Morpho vaults
About Morpho
Morpho is a decentralised lending protocol where curators run USDC, ETH and other lending vaults on Ethereum, Base and more than 40 other networks.
The current listing contains $5.6B TVL in 228 vaults with a TVL-weighted average APY of 18.7% (annualised, last 30 days).
Morpho is a decentralised, noncustodial lending protocol. Its lending markets are isolated: each pairs one collateral asset with one loan asset under a fixed liquidation loan-to-value and oracle, and anyone can create one. Morpho vaults sit on top: a depositor supplies a single asset, such as USDC or ETH, and the vault lends it across several markets. Morpho Blue and the first vaults went live at the start of 2024, and the contracts are deployed on Ethereum, Base, Arbitrum and more than 40 other networks.
Curators. Each vault has a curator who decides which markets it may lend to and caps its exposure to each, while allocators move liquidity within those limits. Curator changes that add risk go through a timelock set for each vault, which can give depositors time to exit before they apply. Morpho Vaults V2, launched on 29 September 2025, can also allocate to other Morpho vaults and newer market types, appoint sentinels who can cut risk in an emergency, and restrict deposits to approved users.
Yield and fees. Returns come from interest paid by borrowers in the underlying markets, so vault APYs move with borrowing demand. A vault can charge a performance fee of up to 50% of the interest it earns and, in V2, a management fee of up to 5% a year on deposits.
Withdrawals and risks. Exits depend on unborrowed liquidity in the markets a vault lends to, so high utilisation can delay withdrawals. V2 vaults also let depositors redeem shares for the underlying market positions, subject to a penalty of up to 2%, even when the vault lacks immediate liquidity. If collateral loses value faster than liquidators can act, the bad debt is a loss for every lender in that market, including vaults allocated to it. Oracle failures and curator decisions are the other main risks; Morpho publishes its audit reports.
CORE3 risk rating
BB View more View less
Risk rating by CORE3 for Morpho. The rating applies to all vaults on this protocol.
Xerberus risk rating
78 View more View less
228
vaults out of 5493 TVL $6B Avg. return 18.69% Stablecoin-only Updated
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The vaults on the listing are limited to the current category. See all vaults.
| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
King RSS USDC Vault Morpho | 383.1% | >9,999% | 174.9% | 3.9 | 157.9% | 0.0% | USDC | $223.25M $229.51M | 0.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Alpha USDC Forex V2 Morpho | 13.0% | 10.8% | 5.1% | 50.0 | 0.2% | 0.0% | USDC | $1.15M $7.36M | 0.6 | 0.0%/ 10.0% | Instant | Negligible |  | ||
NetNet Credit Morpho | 12.3% | 12.3% | 0.6% | 44.2 | 0.3% | 0.0% | USDG | $1.46M $2.01M | 0.05 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Morini USDC Emerging Yield Morpho | 11.9% | 11.9% | 0.6% | 40.5 | 0.3% | 0.0% | USDC | $398.50K $667.82K | 0.05 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Alpha USDC Prime V2 Morpho | 11.7% | 9.6% | 4.3% | 9.6 | 1.0% | 0.0% | USDC | $13.16K $8.53M | 0.5 | 0.0%/ 50.0% | Instant | Negligible |  | ||
Alpha USDC Core V2 Morpho | 10.5% | 8.6% | 5.1% | 18.5 | 0.4% | 0.0% | USDC | $159.20K $12.91M | 0.7 | 0.0%/ 50.0% | Instant | Negligible |  | ||
Grove x Steakhouse AUSD Morpho | 10.2% | 5.7% | 2.4% | 7.7 | 0.7% | 0.0% | AUSD | $32.52K $28.03M | 0.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Steakhouse PaoTech JPYC Morpho | 9.7% | 3.6% | 1.3% | 9.0 | 0.4% | 0.0% | JPYC | $61.98K $137.98K | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Edge UltraYield USDC Morpho | 9.1% | 7.4% | 4.6% | 44.3 | 0.2% | 0.0% | USDC | $419.67K $1.34M | 0.9 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Felix USDe Morpho | 8.9% | 7.5% | 10.1% | 7.0 | 1.0% | -0.1% | USDe | $273.76K $25.56M | 1.4 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Hyperithm USDC Degen Morpho | 8.7% | 7.6% | 11.3% | 7.8 | 0.9% | 0.0% | USDC | $1.55M $220.60M | 1.5 | 0.0%/ 10.0% | Instant | Negligible |  | ||
9Summits Piku Ecosystem USDC Morpho | 8.5% | 8.5% | 0.2% | --- | 0.1% | 0.0% | USDC | $674.52K $674.52K | 0.03 | 0.0%/ 10.0% | Instant | Negligible |  | ||
M1 USDC Morpho | 7.8% | 7.2% | 1.7% | 78.0 | 0.1% | 0.0% | USDC | $8.63M $8.63M | 0.3 | 0.0%/ 5.0% | Instant | Negligible |  | ||
ALPHA USDC Core Morpho | 7.7% | 6.4% | 11.3% | 6.2 | 1.0% | 0.0% | USDC | $387.79K $80.99M | 1.5 | 0.0%/ 50.0% | Instant | Negligible |  | ||
OUSD Vault V1 Morpho | 7.2% | 6.0% | 3.6% | 59.0 | 0.1% | 0.0% | USDC | $2.86M $4.41M | 0.7 | 0.0%/ 5.0% | Instant | Negligible |  | ||
OUSD Vault V2 Morpho | 7.2% | 6.0% | 3.5% | 59.1 | 0.1% | 0.0% | USDC | $2.86M $4.41M | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Api3 dCOMP USDC Morpho | 7.2% | 8.3% | 5.3% | 75.0 | 0.1% | 0.0% | USDC | $16.65M $16.65M | 0.5 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Gauntlet USDT Morpho | 7.0% | 3.0% | 1.4% | 4.4 | 0.7% | 0.0% | vbUSDT | $111.14K $293.56M | 1.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Usual Boosted USDC Morpho | 7.0% | 5.5% | 12.6% | 6.8 | 0.8% | -3.5% | USDC | $1.99M $594.16M | 2.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Gauntlet USDT0 Vault Morpho | 7.0% | 7.3% | 9.2% | 48.4 | 0.1% | -0.2% | USD₮0 | $316.94K $3.26M | 1.4 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Steakhouse Confidential Prime USDC Morpho | 7.0% | 8.1% | 2.0% | 86.3 | 0.1% | 0.0% | USDC | $33.55M $43.05M | 0.3 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Felix USDe V2 Morpho | 6.9% | 6.9% | 0.5% | 60.1 | 0.1% | 0.0% | USDe | $128.69K $129.71K | 0.07 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Clearstar USDC Core Morpho | 6.8% | 6.4% | 6.2% | 89.5 | 0.1% | 0.0% | USDC | $1.37M $16.16M | 0.9 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Felix USDT0 V2 Morpho | 6.8% | 6.8% | 0.5% | 57.3 | 0.1% | 0.0% | USD₮0 | $4.22M $5.40M | 0.07 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Flowdesk AUSD Equity Strategy Morpho | 6.7% | 7.4% | 3.3% | 65.4 | 0.1% | 0.0% | AUSD | $4.98M $23.50M | 0.5 | 0.0%/ 7.5% | Instant | Negligible |  | ||
kpk USDC Yield V2 Morpho | 6.6% | 6.9% | 4.6% | 95.9 | 0.1% | 0.0% | USDC | $10.17M $10.29M | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  | ||
August USDC V2 Morpho | 6.6% | 6.8% | 4.5% | 11.1 | 0.6% | 0.0% | USDC | $312.58K $34.17M | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  | ||
RockawayX USDC Yield Morpho | 6.5% | 6.6% | 2.9% | 110.3 | 0.1% | 0.0% | USDC | $14.05M $24.64M | 0.5 | 0.0%/ 5.0% | Instant | Negligible |  | ||
UltraYield USDC Core Morpho | 6.5% | 5.3% | 1.8% | 57.7 | 0.1% | 0.0% | USDC | $130.49K $180.83K | 0.4 | 0.0%/ 0.0% | Instant | Negligible |  | ||
RockawayX Nuva Ecosystem Morpho | 6.4% | 6.4% | 0.4% | 23.9 | 0.3% | 0.0% | USDC | $1.64M $2.13M | 0.07 | 0.0%/ 0.0% | Instant | Negligible |  | ||
KPK USDC Yield Morpho | 6.4% | 6.4% | 0.1% | --- | 0.0% | 0.0% | USDC | $534.20K $534.20K | 0.01 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Steakhouse Prime Instant Morpho | 6.3% | 5.9% | 4.4% | 46.6 | 0.1% | 0.0% | PYUSD | $301.55K $778.91K | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Hyperithm USDC Degen Morpho | 6.2% | 6.4% | 6.1% | 104.4 | 0.1% | 0.0% | USDC | $9.77M $35.04M | 0.9 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Steakhouse infiniFi USDC Morpho | 6.2% | 5.8% | 7.4% | 82.3 | 0.1% | 0.0% | USDC | $733.57K $14.25M | 1.2 | 0.0%/ 5.0% | Instant | Negligible |  | ||
infiniFi x Steakhouse USDC Morpho | 6.2% | 6.4% | 2.1% | 25.1 | 0.2% | 0.0% | USDC | $710.17K $8.65M | 0.4 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Huma USDC Main Morpho | 6.1% | 5.8% | 1.7% | 100.4 | 0.1% | 0.0% | USDC | $12.71M $16.22M | 0.3 | 0.0%/ 0.0% | Instant | Negligible |  | ||
MEV CAPITAL USDC Morpho | 6.1% | 6.9% | 1.7% | 66.5 | 0.1% | 0.0% | USDC | $288.28K $367.79K | 0.3 | 0.0%/ 8.0% | Instant | Negligible |  | ||
KPK USDC Yield RWA Morpho | 6.0% | 6.1% | 0.5% | 78.9 | 0.1% | 0.0% | USDC | $830.33K $830.33K | 0.09 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Re Ecosystem Vault Morpho | 6.0% | 6.5% | 5.1% | 88.7 | 0.1% | 0.0% | USDC | $7.21M $22.23M | 0.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Clearstar USDC Reactor Morpho | 6.0% | 7.0% | 10.8% | 72.7 | 0.1% | 0.0% | USDC | $1.28M $61.81M | 1.3 | 0.0%/ 25.0% | Instant | Negligible |  | ||
Yearn OG USDC Morpho | 5.9% | 5.7% | 7.3% | 113.3 | 0.0% | 0.0% | USDC | $10.55M $10.56M | 1.3 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Yearn OG USDC V2 Morpho | 5.9% | 5.7% | 3.7% | 104.6 | 0.1% | 0.0% | USDC | $3.92M $4.58M | 0.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Gauntlet USDC Frontier Morpho | 5.9% | 5.6% | 7.6% | 6.4 | 0.9% | 0.0% | USDC | $65.39K $27.05M | 1.3 | 0.0%/ 10.0% | Instant | Negligible |  | ||
OUSD Vault V1 Morpho | 5.8% | 6.7% | 2.7% | 42.1 | 0.2% | 0.0% | USDC | $1.04M $1.77M | 0.4 | 0.0%/ 5.0% | Instant | Negligible |  | ||
OUSD Vault V2 Morpho | 5.8% | 6.7% | 2.7% | 42.1 | 0.2% | 0.0% | USDC | $1.04M $1.77M | 0.4 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Muscadine USDC Frontier Morpho | 5.8% | 6.1% | 1.5% | 10.6 | 0.6% | 0.0% | USDC | $24.75K $24.75K | 0.3 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Steakhouse High Yield Instant Morpho | 5.8% | 4.7% | 3.3% | 37.1 | 0.1% | 0.0% | AUSD | $519.40K $11.83M | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Gauntlet USDC Morpho | 5.8% | 6.7% | 2.2% | 36.2 | 0.2% | 0.0% | USDC | $138.01K $578.99K | 0.4 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Gauntlet USDC Frontier Morpho | 5.7% | 5.6% | 4.9% | 101.4 | 0.1% | 0.0% | USDC | $24.10M $118.49M | 0.9 | 0.0%/ 0.0% | Instant | Negligible |  | ||
RockawayX Tori Ecosystem Morpho | 5.6% | 5.2% | 0.8% | 72.9 | 0.1% | 0.0% | USDC | $13.50M $13.84M | 0.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Growi USDC Core HyperEVM Morpho | 5.6% | 6.7% | 1.3% | 45.2 | 0.1% | 0.0% | USDC | $15.28K $16.28K | 0.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Gauntlet USDC RWA Morpho | 5.5% | 5.6% | 9.8% | 104.6 | 0.1% | 0.0% | USDC | $10.96M $13.66M | 1.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Gauntlet USDC Frontier Morpho | 5.4% | 5.7% | 4.8% | 149.5 | 0.0% | 0.0% | USDC | $4.75M $13.23M | 0.9 | 0.0%/ 0.0% | Instant | Negligible |  | ||
DeTrade Serenity USDC Morpho | 5.4% | 5.3% | 2.9% | 114.9 | 0.0% | 0.0% | USDC | $55.20K $124.08K | 0.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Clearstar Reactor USDT Morpho | 5.4% | 3.5% | 0.7% | 29.0 | 0.1% | 0.0% | vbUSDT | $949.56K $1.99M | 0.2 | 0.0%/ 0.0% | Instant | Negligible |  | ||
DeTrade Serenity USDC Morpho | 5.3% | 5.5% | 2.6% | 90.6 | 0.1% | 0.0% | USDC | $66.32K $90.32K | 0.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Gauntlet USDC Morpho | 5.3% | 6.3% | 6.3% | 79.7 | 0.1% | -0.1% | USDC | $1.70M $5.55M | 1.0 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Steakhouse High Yield Instant Morpho | 5.3% | 5.2% | 4.6% | 120.8 | 0.0% | 0.0% | USDC | $42.56M $49.96M | 0.9 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Keyrock USDC Morpho | 5.3% | 5.5% | 5.8% | 119.2 | 0.0% | 0.0% | USDC | $7.91M $8.36M | 1.0 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Stake DAO USDC v2 Morpho | 5.3% | 5.1% | 3.9% | 110.7 | 0.0% | 0.0% | USDC | $612.56K $1.10M | 0.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Felix USDC (Frontier) Morpho | 5.3% | 6.5% | 4.7% | 58.1 | 0.1% | -0.1% | USDC | $7.90M $40.86M | 0.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Steakhouse High Yield USDC Morpho | 5.2% | 4.3% | 4.5% | 14.7 | 0.3% | 0.0% | USDC | $2.68M $75.46M | 1.1 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Saturn USDC Morpho | 5.2% | 5.8% | 1.6% | 105.9 | 0.1% | 0.0% | USDC | $922.98K $10.10M | 0.3 | 0.0%/ 8.0% | Instant | Negligible |  | ||
3Jane Ecosystem Vault Morpho | 5.2% | 5.3% | 1.5% | 98.8 | 0.1% | 0.0% | USDC | $19.45M $26.48M | 0.3 | 0.0%/ 15.0% | Instant | Negligible |  | ||
RockawayX Confidential RWA USDC Morpho | 5.2% | 5.2% | 0.1% | --- | 0.1% | 0.0% | USDC | $16.19M $16.19M | 0.01 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Apyx USDC Morpho | 5.2% | 5.9% | 2.1% | 83.0 | 0.1% | 0.0% | USDC | $4.59M $9.86M | 0.3 | 0.0%/ 8.0% | Instant | Negligible |  | ||
K3 USDC Morpho | 5.1% | 5.1% | 0.2% | 57.5 | 0.1% | 0.0% | USDC | $2.06M $13.89M | 0.05 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Steakhouse Ethena USDtb Morpho | 5.1% | 4.4% | 3.4% | 8.8 | 0.5% | 0.0% | USDtb | $1.04M $120.32M | 1.2 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Gauntlet DAI Core Morpho | 5.1% | 5.3% | 17.7% | 63.8 | 0.1% | 0.0% | DAI | $2.17M $58.48M | 2.5 | 0.0%/ 10.0% | Instant | Negligible |  | ||
sky.money USDT Risk Capital Morpho | 5.0% | 4.8% | 2.5% | 6.3 | 0.7% | 0.0% | USDT | $316.06K $45.85M | 0.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Felix USDC Morpho | 5.0% | 6.3% | 6.4% | 58.2 | 0.1% | -0.4% | USDC | $4.27M $67.45M | 1.0 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Smokehouse USDC Morpho | 5.0% | 4.9% | 12.7% | 112.8 | 0.0% | 0.0% | USDC | $13.58M $311.51M | 1.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Sentora PST Main Morpho | 5.0% | 5.0% | 0.3% | 70.6 | 0.1% | 0.0% | PYUSD | $45.68M $47.03M | 0.07 | 0.0%/ 15.0% | Instant | Negligible |  | ||
Flowmark fGenesis Morpho | 5.0% | 4.6% | 1.7% | 13.8 | 0.3% | 0.0% | USDC | $35.62K $35.68K | 0.3 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Safe x Smokehouse USDC Morpho | 5.0% | 4.5% | 5.9% | 54.7 | 0.1% | 0.0% | USDC | $1.58M $9.06M | 1.2 | 0.0%/ 11.5% | Instant | Negligible |  | ||
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