diff --git a/package.json b/package.json
index 1a76ed13..3a7d0b90 100644
--- a/package.json
+++ b/package.json
@@ -1,6 +1,6 @@
 {
   "name": "mars-v2-frontend",
-  "version": "2.0.3",
+  "version": "2.0.4",
   "private": true,
   "scripts": {
     "build": "yarn validate-env && next build",
diff --git a/src/components/Borrow/Table/Columns/BorrowRate.tsx b/src/components/Borrow/Table/Columns/BorrowRate.tsx
index 44cccfa6..4aaff79a 100644
--- a/src/components/Borrow/Table/Columns/BorrowRate.tsx
+++ b/src/components/Borrow/Table/Columns/BorrowRate.tsx
@@ -1,9 +1,7 @@
-import React from 'react'
-
 import { FormattedNumber } from 'components/FormattedNumber'
 import Loading from 'components/Loading'
 
-export const BORROW_RATE_META = { accessorKey: 'borrowRate', header: 'Borrow Rate' }
+export const BORROW_RATE_META = { accessorKey: 'borrowRate', header: 'Borrow Rate APY' }
 
 interface Props {
   borrowRate: number | null
diff --git a/src/components/Modals/BorrowModal.tsx b/src/components/Modals/BorrowModal.tsx
index a94b8c85..78df7e06 100644
--- a/src/components/Modals/BorrowModal.tsx
+++ b/src/components/Modals/BorrowModal.tsx
@@ -202,7 +202,7 @@ function BorrowModal(props: Props) {
       <div className='flex gap-3 px-6 py-4 border-b border-white/5 gradient-header'>
         <TitleAndSubCell
           title={formatPercent(modal.marketData.borrowRate || '0')}
-          sub={'Borrow rate'}
+          sub={'Borrow Rate APY'}
         />
         {totalDebt.isGreaterThan(0) && (
           <>
diff --git a/src/components/Trade/TradeModule/SwapForm/TradeSummary.tsx b/src/components/Trade/TradeModule/SwapForm/TradeSummary.tsx
index c7721f56..8be477f1 100644
--- a/src/components/Trade/TradeModule/SwapForm/TradeSummary.tsx
+++ b/src/components/Trade/TradeModule/SwapForm/TradeSummary.tsx
@@ -81,7 +81,7 @@ export default function TradeSummary(props: Props) {
               />
             </div>
             <div className={infoLineClasses}>
-              <span className='opacity-40'>Borrow rate</span>
+              <span className='opacity-40'>Borrow Rate APY</span>
               <span>{formatPercent(borrowRate || 0)}</span>
             </div>
           </>
diff --git a/src/utils/resolvers.ts b/src/utils/resolvers.ts
index c6618aa3..ac461986 100644
--- a/src/utils/resolvers.ts
+++ b/src/utils/resolvers.ts
@@ -5,6 +5,7 @@ import {
 } from 'types/generated/mars-params/MarsParams.types'
 import { Market as RedBankMarket } from 'types/generated/mars-red-bank/MarsRedBank.types'
 import { BN, getLeverageFromLTV } from 'utils/helpers'
+import { convertAprToApy } from 'utils/parsers'
 
 export function resolveMarketResponse(
   marketResponse: RedBankMarket,
@@ -13,7 +14,7 @@ export function resolveMarketResponse(
 ): Market {
   return {
     denom: marketResponse.denom,
-    borrowRate: Number(marketResponse.borrow_rate) * 100,
+    borrowRate: convertAprToApy(Number(marketResponse.borrow_rate), 365) * 100,
     debtTotalScaled: marketResponse.debt_total_scaled,
     collateralTotalScaled: marketResponse.collateral_total_scaled,
     depositEnabled: assetParamsResponse.red_bank.deposit_enabled,