In the bear market, many DeFi opportunities dried up. I’ll be listing here some strategies you can use for a respectable yield in 2023 with varying amounts of risk.
This is not financial advice, follow along only if you know what you are doing and are already familiar with using DeFi protocols.

• AAVE leverage borrowing on Arbitrum
  You supply USDT on AAVE v3 on Arbitrum and get about 2+% APY but if you enable Efficiency mode you can borrow up to 97% LTV and then you borrow USDC which has a lower interest, and by swapping USDC to USDT and repeating the process in a loop a few times you can increase your APY quite a bit to have more than 5+% APY on a stablecoin.

  Risks: Potential USDT to USD peg loss in case of any bad Tether news, don’t overdo looping, avoid red health factor on AAVE
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• GMX Liquidity providingYou can buy GLP tokens and provide liquidity to traders on GMX and that will earn you an APY which varies a lot but is currently at 8% while having exposure to an index of crypto and stablecoins in about a 50/50 split. You can check the current GLP index composition on the GMX website.

  Risks: GMX is an anon team, there were a few audits but none very reputable, standard smart-contract risks
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• Euler leverage staking ETHYou supply wstETH and borrow WETH and repeat the loop a few times on Euler. By borrowing WETH you will also get Euler governance tokens as a reward and by supplying wstETH you will get the yield by staking ETH. APYs vary a lot and Euler displays everything about the yearly earnings very well in their UI and has simulation support as well so I will not provide any numbers here.

*     Risks*: standard smart-contract risks, ETH to wstETH peg instability
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• To discover new opportunities like these use DefiLlama which has a lot of aggregators and data on many chains and protocols especially useful are the Borrow aggregator, Delta neutral, and Leveraged lending pages.