DeFi lending rates normalise as leverage flushes out of perps

Variable borrow rates for dollar stablecoins on the largest decentralised money markets slipped under 6%, down from double digits during the summer squeeze.

The move follows a broad reduction in perpetual futures open interest, which cut demand for stablecoin borrow used to fund directional bets.

Curators of isolated lending vaults say deposit growth has continued regardless, pushing utilisation lower.