Strategies & risk facts

A strategy is a Morpho market Spiral can leverage, identified by its id (the Morpho market id, 0x + 64 hex — or equity- + a market id for a vault). list_strategies and get_strategy return raw, unit-labeled facts — never a score.

The three profiles

Profile	How to recognise it	What `leverageApyPct` means
Correlated yield loop	`correlated: true`, no `spiralHints.profile`	The levered yield: `(collateralApyPct + collateralIncentive.aprPct) × leverage − netBorrowApyPct × (leverage − 1)`.
Directional perp	`correlated: false`, `spiralHints.profile.value = "leveraged_perp"`	The same formula on a collateral that earns ~0: the annualised financing carry, typically negative. The collateral’s price move, which dominates P&L, is not in it.
Stock + yield equity vault	`id` starts with `equity-`, `collateral.category = "stocks"`, `spiralHints.profile.value = "equity_yield_vault"`	The net dollar APY on the deposit at the vault’s default stock-leg LTV — not a user-selectable leverage. You stay 1x long the stock.

Two vaults can share a ticker (Longbow’s NVDA and NetNet Credit’s). curator names who curates the market the collateral sits on, and collateral.description says it in words — use them to tell such strategies apart.

The core facts

Field	Meaning
`collateralApyPct` / `borrowApyPct`	The yield the collateral earns vs. the cost to borrow.
`netBorrowApyPct`	Borrow APY minus any borrow incentives.
`leverageLadder`	`leverage → leverageApyPct` at each rung. Read this — don’t infer APY from carry.
`maxLeverage`	A liquidity bound (how much you can route through swaps), not a safety bound.
`ltvPct.liquidation` / `ltvPct.max`	Liquidation LTV and the safe ceiling Spiral opens up to.
`oracle`	`nav` or `market` — see Oracle & liquidity.
`exitLiquidity`	Slippage to unwind, measured per USD size.
`correlated`	Whether the pair tracks (leveraged yield) or diverges (perp).
`curator`	Who curates the market — present only on partner-curated markets (equity vaults, Longbow’s perps).
`collateral.description`	Plain-English account of what the collateral is and how it earns.
`historicalLeverageApyPct`	Trailing 30/60/90-day levered APY. Absent when the market has no history (young markets, every equity vault) — absent means unmeasured, not 0.
`links.market`	The market’s own page — Morpho, longbow.cash or NetNet Credit.

Reading carry correctly

carry = collateralApyPct − netBorrowApyPct, and leverage multiplies it. But negative carry can still leave a positive leverageApyPct, because the 1x base yield dominates at low leverage. Always read the leverageLadder rather than computing from carry alone.

Eligibility

list_strategies returns only eligible strategies — near-maturity (PT), no-swap-route, or zero-APY loops are hidden, and on Ethereum so are markets below the borrow-liquidity floor. Robinhood Chain keeps its young, thin markets listed, so read liquidityUsd there. A manual-exit market (no DEX route for its collateral) is app-only and never appears here.

Numbers are a snapshot (asOf) and move with the market. Rebuild any transaction right before signing.

Introduction

Connect a client

Concepts

Tools

Guides

Reference

Strategies & risk facts

The three profiles

The core facts

Reading carry correctly

Eligibility

​The three profiles

​The core facts

​Reading carry correctly

​Eligibility

The three profiles

The core facts

Reading carry correctly

Eligibility