3. Pendle: 24% on $sUSDe PT
Pendle retains the title of the king of fixed income. After the announcement of a 29% rate from Ethena, the yield on $sUSDe PTs for 41 days reached 24%. For users looking for longer-term fixed income, PTs for 132 days are available with 21% APR.

4. Hyperliquid: 23% on $USDC
Liquidation and market making fees are sent to HLP Volts, which has been providing stable returns to liquidity providers for over a year. The TGE of $HYPE may also have an impact on the platform's volumes and HLP yields.

5. Morpho: 21% on $USDT
Current yield is due to high $sUSDe rates, and users can increase APR by looping (borrowing funds against collateral, adding them to collateral, borrowing again, and so on). $MORPHO has not yet had a TGE, so lenders get additional incentives for providing liquidity.