US T-bills pay ~4%, virtually risk-free. So before taking more risk in DeFi, I want to know who’s paying the extra yield and why. 3 opportunities paying 7% to 11.5% caught my attention. Here’s how they work, what could go wrong, and how quickly you can get out: 1. sUSDai: ~7% net APY | Ethereum Buy USDai, stake it into sUSDai, hold it. The yield is interest from people borrowing against GPU hardware, plus Treasury yield on reserves. The dashboard currently shows around $585M in total deposits and 6.98% net APY. You're taking on exposure to those GPU-backed loans, so I'd want to understand what happens to my investment if borrowers stop paying. Redemptions are queued and processed in fixed windows, described in the technical docs as, for example, 30 days. They also depend on sufficient liquidity being available. I wouldn't treat that as a guarantee that my money comes back within a month. 2. Bitwise Premium RWA AUSD Vault: ~8.9% APY | Ethereum Deposit AUSD into the Bitwise vault on @Morpho. It lends that out across three markets backed by PST, sUSDai and PRIME. Borrowers pay the lending interest, but that isn't the entire headline yield. The displayed 8.89% combines 5.18% vault yield with a separate 3.70% AUSD component. I'd check the terms of that extra yield rather than assume it lasts. About $19M is deposited. Only $1.43M is currently liquid, and two of the lending markets are above 93% utilization. That's the number I'd stare at. If a lot of depositors want out at once, withdrawals can be delayed. One more thing. One of those markets accepts sUSDai as collateral. So if you also hold #1, you're not as diversified as the two different product names might suggest. 3. ONyc: ~11.5% advertised APY | Solana Buy ONyc on Solana and hold it for exposure to reinsurance premiums and returns earned on the underlying collateral. OnRe advertises an estimated 11.54% APY. This one's the odd one out. Insurers pay to transfer some of their claims risk to someone else. With ONyc, you're investing on the side that takes on that risk. That means higher-than-expected claims can eat into returns. I'd want to understand the potential losses, not just the expected premiums. I'd also check how much liquidity is available for redemptions and what happens when withdrawal requests exceed it. And I'd leave leveraged versions alone. I don't need borrowing costs and liquidation risk on top of the reinsurance exposure. These yields are interesting, but I wouldn't treat them as somewhere to park cash. Before putting money in, I'd want to be comfortable with both the potential losses and the possibility of waiting longer than expected to get out.