Yield comparisons are often reduced to a single number. That makes the table easy to scan, but it hides the thing that usually matters most: how quickly capital can return to cash without penalty or market impact.
Flexible is not always liquid.
A flexible lending product may still rely on platform liquidity, protocol utilisation, or third-party counterparties. A cash sweep may settle quickly but offer less upside. A fixed-term product may compensate investors for lockup with a higher advertised rate.
Rate reset frequency is part of the return.
Variable on-chain supply rates can adjust block by block. Platform rewards may reset monthly. Treasury-backed cash products follow central-bank and bill-market conditions. The cleaner comparison is not yield alone, but yield per unit of liquidity sacrificed.
For idle liquidity, the right product is usually the one whose withdrawal terms match the reason the cash is being held in the first place.