APY (annual percentage yield)
Yield & returnsAnnualised return of a pool or product, usually the trailing rate as reported by the protocol. It is a backward-looking observation, not a promise.
Displayed APY typically combines a base rate (from lending demand or trading fees) and a reward rate (from incentive token emissions). The two behave very differently: base rates reflect real demand, reward rates reflect a marketing budget that can end without notice.
APY is also sensitive to the measurement window. A pool that spiked for six hours can show a headline number it will never repeat.
Why it matters
Comparing headline APYs without splitting base from rewards is the most common way stablecoin holders mis-price risk.
See it in action
Related terms
Base APY comes from organic borrowing demand or trading fees. Reward APY comes from token emissions and is contingent on the incentive programme continuing.
Headline APY discounted by the pool's durability rating, so a fragile 20% and a robust 6% can be compared on one axis.
USD.NET's A–E grade for how likely a pool's yield is to persist, built from depth, reward sustainability and TVL/peg stability.
What you actually keep: gross APY minus gas, bridging, swap slippage, protocol fees and any withholding — over your real holding period.