You're being paid 24.3% to absorb price risk. Only ~24.3% of it is real fees — and they stop covering impermanent loss if AAVE-WETH diverges more than the pair moves.
Real fee/staking yield: 24.3% · token emissions: 0% of the headline.
The real fees here (~24.3%) can beat holding if AAVE-WETH stays calm, but a sharp divergence flips that. It's a genuine short-volatility bet, not free income.
Source: DefiLlama. Verdict is a heuristic over public data, not financial advice.