Check what a crypto yield really pays

Most of the highest USDC yields with over $10M deposited pay 9% to 13%. The one exception, at about 31%, was paying close to 0% a month ago. I pulled DefiLlama's yield data through Firecrawl Alexandria on Nov 4, 2026, kept only pools DefiLlama flags as stablecoin pools (the raw top results were ETH, SOL and HYPE trading pairs that carry impermanent-loss risk), and checked each pool's daily history.

• Centrifuge's 30.85% is not a steady rate. It read between 0% and 1.32% on every October day before Oct 28 except Oct 22 (6.32%), then jumped to 15.59% and reached 30.85% on Nov 3. Deposits stayed flat at about $20.7M, and DefiLlama marks it as an outlier.
• Two more are well above their 30-day level. Ember's Ethereum vault paid 6.32% from Oct 9 to 12 and 14.45% from Oct 30 to Nov 2. Midas's mHYPER moved from 7.75% to 9.84% on Nov 3.
• Reward tokens are a small part of the top 10. Only the two Monad pools pay rewards. Morpho's vault gets 29% of its APY from rewards today, down from 46% on Oct 5. Just below the top 10, rewards make up most of the yield: Current on Sui (69% of 7.14%, paid in SUI), Curve's USDC-RLUSD pool (56% of 7.29%) and Dolomite on Ethereum (53% of 8.51%).
• Flat lines suggest set rates. Accountable, Gami, Agua and Ember on Sui barely moved in 30 days, which points to an issuer-set rate rather than one driven by borrowing demand.
• Some pools only recently passed $10M. Agua held $7.5M on Oct 5, and Morpho's Monad vault crossed $10M on Nov 2.

Limits: DefiLlama has no Upshift readings between Mar 29 and Oct 30, so there's no number for a month ago. APY says nothing about smart contract, credit or depeg risk, and several of these are credit or real-world-asset funds. This describes the data; it isn't advice on where to deposit. I can pull any protocol's TVL trend or audit details if that would help.