diff --git a/src/api/incentives/calculateAssetIncentivesApy.ts b/src/api/incentives/calculateAssetIncentivesApy.ts
index 584695fa..bee28a91 100644
--- a/src/api/incentives/calculateAssetIncentivesApy.ts
+++ b/src/api/incentives/calculateAssetIncentivesApy.ts
@@ -1,5 +1,5 @@
 import getMarket from 'api/markets/getMarket'
-import getAssetIncentive from 'api/incentives/getAssetIncentive'
+import getTotalActiveEmissionValue from 'api/incentives/getTotalActiveEmissionValue'
 import getUnderlyingLiquidityAmount from 'api/markets/getMarketUnderlyingLiquidityAmount'
 import { BN } from 'utils/helpers'
 import { SECONDS_IN_A_YEAR } from 'utils/constants'
@@ -11,28 +11,26 @@ export default async function calculateAssetIncentivesApy(
   denom: string,
 ): Promise<BigNumber | null> {
   try {
-    const [assetIncentive, market] = await Promise.all([getAssetIncentive(denom), getMarket(denom)])
+    const [totalActiveEmissionValue, market] = await Promise.all([
+      getTotalActiveEmissionValue(denom),
+      getMarket(denom),
+    ])
 
-    if (!assetIncentive) return null
+    if (!totalActiveEmissionValue) return null
 
-    const [marketLiquidityAmount, assetPrice, baseAssetPrice] = await Promise.all([
+    const [marketLiquidityAmount, assetPrice] = await Promise.all([
       getUnderlyingLiquidityAmount(market),
       getPrice(denom),
-      getPrice(assetIncentive.denom),
     ])
 
     const assetDecimals = (ASSETS.find(byDenom(denom)) as Asset).decimals
-    const baseDecimals = (ASSETS.find(byDenom(assetIncentive.denom)) as Asset).decimals
 
     const marketLiquidityValue = BN(marketLiquidityAmount)
       .shiftedBy(-assetDecimals)
       .multipliedBy(assetPrice)
 
     const marketReturns = BN(market.liquidityRate).multipliedBy(marketLiquidityValue)
-    const annualEmission = BN(assetIncentive.emission_rate)
-      .multipliedBy(SECONDS_IN_A_YEAR)
-      .shiftedBy(-baseDecimals)
-      .multipliedBy(baseAssetPrice)
+    const annualEmission = totalActiveEmissionValue.multipliedBy(SECONDS_IN_A_YEAR)
 
     const totalAnnualReturnsValue = annualEmission.plus(marketReturns)
     const incentivesApy = totalAnnualReturnsValue.dividedBy(marketLiquidityValue).multipliedBy(100)
diff --git a/src/api/incentives/getAssetIncentive.ts b/src/api/incentives/getAssetIncentive.ts
deleted file mode 100644
index dece84a1..00000000
--- a/src/api/incentives/getAssetIncentive.ts
+++ /dev/null
@@ -1,20 +0,0 @@
-import { getIncentivesQueryClient } from 'api/cosmwasm-client'
-import { ActiveEmission } from 'types/generated/mars-incentives/MarsIncentives.types'
-
-export default async function getAssetIncentive(denom: string): Promise<ActiveEmission | null> {
-  try {
-    const client = await getIncentivesQueryClient()
-    const activeEmissions = await client.activeEmissions({
-      collateralDenom: denom,
-    })
-
-    if (activeEmissions.length === 0) {
-      throw 'Asset has no active incentive emission.'
-    }
-
-    // TODO: handle multiple emissions https://delphilabs.atlassian.net/browse/MP-3237
-    return activeEmissions[0]
-  } catch (ex) {
-    return null
-  }
-}
diff --git a/src/api/incentives/getTotalActiveEmissionValue.ts b/src/api/incentives/getTotalActiveEmissionValue.ts
new file mode 100644
index 00000000..5df183b3
--- /dev/null
+++ b/src/api/incentives/getTotalActiveEmissionValue.ts
@@ -0,0 +1,35 @@
+import { getIncentivesQueryClient } from 'api/cosmwasm-client'
+import getPrice from 'api/prices/getPrice'
+import { ASSETS } from 'constants/assets'
+import { BN_ZERO } from 'constants/math'
+import { byDenom } from 'utils/array'
+import { BN } from 'utils/helpers'
+
+export default async function getTotalActiveEmissionValue(
+  denom: string,
+): Promise<BigNumber | null> {
+  try {
+    const client = await getIncentivesQueryClient()
+    const activeEmissions = await client.activeEmissions({
+      collateralDenom: denom,
+    })
+
+    if (activeEmissions.length === 0) {
+      throw 'Asset has no active incentive emission.'
+    }
+
+    const prices = await Promise.all(
+      activeEmissions.map((activeEmission) => getPrice(activeEmission.denom)),
+    )
+
+    return activeEmissions.reduce((accumulation, current, index) => {
+      const price = prices[index]
+      const decimals = ASSETS.find(byDenom(current.denom))?.decimals as number
+      const emissionValue = BN(current.emission_rate).shiftedBy(-decimals).multipliedBy(price)
+
+      return accumulation.plus(emissionValue)
+    }, BN_ZERO)
+  } catch (ex) {
+    return null
+  }
+}