Live ranking of 10 wrapped-BTC strategies on 3 networks.
Native BTC earns nothing on its own. To put it to work, you wrap it (WBTC, cbBTC, tBTC) and route the wrapped token through a lending market, an autocompounder, or a basis trade. Every row below is one of those routes, picked from the strategies we currently track.
BTC sitting in your wallet pays no interest. Yield exists once the asset reaches a smart-contract chain as a wrapped token. WBTC dominates Ethereum. cbBTC dominates Coinbase chains. tBTC sits on networks that integrate Threshold Network. Every APY on this page is what one of those wrapped tokens is currently earning inside a strategy in our index.
Right now we track 10 wrapped-BTC strategies across 3 networks, holding $677K in deposits. 24-hour APYs run from 0.00% at the floor to 0.72% at the top. Median 0.16%, mean 0.25%. None of this represents the wider market, only what we follow.
cbBTC (7 vaults, $325K tracked), and WBTC (3 vaults, $352K tracked). WBTC is custodied by BitGo. cbBTC is issued by Coinbase against their reserves. tBTC is minted by the Threshold Network's signer set. The wrapper choice is part of the position, not a footnote: each carries a different mix of custody, oracle, and bridge risk that flows through to every strategy built on top.
Base (7 vaults, top APY 0.72%), Arbitrum (2 vaults, top APY 0.64%), and Ethereum (1 vault, top APY 0.16%). Ethereum and the EVM rollups with deep wrapped-BTC liquidity carry most of the volume. The list shifts as deployments ship and retire. Tap any pill at the bottom of the page to scope the ranking to one chain.
Top families in the cohort: Morpho (3), Autopilot (2), Dolomite (1), Arcadia (1), and ExtraFi (1). Some are bare lending markets. Some are autocompounders wrapping those markets. A small minority are structured strategies layered above. Open any vault to see exactly which contracts the deposit touches.
Three patterns cover almost everything on the list. Lending: deposit wrapped BTC, earn the supply rate borrowers pay. Autocompounding: same plus a contract that harvests and re-invests reward emissions on a schedule. Basis: hold spot wrapped BTC against a short perp leg, capture funding. Each adds smart-contract surface in exchange for more or smoother yield.
24-hour APY: today's rate, annualised. 30-day APY: trailing mean of daily readings. The sparkline draws the same series at small scale. A flat line reads as a stable strategy; spikes mean a volatile one. Past APY does not promise future APY.
TVL is the dollar value of wrapped BTC sitting in the vault contract. The 10 vaults on this page hold $677K between them. Higher TVL usually means the strategy has been live longer and absorbed more capital without breaking. Lower TVL is either young, niche, or a sign the APY no longer compensates for the risk.
Smart-contract risk on the vault and the protocol underneath. Oracle risk on the price feeds those contracts trust. Bridge or wrapping risk on the BTC token itself. Governance risk on every parameter operators can change. Tiers and what we leave out, on the risk framework page.
A curated index. Not a market census. We add strategies as we vet and integrate them; we drop them when the upstream product retires or fails our risk framework. Every comparison here is within our set, and the rules behind that set live on the methodology page. Plenty of wrapped-BTC yield exists outside it.
HyperEVM
Polygon
zkSync