CHAPTER 1 · START HERE · SECTION 1.1
What the desk is
Updated 2026-10-14 · 2 min read
In shortCarry Trade Desk is a read-only analytics service for DeFi lending. The desk sweeps every lending venue on six sources, filters them through size, liquidity, safety and 7-day checks, and presents two products: the highest-rate venue for each deposit asset, and carry trades that borrow at one rate and lend at a higher one. The desk holds no funds, requires no wallet connection, and never signs a transaction. Every action link opens the venue's own application.
Scope
| Source | Products read | Chains | Primary data interface |
|---|---|---|---|
| Morpho | Vaults (v1 and v2), isolated markets, Morpho Midnight and Tenor fixed-rate books | Ethereum, Base, Arbitrum and the other Morpho deployments | Morpho GraphQL API, Tenor GraphQL API |
| Kamino | Kamino Lend reserves, curated vaults, Institutional Yield | Solana | Kamino REST API |
| Jupiter | Jupiter Lend Earn vaults, Borrow vaults (Fluid), the Bitwise x Ethena market | Solana | Jupiter Lend API, Fluid API |
| Aave | Aave V3 reserves, including sub-markets and sGHO | Ethereum, Arbitrum, Base, Avalanche | Aave V3 GraphQL API |
| Aave Pro | Aave v4 hubs and spokes | Ethereum, Avalanche, Arc, Base | Aave v4 GraphQL API |
| Pendle | Principal Tokens (PT) on stablecoins, as fixed-rate deposits | Every chain Pendle supports | Pendle API |
The source switcher shows one source at a time. A first visit opens on Morpho. A returning reader sees the source last selected, and a link with ?source= opens that source. See Reading the desk. Sources are never blended on one screen, and the desk's copy never compares one source with another.
What the desk computes
- One rate per venue: the 7-day average of daily average rates (7D), used for every figure, ranking and carry calculation. See One rate: 7D.
- Eligibility: size floors, utilisation, asset safety, collateral risk and three 7-day checks. See Venue checks.
- A Venue score: one 0 to 100 score per market or vault, covering available liquidity, size, stability and asset safety. The protocol is not scored. See Venue score.
- Carry economics: the gain on a stated holding, with fixed-rate books priced at the borrowed amount. See Carry trades.
Design principles
- One rate everywhere. The headline, the 7-day line, the venues table, the ranking and the carry gain all use the same number.
- Checks before yield. A venue that fails a check is not shown, whatever the rate.
- Disclosure over omission. Rewards, bridges, limited available liquidity and short history are stated on the card.
- Source data only. Every figure comes from the venue's own public data. Every logo comes from the source's own brand kit.
- No advice. The desk states data and trade-offs. The desk recommends and executes nothing.
Identity
The desk's mark is Surface, a blue wave. Source logos appear only as credits for their data.