Yeah, it's surprising to see that the annualized rate is too high but the maximum term is only 28 days. I haven't tried the feature but OP, did you able to lend and made interest from your USDT? A test of 7 days is what I'm thinking with just a small amount that I can do for testing it.
Yesterday they borrowed all of the orderbook up to 730% yearly APY which is maximum.
Maybe this is the reason why there's a sudden surge for the orderbooks. I've calculated if you've got higher amount of USDT, you can make that much but I'm not sure if I'll do that with a huge amount. It is encouraging but I'm not confident.
I didn't understand second part but yes i did lend big amount of USDT. In last 24 hour i have lended big amounts from 700%+ APY for 28d but borrower can pay anytime so they usually pay before 28day.
But i have learned there is a risk involved. If borrowers margin ratio drop belows 95% and get liqudiated and if his balance does not cover his debt insurance fund come into play and it will pay the rest of the debt however if insurance funds also does not cover the debt lender will take a loss.
In all leding transactions there is 15% fee (10% for insurance fund).