BTC Carry Morpho — Interactive Backtest

Jan 2024 → Jun 2026 | Real BTC prices (Binance) | Real cbBTC/BTC ratio (DeFi Llama) | Real Morpho borrow APR | cbBTC price = ratio × BTC/USD (used as Morpho collateral)

Capital deployed (BTC)

10 BTC

Credit vehicle (borrowed USDC deployed into)

syUSD

syUSD APR — yield on deposited USDC

6.5%

D2 Finance perf fee (deducted from returns)

20%

Start date

End date

Avg Morpho borrow APR (real)

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Min health factor

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