The first onchain FX carry market is live. Deposit wiTRY, a yield-bearing token backed by Turkish Lira money market funds, as collateral; and borrow USDM against it. At up to 77% LTV, users can loop the lira carry to as much as 39% APY in USD. The market is curated by Feather on Morpho and runs on MegaETH.

This market adds two new uses for wiTRY:

• Loop: swap borrowed USDM into more wiTRY and lever the carry. 
• Borrow without selling: draw dollar liquidity against your position while it keeps earning. 

The lira carry, now levered onchain

Since Turkey's return to orthodox monetary policy in 2023, the lira carry has been one of the most profitable trades in global macro. The mechanics are plain: the central bank holds rates high to grind inflation down, and the currency gives back less than the rates pay. Over three years the lira halved against the dollar — and the position still returned roughly 79% in dollar terms, about 21% a year, through an inflation peak, a political crisis, and a regional war. Why the premium exists, and why it persists, is covered in depth in wiTRY and the Lira Carry.

But the trade has always had two gates. The yield sat behind local rails — onshore accounts, local brokers, local custody. The leverage sat behind credit relationships: running the carry at size meant an NDF book, a prime counterparty, and ISDA papering. Institutions passed both gates. Almost no one else did.

wiTRY removed the first gate. This market launch removes the second. A yielding lira asset now stands as collateral in a global and permissionless lending market. 

The financing leg is no longer a credit relationship, it is an open market for anyone wanting to do a leveraged carry trade with wiTRY. 

1. Unlock Looping

Looping is available natively on the Brix dApp.

Each loop increases your effective wiTRY yield exposure. At 77% LTV, the ceiling is ~4.3x. 

Thanks to the Looping feature available within Brix’s dApp, you can handle the processes of adding wiTRY as collateral, borrowing USDM, swapping USDM for wiTRY, and adding collateral again; all with a single click, rather than performing each step individually. Simply select your leverage amount using the slider and start earning leveraged yield with a single transaction.

The table shows estimated net USD returns at each leverage level, the lira drawdown that would trigger liquidation, and how each position would have fared in the 2023 and 2025 stress episodes. Estimates are based on illustrative numbers and the assumptions below.

This table assumes that the borrowing cost will be 10% and that the TRY will depreciate by 22% annually. The analysis also evaluated whether the specified leverage levels would remain safe during the stress episode in 2023 (71 days, 25.8% effective FX shock) and the stress episode in 2025 (7 days, 2.64% effective FX shock).

The market borrow cap starts at 2.5M.

2. Carry without selling

Say you hold wiTRY for the yield and want dollar liquidity. Borrowing USDM against it gives you the dollars without closing the position: the collateral keeps earning, and you have a new obligation to repay the USDM with interest. The position stays ahead as long as the wiTRY yield, net of lira depreciation, exceeds the USDM borrow rate.

Liquidations in the wiTRY-USDM market

How they work

A position becomes liquidatable when its LTV crosses 77% on the oracle price. The oracle combines two RedStone feeds: 

• wiTRY's value, drawn from the daily NAV of iTRY’s underlying funds, 
• and the TRY/USD exchange rate.
• wiTRY token prices on secondary markets play no role.

Who can participate

Liquidations run permissionlessly on the Morpho market. Anyone can liquidate a position once its health factor reaches 1, earning a 7.6% bonus for clearing the debt. 

Smaller liquidations clear against the order book at World Markets; larger ones can be handled by redeeming directly to USDC for eligible users who complete the whitelisting for minting and redeeming iTRY. 

To get started with the wiTRY-USDM lending market, go here