Base APY vs reward APY: what really pays a DeFi yield
How do you tell whether a DeFi APY comes from real interest or from reward tokens?
A DeFi APY usually has two parts: the base APY, paid from a pool’s own activity (interest from borrowers or trading fees), and the reward APY, paid in tokens the protocol or a partner hands out to attract deposits. If most of a headline APY is reward APY, the rate depends on that programme continuing and on the reward token’s price.
This guide explains how yields are made up; it is not advice on where to put money.
Disclosure: we make web3juice, a research tool mentioned below.
Where does each part come from?
| Question | Base APY | Reward APY |
|---|---|---|
| Paid by | Borrowers (lending) or traders (liquidity pools) | The protocol or a partner, in its own token |
| Paid in | Usually the asset you deposited | A separate reward token |
| Moves with | Demand to borrow or trade | The size of the reward budget, the number of depositors and the reward token’s price |
| Ends when | Activity stops | The programme ends or is cut |
Why does the split matter?
- Rewards are often temporary. Programmes are set for a period and can be reduced or ended.
- Rewards are paid in another token. Its price can fall while you hold it, so the value you receive can differ from the figure shown.
- More deposits dilute rewards. A fixed reward budget is shared by everyone in the pool, so the reward APY tends to fall as the pool grows.
How do you check the split for any pool?
- Find the pool in a source that reports both parts. Many public DeFi data sources report base and reward APY separately. On web3juice, each pool’s APY is split into base interest and reward tokens wherever the data reports both; where it does not, the page says the split is missing rather than guessing it.
- Look at the reward token. Note which token pays the rewards and how it has been priced.
- Compare with the recent past. A single day’s figure can mislead. Check the 30-day median and range: if the headline rate sits far above its own median, something changed recently.
- Watch for changes. Rewards change without much notice. An alert on the APY, or on the reward part with Pro, tells you when it moves.
What is a quick checklist?
- Is the reward part shown, and is it most of the APY?
- Which token pays the reward?
- Is today’s APY close to the 30-day median?
- Is the pool’s TVL steady, growing or shrinking?
- When was this figure retrieved?
Which tool shows the split and alerts me when it changes?
That is the next question most readers ask. We compared the tools:
You can see the base and reward split for any pool without an account. With Pro you can also set an alert when a pool’s reward APY passes a level you choose.
Sources
- web3juice: about, DeFi yield tracker and pricing pages, checked on 21 October 2026
Research and monitoring only: web3juice never holds funds, asks for keys or executes trades. APYs change constantly and are not a promise of returns. Principal can be lost. Nothing on this page is financial advice.
See the split for any pool
Browse every pool without an account and read the base and reward split next to the 30-day median and range.
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