diff --git a/AGENTS.md b/AGENTS.md
index 5186d4b3..f32e3ca2 100644
--- a/AGENTS.md
+++ b/AGENTS.md
@@ -150,6 +150,8 @@ When touching transaction and position flows, validation MUST include all releva
 15. **Transaction-history consistency**: dedupe and merge confirmed local/on-chain history consistently (canonical user+chain scope, stable dedup key, bounded TTL) to avoid double counting during indexer lag.
 16. **Share-based full-exit withdrawals**: when an existing supplied position is intended to be fully exited (or the target leaves only dust), prefer share-based `morphoWithdraw` over asset-amount withdrawal so residual dust is not stranded by rounding.
 17. **UI signal quality**: remove duplicate or low-signal metrics and keep transaction-critical UI focused on decision-relevant data.
+18. **External incentive parity**: when external rewards (for example Merkl HOLD opportunities) materially change carry economics, include them in net preview calculations when global reward-inclusion is enabled, and resolve incentives using canonical chainId+address mappings rather than token symbols.
+19. **APR/APY unit homogeneity**: in any reward/carry/net-rate calculation, normalize every term (base rate, each reward component, aggregates, and displayed subtotals) to the same selected mode before combining, so displayed formulas remain numerically consistent in both APR and APY modes.
 ### REQUIRED: Regression Rule Capture
 
 After fixing any user-reported bug in a high-impact flow:
diff --git a/src/components/shared/help-tooltip-icon.tsx b/src/components/shared/help-tooltip-icon.tsx
new file mode 100644
index 00000000..13765646
--- /dev/null
+++ b/src/components/shared/help-tooltip-icon.tsx
@@ -0,0 +1,43 @@
+import type { ReactNode } from 'react';
+import { IoHelpCircleOutline } from 'react-icons/io5';
+import { Tooltip } from '@/components/ui/tooltip';
+import { cn } from '@/utils/components';
+
+type HelpTooltipIconProps = {
+  content: ReactNode;
+  ariaLabel?: string;
+  className?: string;
+  iconClassName?: string;
+  tooltipClassName?: string;
+  size?: number;
+};
+
+export function HelpTooltipIcon({
+  content,
+  ariaLabel = 'Show help information',
+  className,
+  iconClassName,
+  tooltipClassName,
+  size = 14,
+}: HelpTooltipIconProps) {
+  return (
+    <Tooltip
+      content={content}
+      className={cn('z-[3600]', tooltipClassName)}
+    >
+      <button
+        type="button"
+        aria-label={ariaLabel}
+        className={cn(
+          'inline-flex h-6 w-6 items-center justify-center text-secondary transition-colors hover:text-primary focus-visible:outline focus-visible:outline-2 focus-visible:outline-offset-2 focus-visible:outline-white/70',
+          className,
+        )}
+      >
+        <IoHelpCircleOutline
+          size={size}
+          className={iconClassName}
+        />
+      </button>
+    </Tooltip>
+  );
+}
diff --git a/src/components/shared/tooltip-content.tsx b/src/components/shared/tooltip-content.tsx
index d803d9d2..b888ba6b 100644
--- a/src/components/shared/tooltip-content.tsx
+++ b/src/components/shared/tooltip-content.tsx
@@ -48,7 +48,7 @@ export function TooltipContent({
       <div className="flex w-full gap-3">
         {icon && <div className="flex-shrink-0 self-center">{icon}</div>}
         <div className="flex flex-col gap-1 flex-1">
-          {title && <div className="font-zen font-bold text-primary">{title}</div>}
+          {title && <div className="font-zen text-primary">{title}</div>}
           {detail && <div className="font-zen text-sm text-primary whitespace-pre-line">{detail}</div>}
           {secondaryDetail && <div className="font-zen text-xs text-secondary">{secondaryDetail}</div>}
         </div>
diff --git a/src/components/ui/tooltip.tsx b/src/components/ui/tooltip.tsx
index e01a5863..22ed191e 100644
--- a/src/components/ui/tooltip.tsx
+++ b/src/components/ui/tooltip.tsx
@@ -18,7 +18,7 @@ const TooltipContent = React.forwardRef<
       ref={ref}
       sideOffset={sideOffset}
       className={cn(
-        'z-50 overflow-hidden rounded-sm bg-surface px-5 py-4 text-sm text-primary shadow-md animate-in fade-in-0 zoom-in-95',
+        'z-50 overflow-hidden rounded-sm bg-surface px-5 py-4 text-sm text-primary font-zen shadow-md animate-in fade-in-0 zoom-in-95',
         'data-[state=closed]:animate-out data-[state=closed]:fade-out-0 data-[state=closed]:zoom-out-95',
         'data-[side=bottom]:slide-in-from-top-2 data-[side=left]:slide-in-from-right-2 data-[side=right]:slide-in-from-left-2 data-[side=top]:slide-in-from-bottom-2',
         className,
diff --git a/src/constants/merklHoldIncentives.ts b/src/constants/merklHoldIncentives.ts
new file mode 100644
index 00000000..6364d8fc
--- /dev/null
+++ b/src/constants/merklHoldIncentives.ts
@@ -0,0 +1,38 @@
+import type { Address } from 'viem';
+import { SupportedNetworks } from '@/utils/networks';
+
+export type HardcodedMerklHoldIncentive = {
+  chainId: number;
+  collateralTokenAddress: Address;
+  opportunityType: string;
+  opportunityIdentifier: string;
+  label: string;
+};
+
+const normalizeAddress = (address: string): string => address.toLowerCase();
+
+export const HARDCODED_MERKL_HOLD_INCENTIVES: readonly HardcodedMerklHoldIncentive[] = [
+  {
+    chainId: SupportedNetworks.Base,
+    collateralTokenAddress: '0x0000000f2eB9f69274678c76222B35eEc7588a65',
+    opportunityType: 'ERC20LOGPROCESSOR',
+    opportunityIdentifier: '0x0000000f2eB9f69274678c76222B35eEc7588a65',
+    label: 'yoUSD',
+  },
+] as const;
+
+export const getHardcodedMerklHoldIncentive = ({
+  chainId,
+  collateralTokenAddress,
+}: {
+  chainId: number;
+  collateralTokenAddress: string;
+}): HardcodedMerklHoldIncentive | null => {
+  const normalizedCollateralAddress = normalizeAddress(collateralTokenAddress);
+
+  const match = HARDCODED_MERKL_HOLD_INCENTIVES.find(
+    (incentive) => incentive.chainId === chainId && normalizeAddress(incentive.collateralTokenAddress) === normalizedCollateralAddress,
+  );
+
+  return match ?? null;
+};
diff --git a/src/features/market-detail/components/position-stats.tsx b/src/features/market-detail/components/position-stats.tsx
index 43fbd522..b9a935db 100644
--- a/src/features/market-detail/components/position-stats.tsx
+++ b/src/features/market-detail/components/position-stats.tsx
@@ -6,14 +6,11 @@ import { LuUser } from 'react-icons/lu';
 import { HiOutlineGlobeAsiaAustralia } from 'react-icons/hi2';
 import { Spinner } from '@/components/ui/spinner';
 import { TokenIcon } from '@/components/shared/token-icon';
-import { useMarketCampaigns } from '@/hooks/useMarketCampaigns';
-import { useAppSettings } from '@/stores/useAppSettings';
 import { useRateLabel } from '@/hooks/useRateLabel';
 import { formatBalance, formatReadable } from '@/utils/balance';
 import { getTruncatedAssetName } from '@/utils/oracle';
-import { convertApyToApr } from '@/utils/rateMath';
 import type { Market, MarketPosition } from '@/utils/types';
-import { APYBreakdownTooltip } from '@/features/markets/components/apy-breakdown-tooltip';
+import { APYCell } from '@/features/markets/components/apy-breakdown-tooltip';
 
 type PositionStatsProps = {
   market: Market;
@@ -36,15 +33,8 @@ export function PositionStats({ market, userPosition, positionLoading, cardStyle
   // Default to user view if they have a position, otherwise global
   const [viewMode, setViewMode] = useState<'global' | 'user'>(userPosition && hasPosition(userPosition) ? 'user' : 'global');
 
-  const { showFullRewardAPY, isAprDisplay } = useAppSettings();
   const { label: rateLabel } = useRateLabel({ prefix: 'Supply' });
   const { label: borrowRateLabel } = useRateLabel({ prefix: 'Borrow' });
-  const { activeCampaigns, hasActiveRewards } = useMarketCampaigns({
-    marketId: market.uniqueKey,
-    loanTokenAddress: market.loanAsset.address,
-    chainId: market.morphoBlue.chain.id,
-    whitelisted: market.whitelisted,
-  });
 
   const toggleView = () => {
     setViewMode((prev) => (prev === 'global' ? 'user' : 'global'));
@@ -118,18 +108,6 @@ export function PositionStats({ market, userPosition, positionLoading, cardStyle
       );
     }
 
-    // Global stats - calculate rates
-    const baseSupplyAPY = market.state.supplyApy * 100;
-    const baseBorrowAPY = market.state.borrowApy * 100;
-
-    // Convert to APR if display mode is enabled
-    const baseSupplyRate = isAprDisplay ? convertApyToApr(market.state.supplyApy) * 100 : baseSupplyAPY;
-    const baseBorrowRate = isAprDisplay ? convertApyToApr(market.state.borrowApy) * 100 : baseBorrowAPY;
-
-    const extraRewards = hasActiveRewards ? activeCampaigns.reduce((sum, campaign) => sum + campaign.apr, 0) : 0;
-    const fullSupplyRate = baseSupplyRate + extraRewards;
-    const displaySupplyRate = showFullRewardAPY && hasActiveRewards ? fullSupplyRate : baseSupplyRate;
-
     return (
       <div className="space-y-2">
         <div className="flex items-center justify-between">
@@ -167,24 +145,27 @@ export function PositionStats({ market, userPosition, positionLoading, cardStyle
         <div className="flex items-center justify-between">
           <span>{rateLabel}:</span>
           <div className="flex items-center gap-2">
-            {hasActiveRewards ? (
-              <APYBreakdownTooltip
-                baseAPY={baseSupplyAPY}
-                activeCampaigns={activeCampaigns}
-              >
-                <span className="cursor-help">
-                  {baseSupplyRate.toFixed(2)}%<span className="text-green-600 dark:text-green-400"> (+{extraRewards.toFixed(2)}%)</span>
-                </span>
-              </APYBreakdownTooltip>
+            {market.state.supplyApy != null ? (
+              <APYCell
+                market={market}
+                mode="supply"
+              />
             ) : (
-              <span>{displaySupplyRate.toFixed(2)}%</span>
+              <span>—</span>
             )}
           </div>
         </div>
         <div className="flex items-center justify-between">
           <span>{borrowRateLabel}:</span>
           <div className="flex items-center gap-2">
-            <span>{baseBorrowRate.toFixed(2)}%</span>
+            {market.state.borrowApy != null ? (
+              <APYCell
+                market={market}
+                mode="borrow"
+              />
+            ) : (
+              <span>—</span>
+            )}
           </div>
         </div>
       </div>
diff --git a/src/features/markets/components/apy-breakdown-tooltip.tsx b/src/features/markets/components/apy-breakdown-tooltip.tsx
index 136734b0..de128712 100644
--- a/src/features/markets/components/apy-breakdown-tooltip.tsx
+++ b/src/features/markets/components/apy-breakdown-tooltip.tsx
@@ -1,64 +1,123 @@
 import type React from 'react';
+import { RiSparklingFill } from 'react-icons/ri';
 import { Tooltip } from '@/components/ui/tooltip';
 import { TokenIcon } from '@/components/shared/token-icon';
 import { useMarketCampaigns } from '@/hooks/useMarketCampaigns';
 import { useAppSettings } from '@/stores/useAppSettings';
 import { useRateLabel } from '@/hooks/useRateLabel';
+import { MONARCH_PRIMARY } from '@/constants/chartColors';
 import type { SimplifiedCampaign } from '@/utils/merklTypes';
-import { convertApyToApr } from '@/utils/rateMath';
+import { convertAprToApy, convertApyToApr } from '@/utils/rateMath';
 import type { Market } from '@/utils/types';
 
+type RateMode = 'supply' | 'borrow';
+
 type APYBreakdownTooltipProps = {
   baseAPY: number;
   activeCampaigns: SimplifiedCampaign[];
   children: React.ReactNode;
+  mode?: RateMode;
 };
 
 type APYCellProps = {
   market: Market;
+  mode?: RateMode;
+};
+
+const modeByType: Record<string, RateMode | null> = {
+  MORPHOSUPPLY: 'supply',
+  MORPHOSUPPLY_SINGLETOKEN: 'supply',
+  MORPHOBORROW: 'borrow',
+};
+
+const getCampaignMode = (campaign: SimplifiedCampaign): RateMode | null => {
+  const directMode = modeByType[campaign.type];
+  if (directMode) return directMode;
+
+  if (campaign.type !== 'MULTILENDBORROW') return null;
+
+  const action = campaign.opportunityAction?.toUpperCase();
+  if (action === 'LEND') return 'supply';
+  if (action === 'BORROW') return 'borrow';
+
+  const name = campaign.name?.toLowerCase() ?? '';
+  if (name.includes('borrow')) return 'borrow';
+  if (name.includes('supply') || name.includes('lend')) return 'supply';
+
+  return null;
+};
+
+const filterCampaignsByMode = (campaigns: SimplifiedCampaign[], mode: RateMode): SimplifiedCampaign[] => {
+  return campaigns.filter((campaign) => getCampaignMode(campaign) === mode);
 };
 
-export function APYBreakdownTooltip({ baseAPY, activeCampaigns, children }: APYBreakdownTooltipProps) {
+const getFullRate = (baseRate: number, rewardTotal: number, mode: RateMode): number => {
+  return mode === 'borrow' ? baseRate - rewardTotal : baseRate + rewardTotal;
+};
+
+const getRewardRatePrefix = (mode: RateMode): string => {
+  return mode === 'borrow' ? '-' : '+';
+};
+
+const getDisplayRewardRate = (rewardAprPercent: number, isAprDisplay: boolean): number => {
+  if (!Number.isFinite(rewardAprPercent)) return 0;
+  if (isAprDisplay) return rewardAprPercent;
+  const rewardApyPercent = convertAprToApy(rewardAprPercent / 100) * 100;
+  return Number.isFinite(rewardApyPercent) ? rewardApyPercent : 0;
+};
+
+export function APYBreakdownTooltip({ baseAPY, activeCampaigns, children, mode = 'supply' }: APYBreakdownTooltipProps) {
   const { isAprDisplay } = useAppSettings();
   const { short: rateLabel } = useRateLabel();
+  const modeLabel = mode === 'borrow' ? 'Borrow' : 'Supply';
 
   // Convert base rate if APR display is enabled
   // Note: baseAPY is already a percentage (not decimal), so we need to convert it
   const baseRateValue = isAprDisplay ? convertApyToApr(baseAPY / 100) * 100 : baseAPY;
 
-  // Calculate total: base (converted if needed) + rewards (already APR)
-  const rewardTotal = activeCampaigns.reduce((sum, campaign) => sum + campaign.apr, 0);
-  const totalRate = baseRateValue + rewardTotal;
+  const rewardTotal = activeCampaigns.reduce((sum, campaign) => {
+    return sum + getDisplayRewardRate(campaign.apr, isAprDisplay);
+  }, 0);
+  const totalRate = getFullRate(baseRateValue, rewardTotal, mode);
+  const rewardPrefix = getRewardRatePrefix(mode);
 
   const content = (
-    <div className="bg-surface flex flex-col rounded-sm p-4 lg:min-w-[200px]">
-      <div className="mb-2 px-1 font-bold text-primary">{rateLabel} Breakdown</div>
+    <div className="bg-surface flex flex-col rounded-sm p-2 lg:min-w-[200px]">
+      <div className="mb-2 px-1">
+        {modeLabel} {rateLabel} Breakdown
+      </div>
       <div className="space-y-3 p-1">
         <div className="flex items-center justify-between text-xs">
-          <span>Base {rateLabel}</span>
+          <span>Base {modeLabel} {rateLabel}</span>
           <span className="ml-6">{baseRateValue.toFixed(2)}%</span>
         </div>
-        {activeCampaigns.map((campaign, index) => (
-          <div
-            key={index}
-            className="flex items-center justify-between text-xs"
-          >
-            <div className="flex items-center gap-2">
-              <span>{campaign.rewardToken.symbol}</span>
-              <TokenIcon
-                address={campaign.rewardToken.address}
-                chainId={campaign.chainId}
-                symbol={campaign.rewardToken.symbol}
-                width={14}
-                height={14}
-              />
+        {activeCampaigns.map((campaign) => {
+          const rewardRateValue = getDisplayRewardRate(campaign.apr, isAprDisplay);
+          return (
+            <div
+              key={campaign.campaignId}
+              className="flex items-center justify-between text-xs"
+            >
+              <div className="flex items-center gap-2">
+                <span>{campaign.rewardToken.symbol}</span>
+                <TokenIcon
+                  address={campaign.rewardToken.address}
+                  chainId={campaign.chainId}
+                  symbol={campaign.rewardToken.symbol}
+                  width={14}
+                  height={14}
+                />
+              </div>
+              <span className="ml-6">
+                {rewardPrefix}
+                {rewardRateValue.toFixed(2)}%
+              </span>
             </div>
-            <span className="ml-6">{campaign.apr.toFixed(2)}%</span>
-          </div>
-        ))}
+          );
+        })}
         <div className="mt-3 border-t border-gray-200 pt-3 dark:border-gray-600">
           <div className="flex items-center justify-between text-xs">
-            <span>Total</span>
+            <span>Net {modeLabel} {rateLabel}</span>
             <span className="ml-6">{totalRate.toFixed(2)}%</span>
           </div>
         </div>
@@ -66,39 +125,73 @@ export function APYBreakdownTooltip({ baseAPY, activeCampaigns, children }: APYB
     </div>
   );
 
-  return <Tooltip content={content}>{children}</Tooltip>;
+  return (
+    <Tooltip
+      content={content}
+      className="z-[3600]"
+    >
+      {children}
+    </Tooltip>
+  );
 }
 
-export function APYCell({ market }: APYCellProps) {
+export function APYCell({ market, mode = 'supply' }: APYCellProps) {
   const { showFullRewardAPY, isAprDisplay } = useAppSettings();
-  const { activeCampaigns, hasActiveRewards } = useMarketCampaigns({
+  const { activeCampaigns } = useMarketCampaigns({
     marketId: market.uniqueKey,
     loanTokenAddress: market.loanAsset.address,
     chainId: market.morphoBlue.chain.id,
     whitelisted: market.whitelisted,
   });
 
-  const baseAPY = market.state.supplyApy * 100;
-  const extraRewards = hasActiveRewards ? activeCampaigns.reduce((sum, campaign) => sum + campaign.apr, 0) : 0;
+  const baseApyDecimal = mode === 'borrow' ? market.state.borrowApy : market.state.supplyApy;
+  const baseAPY = baseApyDecimal * 100;
+  const relevantCampaigns = filterCampaignsByMode(activeCampaigns, mode);
+  const hasModeRewards = relevantCampaigns.length > 0;
+  const extraRewards = hasModeRewards
+    ? relevantCampaigns.reduce((sum, campaign) => {
+      return sum + getDisplayRewardRate(campaign.apr, isAprDisplay);
+    }, 0)
+    : 0;
 
   // Convert base rate if APR display is enabled
-  const baseRate = isAprDisplay ? convertApyToApr(market.state.supplyApy) * 100 : baseAPY;
+  const baseRate = isAprDisplay ? convertApyToApr(baseApyDecimal) * 100 : baseAPY;
 
-  // Full rate includes base (converted if needed) + rewards
-  const fullRate = baseRate + extraRewards;
+  // Net rate: suppliers earn rewards, borrowers are offset by rewards.
+  const fullRate = getFullRate(baseRate, extraRewards, mode);
+  const showRewardsInline = showFullRewardAPY && hasModeRewards;
+  const displayRate = showRewardsInline ? fullRate : baseRate;
 
-  const displayRate = showFullRewardAPY && hasActiveRewards ? fullRate : baseRate;
+  const rateDisplay = (
+    <span className="inline-flex items-center gap-1">
+      <span>{displayRate.toFixed(2)}%</span>
+      {showRewardsInline && (
+        <RiSparklingFill
+          className="h-3 w-3"
+          color={MONARCH_PRIMARY}
+        />
+      )}
+    </span>
+  );
 
-  if (hasActiveRewards) {
+  if (hasModeRewards) {
+    const modeLabel = mode === 'borrow' ? 'borrow' : 'supply';
     return (
       <APYBreakdownTooltip
         baseAPY={baseAPY}
-        activeCampaigns={activeCampaigns}
+        activeCampaigns={relevantCampaigns}
+        mode={mode}
       >
-        <span className="cursor-help">{displayRate.toFixed(2)}%</span>
+        <button
+          type="button"
+          className="inline-flex cursor-help items-center rounded-sm focus-visible:outline focus-visible:outline-2 focus-visible:outline-offset-2 focus-visible:outline-white/70"
+          aria-label={`Show ${modeLabel} rate breakdown`}
+        >
+          {rateDisplay}
+        </button>
       </APYBreakdownTooltip>
     );
   }
 
-  return <span>{displayRate.toFixed(2)}%</span>;
+  return rateDisplay;
 }
diff --git a/src/features/markets/components/table/market-table-body.tsx b/src/features/markets/components/table/market-table-body.tsx
index d5ba55a6..138f5b7c 100644
--- a/src/features/markets/components/table/market-table-body.tsx
+++ b/src/features/markets/components/table/market-table-body.tsx
@@ -215,7 +215,7 @@ export function MarketTableBody({ currentEntries, expandedRowId, setExpandedRowI
                   className="z-50 text-center"
                   style={{ minWidth: '85px', paddingLeft: 3, paddingRight: 3 }}
                 >
-                  <p className="text-sm">{item.state.borrowApy ? <RateFormatted value={item.state.borrowApy} /> : '—'}</p>
+                  <p className="text-sm">{item.state.borrowApy != null ? <APYCell market={item} mode="borrow" /> : '—'}</p>
                 </TableCell>
               )}
               {columnVisibility.rateAtTarget && (
diff --git a/src/features/positions/components/borrow-position-actions-dropdown.tsx b/src/features/positions/components/borrow-position-actions-dropdown.tsx
index 7f45ab56..3dc308e3 100644
--- a/src/features/positions/components/borrow-position-actions-dropdown.tsx
+++ b/src/features/positions/components/borrow-position-actions-dropdown.tsx
@@ -3,6 +3,7 @@
 import type React from 'react';
 import { IoEllipsisVertical } from 'react-icons/io5';
 import { BsArrowDownLeftCircle, BsArrowUpRightCircle } from 'react-icons/bs';
+import { TbTrendingDown } from 'react-icons/tb';
 import { Button } from '@/components/ui/button';
 import { DropdownMenu, DropdownMenuContent, DropdownMenuItem, DropdownMenuTrigger } from '@/components/ui/dropdown-menu';
 
@@ -11,6 +12,7 @@ type BorrowPositionActionsDropdownProps = {
   isActiveDebt: boolean;
   onBorrowMoreClick: () => void;
   onRepayClick: () => void;
+  onDeleverageClick: () => void;
 };
 
 export function BorrowPositionActionsDropdown({
@@ -18,6 +20,7 @@ export function BorrowPositionActionsDropdown({
   isActiveDebt,
   onBorrowMoreClick,
   onRepayClick,
+  onDeleverageClick,
 }: BorrowPositionActionsDropdownProps) {
   const handleClick = (event: React.MouseEvent) => {
     event.stopPropagation();
@@ -61,6 +64,16 @@ export function BorrowPositionActionsDropdown({
           >
             {isActiveDebt ? 'Repay' : 'Manage'}
           </DropdownMenuItem>
+          {isActiveDebt && (
+            <DropdownMenuItem
+              onClick={onDeleverageClick}
+              startContent={<TbTrendingDown className="h-4 w-4" />}
+              disabled={!isOwner}
+              className={isOwner ? '' : 'cursor-not-allowed opacity-50'}
+            >
+              Deleverage
+            </DropdownMenuItem>
+          )}
         </DropdownMenuContent>
       </DropdownMenu>
     </div>
diff --git a/src/features/positions/components/borrowed-morpho-blue-table.tsx b/src/features/positions/components/borrowed-morpho-blue-table.tsx
index da9ccd8d..d13ab74d 100644
--- a/src/features/positions/components/borrowed-morpho-blue-table.tsx
+++ b/src/features/positions/components/borrowed-morpho-blue-table.tsx
@@ -199,6 +199,16 @@ export function BorrowedMorphoBlueTable({ account, positions, onRefetch, isRefet
                             },
                           })
                         }
+                        onDeleverageClick={() =>
+                          open('leverage', {
+                            market: row.market,
+                            defaultMode: 'deleverage',
+                            toggleLeverageDeleverage: false,
+                            refetch: () => {
+                              void onRefetch();
+                            },
+                          })
+                        }
                       />
                     </div>
                   </TableCell>
diff --git a/src/hooks/leverage/math.ts b/src/hooks/leverage/math.ts
index 572a5c88..248a342d 100644
--- a/src/hooks/leverage/math.ts
+++ b/src/hooks/leverage/math.ts
@@ -28,7 +28,7 @@ const getSlippageFloorBps = (slippageBps?: number): bigint => {
   return floorBps > 0n ? floorBps : 1n;
 };
 
-const toScaledRatio = (numerator: bigint, denominator: bigint): number | null => {
+export const toScaledRatio = (numerator: bigint, denominator: bigint): number | null => {
   if (denominator <= 0n) return null;
   const scaledRatio = (numerator * APY_RATIO_SCALE) / denominator;
   const ratio = Number(scaledRatio) / Number(APY_RATIO_SCALE);
diff --git a/src/hooks/queries/useMerklCampaignsQuery.ts b/src/hooks/queries/useMerklCampaignsQuery.ts
index 31f5dc23..636a22d9 100644
--- a/src/hooks/queries/useMerklCampaignsQuery.ts
+++ b/src/hooks/queries/useMerklCampaignsQuery.ts
@@ -2,7 +2,7 @@ import { useQuery } from '@tanstack/react-query';
 import { fetchActiveCampaigns, simplifyMerklCampaign, expandMultiLendBorrowCampaign } from '@/utils/merklApi';
 import type { SimplifiedCampaign, MerklCampaignType } from '@/utils/merklTypes';
 
-const CAMPAIGN_TYPES_TO_FETCH: MerklCampaignType[] = ['MORPHOSUPPLY', 'MORPHOSUPPLY_SINGLETOKEN', 'MULTILENDBORROW'];
+const CAMPAIGN_TYPES_TO_FETCH: MerklCampaignType[] = ['MORPHOSUPPLY', 'MORPHOBORROW', 'MORPHOSUPPLY_SINGLETOKEN', 'MULTILENDBORROW'];
 
 export const useMerklCampaignsQuery = () => {
   const query = useQuery({
diff --git a/src/hooks/queries/useMerklHoldIncentivesQuery.ts b/src/hooks/queries/useMerklHoldIncentivesQuery.ts
new file mode 100644
index 00000000..8b52671c
--- /dev/null
+++ b/src/hooks/queries/useMerklHoldIncentivesQuery.ts
@@ -0,0 +1,77 @@
+import { useMemo } from 'react';
+import { useQuery } from '@tanstack/react-query';
+import { getHardcodedMerklHoldIncentive } from '@/constants/merklHoldIncentives';
+import { fetchMerklOpportunityById, getMerklOpportunityAprDecimal, isLiveHoldOpportunity } from '@/utils/merklApi';
+import type { MerklOpportunity } from '@/utils/merklTypes';
+
+type UseMerklHoldIncentivesQueryParams = {
+  chainId: number;
+  collateralTokenAddress?: string;
+  enabled?: boolean;
+};
+
+type UseMerklHoldIncentivesQueryReturn = {
+  holdRewardAprDecimal: number | null;
+  holdRewardAprPercent: number | null;
+  hasLiveHoldReward: boolean;
+  incentiveLabel: string | null;
+  opportunity: MerklOpportunity | null;
+  loading: boolean;
+  error: string | null;
+  refetch: () => void;
+};
+
+export const useMerklHoldIncentivesQuery = ({
+  chainId,
+  collateralTokenAddress,
+  enabled = true,
+}: UseMerklHoldIncentivesQueryParams): UseMerklHoldIncentivesQueryReturn => {
+  const hardcodedIncentive = useMemo(() => {
+    if (!collateralTokenAddress) return null;
+    return getHardcodedMerklHoldIncentive({
+      chainId,
+      collateralTokenAddress,
+    });
+  }, [chainId, collateralTokenAddress]);
+
+  const query = useQuery<MerklOpportunity | null>({
+    queryKey: [
+      'merkl-hold-opportunity',
+      hardcodedIncentive?.chainId,
+      hardcodedIncentive?.opportunityType,
+      hardcodedIncentive?.opportunityIdentifier,
+    ],
+    enabled: enabled && hardcodedIncentive != null,
+    queryFn: async () => {
+      if (!hardcodedIncentive) return null;
+
+      return fetchMerklOpportunityById({
+        chainId: hardcodedIncentive.chainId,
+        type: hardcodedIncentive.opportunityType,
+        identifier: hardcodedIncentive.opportunityIdentifier,
+        campaigns: true,
+      });
+    },
+    staleTime: 5 * 60 * 1000,
+    refetchInterval: 5 * 60 * 1000,
+    refetchOnWindowFocus: true,
+  });
+
+  const opportunity = query.data ?? null;
+  const hasLiveHoldReward = useMemo(() => isLiveHoldOpportunity(opportunity), [opportunity]);
+  const holdRewardAprDecimal = useMemo(() => getMerklOpportunityAprDecimal(opportunity), [opportunity]);
+  const holdRewardAprPercent = holdRewardAprDecimal == null ? null : holdRewardAprDecimal * 100;
+
+  return {
+    holdRewardAprDecimal,
+    holdRewardAprPercent,
+    hasLiveHoldReward,
+    incentiveLabel: hardcodedIncentive?.label ?? null,
+    opportunity,
+    loading: query.isLoading || query.isFetching,
+    error: query.error instanceof Error ? query.error.message : null,
+    refetch: () => {
+      void query.refetch();
+    },
+  };
+};
diff --git a/src/modals/borrow/borrow-modal.tsx b/src/modals/borrow/borrow-modal.tsx
index b1def0b0..eada19b9 100644
--- a/src/modals/borrow/borrow-modal.tsx
+++ b/src/modals/borrow/borrow-modal.tsx
@@ -1,8 +1,6 @@
 import { useCallback, useEffect, useState } from 'react';
-import { TbTrendingDown, TbTrendingUp } from 'react-icons/tb';
 import { useConnection, useReadContract, useBalance } from 'wagmi';
 import { erc20Abi } from 'viem';
-import { Badge } from '@/components/ui/badge';
 import { Button } from '@/components/ui/button';
 import { Modal, ModalHeader, ModalBody } from '@/components/common/Modal';
 import { ModalIntentSwitcher } from '@/components/common/Modal/ModalIntentSwitcher';
@@ -175,20 +173,12 @@ export function BorrowModal({
         actions={
           canOpenLeverageModal ? (
             <Button
-              variant="default"
+              variant="ghost"
               size="sm"
               onClick={handleOpenLeverage}
-              className="flex items-center gap-1.5 hover:scale-100"
+              className="h-auto px-1 py-0 text-xs font-medium text-secondary hover:bg-transparent hover:text-primary"
             >
-              {mode === 'borrow' ? <TbTrendingUp className="h-2.5 w-2.5" /> : <TbTrendingDown className="h-2.5 w-2.5" />}
-              {mode === 'borrow' ? 'Leverage' : 'Deleverage'}
-              <Badge
-                variant="success"
-                size="sm"
-                className="ml-0.5 uppercase tracking-[0.08em]"
-              >
-                New
-              </Badge>
+              {mode === 'borrow' ? 'Use Leverage' : 'Use Deleverage'}
             </Button>
           ) : undefined
         }
diff --git a/src/modals/leverage/components/add-collateral-and-leverage.tsx b/src/modals/leverage/components/add-collateral-and-leverage.tsx
index 156bb0df..8e35cb4b 100644
--- a/src/modals/leverage/components/add-collateral-and-leverage.tsx
+++ b/src/modals/leverage/components/add-collateral-and-leverage.tsx
@@ -2,7 +2,10 @@ import { useCallback, useEffect, useMemo, useState } from 'react';
 import { erc20Abi, formatUnits } from 'viem';
 import { useConnection, useReadContract } from 'wagmi';
 import { BorrowPositionRiskCard } from '@/modals/borrow/components/borrow-position-risk-card';
-import { clampEditablePercent, computeLtv, formatEditableLtvPercent } from '@/modals/borrow/components/helpers';
+import { LTV_WAD, clampEditablePercent, computeLtv, formatEditableLtvPercent } from '@/modals/borrow/components/helpers';
+import { HelpTooltipIcon } from '@/components/shared/help-tooltip-icon';
+import { RateFormatted } from '@/components/shared/rate-formatted';
+import { TooltipContent as SharedTooltipContent } from '@/components/shared/tooltip-content';
 import Input from '@/components/Input/Input';
 import { LTVWarning } from '@/components/shared/ltv-warning';
 import { TokenIcon } from '@/components/shared/token-icon';
@@ -13,7 +16,7 @@ import {
   clampTargetLtvBps,
   clampMultiplierBps,
   computeMaxMultiplierBpsForTargetLtv,
-  computeExpectedNetCarryApy,
+  convertVaultSharesToUnderlyingAssets,
   computeLeverageProjectedPosition,
   formatPercentFromBps,
   formatMultiplierBps,
@@ -23,9 +26,11 @@ import {
   parsePercentToBps,
   parseMultiplierToBps,
   parseUnsignedBigInt,
+  toScaledRatio,
   targetLtvBpsFromMultiplier,
 } from '@/hooks/leverage/math';
 import { LEVERAGE_DEFAULT_MULTIPLIER_BPS } from '@/hooks/leverage/types';
+import { useMerklHoldIncentivesQuery } from '@/hooks/queries/useMerklHoldIncentivesQuery';
 import { use4626VaultAPR } from '@/hooks/use4626VaultAPR';
 import { useLeverageQuote } from '@/hooks/useLeverageQuote';
 import { useLeverageTransaction } from '@/hooks/useLeverageTransaction';
@@ -36,7 +41,7 @@ import { formatSwapRatePreview } from '@/features/swap/utils/quote-preview';
 import { getLeverageFee } from '@/config/fees';
 import { formatBalance } from '@/utils/balance';
 import { previewMarketState } from '@/utils/morpho';
-import { convertApyToApr } from '@/utils/rateMath';
+import { convertAprToApy, toApyFromDisplayRate, toDisplayRateFromApy } from '@/utils/rateMath';
 import type { LeverageRoute } from '@/hooks/leverage/types';
 import type { Market, MarketPosition } from '@/utils/types';
 
@@ -66,6 +71,7 @@ export function AddCollateralAndLeverage({
   const {
     usePermit2: usePermit2Setting,
     isAprDisplay,
+    showFullRewardAPY,
     leverageUseTargetLtvInput: useTargetLtvInput,
     setLeverageUseTargetLtvInput,
   } = useAppSettings();
@@ -179,15 +185,17 @@ export function AddCollateralAndLeverage({
     if (netAddedCollateral <= 0n) return 'Net collateral after fee must be positive.';
     return null;
   }, [hasQuoteChanges, collateralAssetPriceUsd, leverageTransferFee, netAddedCollateral]);
+  const addedCollateralAssets = useMemo(() => (isLeverageFeeReady && netAddedCollateral != null ? netAddedCollateral : 0n), [isLeverageFeeReady, netAddedCollateral]);
+  const addedBorrowAssets = useMemo(() => (isLeverageFeeReady ? quote.flashLoanAmount : 0n), [isLeverageFeeReady, quote.flashLoanAmount]);
   const { projectedCollateralAssets, projectedBorrowAssets } = useMemo(
     () =>
       computeLeverageProjectedPosition({
         currentCollateralAssets,
         currentBorrowAssets,
-        addedCollateralAssets: isLeverageFeeReady && netAddedCollateral != null ? netAddedCollateral : 0n,
-        addedBorrowAssets: isLeverageFeeReady ? quote.flashLoanAmount : 0n,
+        addedCollateralAssets,
+        addedBorrowAssets,
       }),
-    [currentCollateralAssets, currentBorrowAssets, isLeverageFeeReady, netAddedCollateral, quote.flashLoanAmount],
+    [currentCollateralAssets, currentBorrowAssets, addedCollateralAssets, addedBorrowAssets],
   );
   const marketLiquidity = BigInt(market.state.liquidityAssets);
   const hasChanges = isLeverageFeeReady;
@@ -201,6 +209,10 @@ export function AddCollateralAndLeverage({
     enabled: isErc4626Route,
     lookbackDays: 3,
   });
+  const merklHoldIncentives = useMerklHoldIncentivesQuery({
+    chainId: market.morphoBlue.chain.id,
+    collateralTokenAddress: market.collateralAsset.address,
+  });
 
   const projectedLTV = useMemo(
     () =>
@@ -335,10 +347,6 @@ export function AddCollateralAndLeverage({
     () => formatTokenAmountPreview(quote.flashCollateralAmount, market.collateralAsset.decimals),
     [quote.flashCollateralAmount, market.collateralAsset.decimals],
   );
-  const initialCollateralPreview = useMemo(
-    () => formatTokenAmountPreview(quote.initialCollateralAmount, market.collateralAsset.decimals),
-    [quote.initialCollateralAmount, market.collateralAsset.decimals],
-  );
   const collateralPreviewForDisplay = isSwapRoute && !useLoanAssetInput ? swapCollateralOutPreview : totalCollateralAddedPreview;
   const collateralPreviewLabel = isSwapRoute
     ? useLoanAssetInput
@@ -380,22 +388,24 @@ export function AddCollateralAndLeverage({
     market.collateralAsset.symbol,
   ]);
   const shouldShowSwapPreviewDetails = isSwapRoute && quote.swapPriceRoute != null && swapRatePreviewText != null;
-  const shouldShowInputConversionPreview = isErc4626Route && useLoanAssetInput && quote.initialCollateralAmount > 0n;
-  const renderRateValue = useCallback(
-    (apy: number | null): JSX.Element => {
-      if (apy == null || !Number.isFinite(apy)) return <span className="font-monospace">-</span>;
-      const displayRate = isAprDisplay ? convertApyToApr(apy) : apy;
-      if (!Number.isFinite(displayRate)) return <span className="font-monospace">-</span>;
-
-      const isNegative = displayRate < 0;
-      const absolutePercent = Math.abs(displayRate * 100).toFixed(2);
-
-      return (
-        <>
-          {isNegative && <span className="font-monospace">-</span>}
-          {absolutePercent}%
-        </>
-      );
+  const toDisplayRate = useCallback(
+    (apy: number | null): number | null => {
+      if (apy == null || !Number.isFinite(apy)) return null;
+      const displayRate = toDisplayRateFromApy(apy, isAprDisplay);
+      return Number.isFinite(displayRate) ? displayRate : null;
+    },
+    [isAprDisplay],
+  );
+  const renderRateFromApy = useCallback((apy: number | null): JSX.Element => {
+    if (apy == null || !Number.isFinite(apy)) return <span>-</span>;
+    return <RateFormatted value={apy} />;
+  }, []);
+  const renderRateFromDisplayMode = useCallback(
+    (displayRate: number | null): JSX.Element => {
+      if (displayRate == null || !Number.isFinite(displayRate)) return <span>-</span>;
+      const apyEquivalent = toApyFromDisplayRate(displayRate, isAprDisplay);
+      if (!Number.isFinite(apyEquivalent)) return <span>-</span>;
+      return <RateFormatted value={apyEquivalent} />;
     },
     [isAprDisplay],
   );
@@ -410,40 +420,186 @@ export function AddCollateralAndLeverage({
   }, [hasChanges, market, quote.flashLoanAmount]);
   const previewBorrowApy = projectedBorrowApy ?? fallbackBorrowApy;
   const borrowRatePreviewLabel = projectedBorrowApy != null ? `Borrow ${rateLabel} (Est.)` : `Borrow ${rateLabel}`;
-  const previewExpectedNetApy = useMemo(() => {
-    if (!isErc4626Route || vaultRateInsight.sharePriceNow == null || vaultRateInsight.vaultApy3d == null) {
-      return vaultRateInsight.expectedNetApy;
+  const vaultTokenApy = isErc4626Route ? vaultRateInsight.vaultApy3d : 0;
+  const projectedLtvRatio = useMemo(() => {
+    if (projectedBorrowAssets <= 0n) return 0;
+
+    if (isErc4626Route) {
+      if (vaultRateInsight.sharePriceNow == null) return null;
+
+      const oneShareUnit = 10n ** BigInt(market.collateralAsset.decimals);
+      const collateralUnderlyingAssets = convertVaultSharesToUnderlyingAssets({
+        shares: projectedCollateralAssets,
+        sharePriceInUnderlying: vaultRateInsight.sharePriceNow,
+        oneShareUnit,
+      });
+      if (collateralUnderlyingAssets <= 0n) return null;
+
+      const ratio = toScaledRatio(projectedBorrowAssets, collateralUnderlyingAssets);
+      if (ratio == null || !Number.isFinite(ratio) || ratio < 0) return null;
+      return ratio;
     }
 
-    const oneShareUnit = 10n ** BigInt(market.collateralAsset.decimals);
-    return computeExpectedNetCarryApy({
-      collateralShares: projectedCollateralAssets,
-      borrowAssets: projectedBorrowAssets,
-      sharePriceInUnderlying: vaultRateInsight.sharePriceNow,
-      oneShareUnit,
-      vaultApy: vaultRateInsight.vaultApy3d,
-      borrowApy: previewBorrowApy,
-    });
+    if (projectedCollateralAssets <= 0n) return null;
+
+    const ratio = toScaledRatio(projectedLTV, LTV_WAD);
+    if (ratio == null || !Number.isFinite(ratio) || ratio < 0) return null;
+    return ratio;
   }, [
     isErc4626Route,
     market.collateralAsset.decimals,
-    previewBorrowApy,
     projectedBorrowAssets,
     projectedCollateralAssets,
-    vaultRateInsight.expectedNetApy,
+    projectedLTV,
+    vaultRateInsight.sharePriceNow,
+  ]);
+  const addedDebtToCollateralRatio = useMemo(() => {
+    if (addedBorrowAssets <= 0n) return 0;
+
+    if (isErc4626Route) {
+      if (vaultRateInsight.sharePriceNow == null) return null;
+
+      const oneShareUnit = 10n ** BigInt(market.collateralAsset.decimals);
+      const addedCollateralUnderlyingAssets = convertVaultSharesToUnderlyingAssets({
+        shares: addedCollateralAssets,
+        sharePriceInUnderlying: vaultRateInsight.sharePriceNow,
+        oneShareUnit,
+      });
+      if (addedCollateralUnderlyingAssets <= 0n) return null;
+
+      const ratio = Number(addedBorrowAssets) / Number(addedCollateralUnderlyingAssets);
+      if (!Number.isFinite(ratio) || ratio < 0) return null;
+      return ratio;
+    }
+
+    if (addedCollateralAssets <= 0n) return null;
+
+    const addedLtv = computeLtv({
+      borrowAssets: addedBorrowAssets,
+      collateralAssets: addedCollateralAssets,
+      oraclePrice,
+    });
+    const ratio = Number(addedLtv) / Number(LTV_WAD);
+    if (!Number.isFinite(ratio) || ratio < 0) return null;
+    return ratio;
+  }, [
+    addedBorrowAssets,
+    addedCollateralAssets,
+    isErc4626Route,
+    market.collateralAsset.decimals,
+    oraclePrice,
     vaultRateInsight.sharePriceNow,
-    vaultRateInsight.vaultApy3d,
   ]);
+  const contributedCapitalAssets = useMemo(() => {
+    if (addedCollateralAssets <= 0n) return null;
+
+    if (isSwapRoute && useLoanAssetInput) {
+      const totalLoanInput = collateralAmount + addedBorrowAssets;
+      if (totalLoanInput <= 0n) return null;
+
+      const contributedFromLoanInput = (addedCollateralAssets * collateralAmount) / totalLoanInput;
+      return contributedFromLoanInput > 0n ? contributedFromLoanInput : null;
+    }
+
+    if (quote.totalAddedCollateral <= 0n || quote.initialCollateralAmount <= 0n) return null;
+
+    const contributedFromInitialCollateral = (addedCollateralAssets * quote.initialCollateralAmount) / quote.totalAddedCollateral;
+    return contributedFromInitialCollateral > 0n ? contributedFromInitialCollateral : null;
+  }, [
+    addedBorrowAssets,
+    addedCollateralAssets,
+    collateralAmount,
+    isSwapRoute,
+    quote.initialCollateralAmount,
+    quote.totalAddedCollateral,
+    useLoanAssetInput,
+  ]);
+  const holdRewardsApy = useMemo(() => {
+    const holdRewardAprDecimal = merklHoldIncentives.holdRewardAprDecimal;
+    if (holdRewardAprDecimal == null || !Number.isFinite(holdRewardAprDecimal)) return null;
+    const holdRewardApy = convertAprToApy(holdRewardAprDecimal);
+    return Number.isFinite(holdRewardApy) ? holdRewardApy : null;
+  }, [merklHoldIncentives.holdRewardAprDecimal]);
+  const holdRewardsApyForNet = useMemo(() => {
+    if (!showFullRewardAPY) return 0;
+    return holdRewardsApy ?? 0;
+  }, [showFullRewardAPY, holdRewardsApy]);
+  const borrowRateForCarry = useMemo(() => toDisplayRate(previewBorrowApy), [previewBorrowApy, toDisplayRate]);
+  const vaultTokenRateForCarry = useMemo(() => toDisplayRate(vaultTokenApy), [vaultTokenApy, toDisplayRate]);
+  const holdRewardsRateForCarry = useMemo(() => toDisplayRate(holdRewardsApyForNet), [holdRewardsApyForNet, toDisplayRate]);
+  const collateralYieldRate = useMemo(() => {
+    if (vaultTokenRateForCarry == null) return null;
+    return vaultTokenRateForCarry + (holdRewardsRateForCarry ?? 0);
+  }, [vaultTokenRateForCarry, holdRewardsRateForCarry]);
+  const hasConfiguredHoldRewards = merklHoldIncentives.incentiveLabel != null;
+  const shouldShowHoldRewardsRow = hasConfiguredHoldRewards;
+  const shouldShowNetRate = isErc4626Route || (showFullRewardAPY && shouldShowHoldRewardsRow);
+  const isNetRateLoading =
+    (isErc4626Route && (vaultRateInsight.isLoading || vaultRateInsight.vaultApy3d == null || projectedLtvRatio == null)) ||
+    (showFullRewardAPY && shouldShowHoldRewardsRow && merklHoldIncentives.loading);
+  const holdRewardsLabel = useMemo(
+    () => `${merklHoldIncentives.incentiveLabel ?? market.collateralAsset.symbol} Hold Reward (Merkl) ${rateLabel}`,
+    [merklHoldIncentives.incentiveLabel, market.collateralAsset.symbol, rateLabel],
+  );
+  const projectedPositionPreview = useMemo(
+    () => formatTokenAmountPreview(projectedCollateralAssets, market.collateralAsset.decimals),
+    [projectedCollateralAssets, market.collateralAsset.decimals],
+  );
+  const addedCapitalPreview = useMemo(() => {
+    if (contributedCapitalAssets == null) return null;
+    return formatTokenAmountPreview(contributedCapitalAssets, market.collateralAsset.decimals);
+  }, [contributedCapitalAssets, market.collateralAsset.decimals]);
+  const netCarryLabel = `Net Carry ${rateLabel}`;
+  const leveredCarryLabel = `Levered Carry ${rateLabel}`;
+  const netCarryDetail = `Expected yearly yield on your full leveraged ${market.collateralAsset.symbol} position.`;
+  const netCarrySecondaryDetail = `Projected position size: ${projectedPositionPreview.compact} ${market.collateralAsset.symbol}.`;
+  const leveredCarryDetail = `Expected yearly yield on your own added ${market.collateralAsset.symbol} capital.`;
+  const leveredCarrySecondaryDetail = `Added capital for this action: ${addedCapitalPreview?.compact ?? '-'} ${market.collateralAsset.symbol}.`;
+  const previewExpectedNetRate = useMemo(() => {
+    if (collateralYieldRate == null || borrowRateForCarry == null || projectedLtvRatio == null) return null;
+    const netRate = collateralYieldRate - projectedLtvRatio * borrowRateForCarry;
+    return Number.isFinite(netRate) ? netRate : null;
+  }, [
+    collateralYieldRate,
+    borrowRateForCarry,
+    projectedLtvRatio,
+  ]);
+  const previewLeveredCarryOnCapitalRate = useMemo(() => {
+    if (collateralYieldRate == null || borrowRateForCarry == null || addedDebtToCollateralRatio == null || contributedCapitalAssets == null || addedCollateralAssets <= 0n) return null;
+
+    const incrementalNetCarryRate = collateralYieldRate - addedDebtToCollateralRatio * borrowRateForCarry;
+    if (!Number.isFinite(incrementalNetCarryRate)) return null;
+
+    const leverageFactor = Number(addedCollateralAssets) / Number(contributedCapitalAssets);
+    if (!Number.isFinite(leverageFactor) || leverageFactor <= 0) return null;
+
+    const leveredCarryRate = incrementalNetCarryRate * leverageFactor;
+    return Number.isFinite(leveredCarryRate) ? leveredCarryRate : null;
+  }, [
+    addedCollateralAssets,
+    addedDebtToCollateralRatio,
+    collateralYieldRate,
+    borrowRateForCarry,
+    contributedCapitalAssets,
+  ]);
+  const isLeveredCarryLoading =
+    isLeverageFeeReady &&
+    ((isErc4626Route && (vaultRateInsight.isLoading || vaultRateInsight.vaultApy3d == null || vaultRateInsight.sharePriceNow == null)) ||
+      (showFullRewardAPY && shouldShowHoldRewardsRow && merklHoldIncentives.loading));
   const expectedNetRateClass = useMemo(() => {
-    if (previewExpectedNetApy == null) return 'text-secondary';
-    return previewExpectedNetApy >= 0 ? 'text-emerald-500' : 'text-red-500';
-  }, [previewExpectedNetApy]);
+    if (previewExpectedNetRate == null) return 'text-secondary';
+    return previewExpectedNetRate >= 0 ? 'text-emerald-500' : 'text-red-500';
+  }, [previewExpectedNetRate]);
+  const leveredCarryRateClass = useMemo(() => {
+    if (previewLeveredCarryOnCapitalRate == null) return 'text-secondary';
+    return previewLeveredCarryOnCapitalRate >= 0 ? 'text-emerald-500' : 'text-red-500';
+  }, [previewLeveredCarryOnCapitalRate]);
 
   return (
     <div className="bg-surface relative w-full max-w-lg rounded-lg">
       {!transaction?.isModalVisible && (
         <div className="flex flex-col">
-          <p className="mb-2 font-monospace text-xs uppercase tracking-[0.14em] text-secondary">Leverage Preview</p>
+          <p className="mb-2 text-xs uppercase tracking-[0.14em] text-secondary">Leverage Preview</p>
           <BorrowPositionRiskCard
             market={market}
             currentCollateral={currentCollateralAssets}
@@ -462,7 +618,7 @@ export function AddCollateralAndLeverage({
           <div className="mt-2 space-y-3">
             <div className="rounded border border-white/10 bg-hovered px-3 py-2.5">
               <div className="mb-1 flex items-center justify-between gap-2">
-                <p className="font-monospace text-[11px] uppercase tracking-[0.12em] text-secondary">
+                <p className="text-[11px] uppercase tracking-[0.12em] text-secondary">
                   {useLoanAssetInput ? `Start with ${market.loanAsset.symbol}` : `Add Collateral ${market.collateralAsset.symbol}`}
                 </p>
                 {canUseLoanAssetInput && (
@@ -509,7 +665,7 @@ export function AddCollateralAndLeverage({
 
             <div className="rounded border border-white/10 bg-hovered px-3 py-2.5">
               <div className="mb-1 flex items-center justify-between gap-2">
-                <p className="font-monospace text-[11px] uppercase tracking-[0.12em] text-secondary">
+                <p className="text-[11px] uppercase tracking-[0.12em] text-secondary">
                   {useTargetLtvInput ? 'Target LTV' : 'Target Multiplier'}
                 </p>
                 <div className="flex items-center gap-2">
@@ -559,12 +715,12 @@ export function AddCollateralAndLeverage({
             </div>
 
             <div className="rounded border border-white/10 bg-hovered px-3 py-2.5">
-              <p className="mb-2 font-monospace text-[11px] uppercase tracking-[0.12em] text-secondary">Transaction Preview</p>
+              <p className="mb-2 text-[11px] uppercase tracking-[0.12em] text-secondary">Transaction Preview</p>
               <div className="space-y-1 text-xs">
                 <div className="flex items-center justify-between">
                   <span className="text-secondary">{isSwapRoute ? 'Flash Borrow Required' : 'Flash Borrow'}</span>
                   <span className="tabular-nums inline-flex items-center gap-1.5">
-                    <Tooltip content={<span className="font-monospace text-xs">{flashBorrowPreview.full}</span>}>
+                    <Tooltip content={<span className="text-xs">{flashBorrowPreview.full}</span>}>
                       <span className="cursor-help border-b border-dotted border-white/40">{flashBorrowPreview.compact}</span>
                     </Tooltip>
                     <TokenIcon
@@ -579,7 +735,7 @@ export function AddCollateralAndLeverage({
                 <div className="flex items-center justify-between">
                   <span className="text-secondary">{collateralPreviewLabel}</span>
                   <span className="tabular-nums inline-flex items-center gap-1.5">
-                    <Tooltip content={<span className="font-monospace text-xs">{collateralPreviewForDisplay.full}</span>}>
+                    <Tooltip content={<span className="text-xs">{collateralPreviewForDisplay.full}</span>}>
                       <span className="cursor-help border-b border-dotted border-white/40">{collateralPreviewForDisplay.compact}</span>
                     </Tooltip>
                     <TokenIcon
@@ -591,28 +747,11 @@ export function AddCollateralAndLeverage({
                     />
                   </span>
                 </div>
-                {shouldShowInputConversionPreview && (
-                  <div className="flex items-center justify-between">
-                    <span className="text-secondary">Collateral Shares From Input</span>
-                    <span className="tabular-nums inline-flex items-center gap-1.5">
-                      <Tooltip content={<span className="font-monospace text-xs">{initialCollateralPreview.full}</span>}>
-                        <span className="cursor-help border-b border-dotted border-white/40">{initialCollateralPreview.compact}</span>
-                      </Tooltip>
-                      <TokenIcon
-                        address={market.collateralAsset.address}
-                        chainId={market.morphoBlue.chain.id}
-                        symbol={market.collateralAsset.symbol}
-                        width={14}
-                        height={14}
-                      />
-                    </span>
-                  </div>
-                )}
                 {leverageFeePreview != null && (
                   <div className="flex items-center justify-between">
-                    <span className="text-secondary">Leverage Fee (Est.)</span>
+                    <span className="text-secondary">Fee </span>
                     <span className="tabular-nums inline-flex items-center gap-1.5">
-                      <Tooltip content={<span className="font-monospace text-xs">{leverageFeePreview.full}</span>}>
+                      <Tooltip content={<span className="text-xs">{leverageFeePreview.full}</span>}>
                         <span className="cursor-help border-b border-dotted border-white/40">{leverageFeePreview.compact}</span>
                       </Tooltip>
                       <TokenIcon
@@ -642,23 +781,70 @@ export function AddCollateralAndLeverage({
                 )}
                 <div className="flex items-center justify-between">
                   <span className="text-secondary">{borrowRatePreviewLabel}</span>
-                  <span className="tabular-nums">{renderRateValue(previewBorrowApy)}</span>
+                  <span className="tabular-nums">{renderRateFromApy(previewBorrowApy)}</span>
                 </div>
-                {isErc4626Route && (
+                {(isErc4626Route || shouldShowHoldRewardsRow || shouldShowNetRate) && (
                   <>
                     <div className="my-1 border-t border-white/10" />
-                    <div className="flex items-center justify-between">
-                      <span className="text-secondary">Vault Token {rateLabel}</span>
-                      <span className="tabular-nums">
-                        {vaultRateInsight.isLoading ? '...' : renderRateValue(vaultRateInsight.vaultApy3d)}
-                      </span>
-                    </div>
-                    <div className="flex items-center justify-between">
-                      <span className="text-secondary">Net {rateLabel}</span>
-                      <span className={`tabular-nums ${expectedNetRateClass}`}>
-                        {vaultRateInsight.isLoading ? '...' : renderRateValue(previewExpectedNetApy)}
-                      </span>
-                    </div>
+                    {isErc4626Route && (
+                      <div className="flex items-center justify-between">
+                        <span className="text-secondary">Vault Token {rateLabel}</span>
+                        <span className="tabular-nums">
+                          {vaultRateInsight.isLoading ? '...' : renderRateFromApy(vaultRateInsight.vaultApy3d)}
+                        </span>
+                      </div>
+                    )}
+                    {shouldShowHoldRewardsRow && (
+                      <div className="flex items-center justify-between">
+                        <span className="text-secondary">{holdRewardsLabel}</span>
+                        <span className="tabular-nums">
+                          {merklHoldIncentives.loading ? '...' : renderRateFromApy(holdRewardsApy)}
+                        </span>
+                      </div>
+                    )}
+                    {shouldShowNetRate && (
+                      <>
+                        <div className="my-1 border-t border-white/10" />
+                        <div className="flex items-center justify-between">
+                          <div className="flex items-center gap-0.5">
+                            <span className="text-secondary">{netCarryLabel}</span>
+                            <HelpTooltipIcon
+                              content={
+                                <SharedTooltipContent
+                                  title={netCarryLabel}
+                                  detail={netCarryDetail}
+                                  secondaryDetail={netCarrySecondaryDetail}
+                                />
+                              }
+                              ariaLabel={`Explain ${netCarryLabel}`}
+                              className="h-auto w-auto"
+                            />
+                          </div>
+                          <span className={`tabular-nums ${expectedNetRateClass}`}>
+                            {isNetRateLoading ? '...' : renderRateFromDisplayMode(previewExpectedNetRate)}
+                          </span>
+                        </div>
+                        <div className="flex items-center justify-between">
+                          <div className="flex items-center gap-0.5">
+                            <span className="text-secondary">{leveredCarryLabel}</span>
+                            <HelpTooltipIcon
+                              content={
+                                <SharedTooltipContent
+                                  title={leveredCarryLabel}
+                                  detail={leveredCarryDetail}
+                                  secondaryDetail={leveredCarrySecondaryDetail}
+                                />
+                              }
+                              ariaLabel={`Explain ${leveredCarryLabel}`}
+                              className="h-auto w-auto"
+                            />
+                          </div>
+                          <span className={`tabular-nums ${leveredCarryRateClass}`}>
+                            {isLeveredCarryLoading ? '...' : renderRateFromDisplayMode(previewLeveredCarryOnCapitalRate)}
+                          </span>
+                        </div>
+                      </>
+                    )}
                   </>
                 )}
               </div>
@@ -667,6 +853,9 @@ export function AddCollateralAndLeverage({
               {isErc4626Route && vaultRateInsight.error && (
                 <p className="mt-2 text-xs text-red-500">Failed to fetch 3-day vault/borrow rates: {vaultRateInsight.error}</p>
               )}
+              {merklHoldIncentives.error && (
+                <p className="mt-2 text-xs text-red-500">Failed to fetch Merkl hold rewards: {merklHoldIncentives.error}</p>
+              )}
               {insufficientLiquidity && (
                 <p className="mt-2 text-xs text-red-500">
                   Flash loan repayment borrow exceeds market liquidity ({formatBalance(marketLiquidity, market.loanAsset.decimals)}{' '}
diff --git a/src/stores/useAppSettings.ts b/src/stores/useAppSettings.ts
index 71f9f79f..4536b494 100644
--- a/src/stores/useAppSettings.ts
+++ b/src/stores/useAppSettings.ts
@@ -61,7 +61,7 @@ export const useAppSettings = create<AppSettingsStore>()(
       usePermit2: true,
       useEth: false,
       showUnwhitelistedMarkets: false,
-      showFullRewardAPY: false,
+      showFullRewardAPY: true,
       isAprDisplay: false,
       trustedVaultsWarningDismissed: false,
       showDeveloperOptions: false,
diff --git a/src/utils/merklApi.ts b/src/utils/merklApi.ts
index 3c3df17a..0be773fb 100644
--- a/src/utils/merklApi.ts
+++ b/src/utils/merklApi.ts
@@ -1,11 +1,14 @@
 import { MerklApi } from '@merkl/api';
-import type { MerklCampaign, SimplifiedCampaign, MerklApiParams } from './merklTypes';
+import type { MerklCampaign, SimplifiedCampaign, MerklApiParams, MerklOpportunityLookupParams, MerklOpportunity } from './merklTypes';
 
 const MERKL_API_BASE_URL = 'https://api.merkl.xyz';
 
 // Initialize the Merkl SDK singleton
 export const merklClient = MerklApi(MERKL_API_BASE_URL);
 
+const MERKL_LIVE_STATUS = 'LIVE';
+const MERKL_HOLD_ACTION = 'HOLD';
+
 // Helper function to fetch campaigns using the SDK with Adapter pattern
 export async function fetchCampaigns(params: MerklApiParams = {}): Promise<MerklCampaign[]> {
   try {
@@ -68,6 +71,49 @@ export async function fetchActiveCampaigns(params: Omit<MerklApiParams, 'startTi
   return allCampaigns;
 }
 
+export const buildMerklOpportunityId = (params: Omit<MerklOpportunityLookupParams, 'campaigns'>): string =>
+  `${params.chainId}-${params.type}-${params.identifier}`;
+
+export async function fetchMerklOpportunityById(params: MerklOpportunityLookupParams): Promise<MerklOpportunity | null> {
+  try {
+    const opportunityId = buildMerklOpportunityId(params);
+    const { data, error, status } = await merklClient.v4.opportunities({ id: opportunityId }).get({
+      query: {
+        campaigns: params.campaigns ?? false,
+      },
+    });
+
+    if (status === 404) {
+      return null;
+    }
+
+    if (error || status !== 200) {
+      throw new Error(`Merkl API opportunity error: ${status} ${error}`);
+    }
+
+    return (data as MerklOpportunity | null) ?? null;
+  } catch (err) {
+    console.error('Error fetching Merkl opportunity:', err);
+    throw err;
+  }
+}
+
+export const isLiveHoldOpportunity = (opportunity: MerklOpportunity | null | undefined): opportunity is MerklOpportunity => {
+  if (!opportunity) return false;
+  const action = opportunity.action?.toUpperCase();
+  const status = opportunity.status?.toUpperCase();
+  const apr = opportunity.apr;
+  const hasLiveCampaigns = opportunity.liveCampaigns == null || opportunity.liveCampaigns > 0;
+
+  return action === MERKL_HOLD_ACTION && status === MERKL_LIVE_STATUS && hasLiveCampaigns && typeof apr === 'number' && Number.isFinite(apr) && apr > 0;
+};
+
+export const getMerklOpportunityAprDecimal = (opportunity: MerklOpportunity | null | undefined): number | null => {
+  if (!isLiveHoldOpportunity(opportunity)) return null;
+  const aprPercent = opportunity.apr ?? 0;
+  return aprPercent / 100;
+};
+
 // Helper to check if a campaign is currently active
 function isCampaignActive(campaign: MerklCampaign): boolean {
   const now = Math.floor(Date.now() / 1000);
@@ -89,6 +135,7 @@ function getBaseCampaignFields(
   | 'isActive'
   | 'name'
   | 'opportunityIdentifier'
+  | 'opportunityAction'
 > {
   return {
     chainId: campaign.computeChainId,
@@ -105,6 +152,7 @@ function getBaseCampaignFields(
     isActive: isCampaignActive(campaign),
     name: campaign.Opportunity?.name,
     opportunityIdentifier: campaign.Opportunity?.identifier,
+    opportunityAction: campaign.Opportunity?.action,
   };
 }
 
diff --git a/src/utils/merklTypes.ts b/src/utils/merklTypes.ts
index e32f6bd9..58c806a8 100644
--- a/src/utils/merklTypes.ts
+++ b/src/utils/merklTypes.ts
@@ -85,10 +85,18 @@ export type MerklCampaignParams = {
 };
 
 export type MerklOpportunity = {
+  id?: string;
   identifier: string;
   name: string;
   chainId: number;
   type: string;
+  status?: string;
+  action?: string;
+  apr?: number;
+  maxApr?: number;
+  liveCampaigns?: number;
+  tokens?: MerklToken[];
+  campaigns?: MerklCampaign[];
 };
 
 export type MerklCampaign = {
@@ -130,6 +138,13 @@ export type MerklApiParams = {
   endTimestamp?: number;
 };
 
+export type MerklOpportunityLookupParams = {
+  chainId: number;
+  type: string;
+  identifier: string;
+  campaigns?: boolean;
+};
+
 export type SimplifiedCampaign = {
   marketId: string;
   chainId: number;
@@ -156,4 +171,5 @@ export type SimplifiedCampaign = {
   isActive: boolean;
   name?: string;
   opportunityIdentifier?: string;
+  opportunityAction?: string;
 };
diff --git a/src/utils/rateMath.ts b/src/utils/rateMath.ts
index 6880bdc2..76617618 100644
--- a/src/utils/rateMath.ts
+++ b/src/utils/rateMath.ts
@@ -28,6 +28,42 @@ export function convertApyToApr(apy: number): number {
   return Math.log(1 + apy);
 }
 
+/**
+ * Converts APR (continuous-compounding style) back to APY.
+ * Inverse of `convertApyToApr`: APY = e^(APR) - 1
+ *
+ * @param apr - The APR value as a decimal (e.g., 0.04879 for 4.879%)
+ * @returns The APY value as a decimal
+ */
+export function convertAprToApy(apr: number): number {
+  if (!Number.isFinite(apr)) return 0;
+  return Math.exp(apr) - 1;
+}
+
+/**
+ * Normalizes an APY decimal to the currently selected display mode.
+ *
+ * @param apy - The APY value as a decimal
+ * @param isAprDisplay - Whether APR mode is enabled
+ * @returns Rate as decimal in the selected mode
+ */
+export function toDisplayRateFromApy(apy: number, isAprDisplay: boolean): number {
+  if (!Number.isFinite(apy)) return Number.NaN;
+  return isAprDisplay ? convertApyToApr(apy) : apy;
+}
+
+/**
+ * Converts a display-mode rate decimal back to APY decimal.
+ *
+ * @param rate - Rate as decimal in selected display mode
+ * @param isAprDisplay - Whether APR mode is enabled
+ * @returns Equivalent APY decimal
+ */
+export function toApyFromDisplayRate(rate: number, isAprDisplay: boolean): number {
+  if (!Number.isFinite(rate)) return Number.NaN;
+  return isAprDisplay ? convertAprToApy(rate) : rate;
+}
+
 /**
  * Formats a rate value as a percentage string
  *