APR to APY

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Convert between APR and APY at any compounding frequency.

Direction

Rate%

Compounds per year365 daily, 12 monthly

APY

10.5156%

Difference

0.5156%

APR ignores compounding; APY includes it. A protocol quoting APY and a protocol quoting APR are not directly comparable, which is exactly why some quote the flattering one.

About apr to apy

APR is the nominal rate and ignores compounding. APY includes it. The two diverge fast: 100% APR compounded daily is about 171% APY, and the difference is entirely presentational. This matters because protocols choose whichever number flatters them, so comparing a pool quoting APY against one quoting APR is comparing nothing at all. The two are only comparable once both are on the same basis.

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