Skip to main content
Spiral Stake is a non-custodial leveraged looping protocol that amplifies yields on yield-bearing assets using flash-loan leverage on Morpho lending markets. v2 is a major step up from v1. The original version only worked with Pendle Principal Tokens, and once you opened a position, you couldn’t touch it until you were ready to close. That’s changed. v2 supports any yield-bearing collateral that has a Morpho market - staked stablecoins like sUSDe, yield-bearing ETH like wstETH, and even non-correlated directional markets like ETH/USD and BTC/USD. You can also adjust your position while its open. Add collateral, repay some debt, increase your leverage, or borrow against your collateral without having to close and reopen. The basic idea hasn’t changed though. The protocol exploits the spread between what your collateral earns and what it costs to borrow against it. When collateral yield is higher than the borrow rate, leverage amplifies that positive spread. Spiral Stake automates the entire loop into one atomic flash-loan transaction, so there’s no multi-step execution risk and gas costs stay low.

​
What changed in v2

  • Full position control. You can increase leverage, add collateral, repay debt, or borrow against your position anytime without closing it.
  • Not limited to Pendle PTs anymore. Works with all yield-bearing stablecoins and yield-bearing ETH derivatives.
  • Non-correlated perp positions for clean directional exposure on ETH/USD and BTC/USD markets. Coming Soon on the App
  • Manual Mode as a safety net. If there’s no DEX route available to atomically exit a position, the owner can enable manual unwinding so you can unstake and exit step by step.
  • Pluggable swap routers. The protocol supports multiple aggregators (KyberSwap, ODOS, Pendle Router) with an owner-managed allowlist.
  • Two fee types. Yield fee (up to 10%) on correlated pairs, deposit fee (up to 1%) on non-correlated pairs.
  • Audited by Phage Security, with a Cyfrin audit scheduled