Same money, two labels. Convert honestly between simple rates and compounded yields.
APR is the simple rate; APY includes compounding. Platforms quote whichever looks better — lending desks advertise APY, borrow costs get quoted as APR. At crypto-native double digits the gap is real money: 50% APR compounded daily is 64.8% APY.
Convert everything to APY and compare like for like — and remember quoted crypto yields float; today APY is a snapshot, not a promise.
Funding settles every 8 hours (n = 1,095/year), so small per-interval rates annualize aggressively — the funding-cost calculator does that conversion.
Reward tokens sell below quote, rates decay as pools fill, and claim fees eat small positions. Treat advertised APY as a ceiling.
Free, no signup, runs entirely in your browser. Educational tool — not financial advice. Practice the setup risk-free on the MarginPad paper-trading terminal before putting real money behind it.