Not another APY dashboard.
A tool for how yield works.

Traders trade against the liquidity pool. LPs are the house. When traders net-lose, LPs earn.

Makes money by: GMX is a leverage counterparty engine where LP capital sits opposite leveraged flow and monetizes fees plus trader losses over time.

When it works: Sustained high trading volume with consistent borrow demand and net-losing trader cohorts.

Breaks when: Large directional trader wins, low-volume regimes, or oracle/composability failures.

Borrowers pay to amplify positions; lenders earn interest from leverage demand.

Makes money by: DeltaPrime monetizes leverage demand by lending against collateral for amplified strategy deployment.

When it works: Stable trend regimes where leveraged positions cooperate and borrow costs stay manageable.

Breaks when: Sharp adverse moves trigger liquidation cascades and utilization stress.

Yield comes from movement itself. When volatility compresses, the engine goes quiet.

Makes money by: GammaSwap borrows LP positions to monetize realized movement and implied/realized volatility gaps.

When it works: High or oscillating volatility with active borrower demand.

Breaks when: Volatility compression and sustained calm markets.

Yield and principal are split into tradable claims; returns depend on the side of the rate bet.

Makes money by: Pendle tokenizes fixed-vs-floating exposure through PT and YT markets and prices forward yield expectations.

When it works: Persistent yield sources and high uncertainty in forward rates.

Breaks when: Underlying yield collapse and maturity-side mispositioning.

Rule-based delta-neutral execution captures structural spread, not directional price moves.

Makes money by: Overnight structures stablecoin strategies around funding and basis conditions under predefined risk controls.

When it works: Stable, predictable funding regimes.

Breaks when: Regime flips where assumptions behind the strategy stop holding.

Yield is market-clearing borrow demand passed to suppliers through utilization curves.

Makes money by: Aave algorithmically adjusts rates by utilization so suppliers earn from borrower demand and risk pricing.

When it works: Strong borrow demand and healthy collateral conditions.

Breaks when: Low utilization, bad debt episodes, or oracle governance failures.

LP returns depend on volume capture and position quality, not passive APY labels.

Makes money by: Camelot provides concentrated and directional LP tooling where yield depends on staying in-range and active management.

When it works: High volume with stable tradable ranges.

Breaks when: Out-of-range moves and low-volume regimes.

Vault yield reflects being the counterparty to trader flow and funding imbalance.

Makes money by: Gains vault depositors sit opposite synthetic perp flow and monetize fees plus net trader losses.

When it works: Active perp volume with persistent trader losses.

Breaks when: Funding flips and concentrated trader outperformance.