Spield Spield

Underlying APY

Underlying APY is the actual, variable annual yield a deposit is currently earning from its yield source (such as a lending market), typically shown as a recent moving average. It contrasts with implied APY, which is the fixed rate the market prices in through Principal and Yield Token prices.

Underlying APY is the real, floating yield of the source position — for Spield, the rate USDC earns on Blend. It moves with supply and demand in the lending market.