY tokens exist?

We track 3 tokenized SPY tokens: SPYx from xStocks on Ink; SPYx from xStocks on Solana; wSPYx from xStocks on Ethereum; SPY (Robinhood) from Robinhood on Robinhood Chain. They are not interchangeable — each issuer has its own redemption rules and its own venues.

Can you borrow against tokenized SPY?

Yes. 6 of the venues we track accept a tokenized SPY as collateral. The highest loan-to-value is 86% on Morpho, and the cheapest loan costs 0.09% a year borrowing USDG on Morpho. Borrowing against a tokenized share adds a liquidation price that holding the share itself does not have, and the oracle keeps quoting a price while the stock exchange is shut.

Why do some SPY venues show 0%?

4 of the venues we track accept tokenized SPY as collateral but never lend it out, so the deposit earns nothing by design. The 0% is a correct measurement, not a missing one. Those positions only unlock borrowing power, and borrowing against them carries liquidation risk.

Platform-specific notes

Kraken: Custodial. Withdrawals take about three days, so you cannot exit quickly if the underlying moves against you.
Kamino Lend: Isolated lending market. Supply APY depends entirely on borrow demand, which is thin. Oracle prices stocks outside US market hours.
Jupiter Lend: Supply APY depends on borrow demand against a single stablecoin. Oracle prices stocks outside US market hours.
Morpho: Morpho Blue never lends collateral out, so the stock itself earns nothing here — the Lend rate is what a supplier of USDG earns, not your shares. Posting the stock unlocks borrowing and a liquidation price against an equity that gaps between market sessions.