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 $5.9B TVL in 236 vaults with a TVL-weighted average APY of 3.8% (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
236
vaults out of 5871 TVL $6B Avg. return 3.78% Stablecoin-only Updated
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The vaults on the listing are limited to the current category. See all vaults.
| 3M price | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Alpha USDC Forex V2 Morpho | 11.1% | 10.4% | 5.3% | 28.2 | 0.3% | 0.0% | USDC | $956.31K $7.98M | 0.6 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Edge UltraYield USDC Morpho | 10.3% | 7.7% | 4.8% | 44.2 | 0.2% | 0.0% | USDC | $463.81K $1.34M | 0.9 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Steakhouse PaoTech JPYC Morpho | 9.8% | 3.7% | 1.3% | 7.6 | 0.5% | 0.0% | JPYC | $14.45K $139.24K | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Grove x Steakhouse AUSD Morpho | 8.8% | 6.0% | 2.5% | 7.6 | 0.8% | 0.0% | AUSD | $39.84K $28.53M | 0.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Alpha USDC Prime V2 Morpho | 8.0% | 8.7% | 4.4% | 8.6 | 1.0% | 0.0% | USDC | $12.13K $9.54M | 0.5 | 0.0%/ 50.0% | Instant | Negligible |  | ||
Alpha USDC Core V2 Morpho | 8.0% | 8.1% | 5.2% | 15.7 | 0.5% | 0.0% | USDC | $144.17K $13.02M | 0.7 | 0.0%/ 50.0% | Instant | Negligible |  | ||
M1 USDC Morpho | 7.6% | 7.5% | 1.9% | 26.7 | 0.3% | 0.0% | USDC | $8.68M $8.68M | 0.3 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Api3 dCOMP USDC Morpho | 7.4% | 7.8% | 5.5% | 97.8 | 0.1% | 0.0% | USDC | $14.60M $16.72M | 0.6 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Felix USDT0 V2 Morpho | 7.4% | --- | 0.7% | 49.2 | 0.1% | 0.0% | USD₮0 | $5.45M $5.58M | 0.1 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Steakhouse Confidential Prime USDC Morpho | 7.3% | 7.7% | 2.3% | 55.5 | 0.1% | 0.0% | USDC | $35.84M $44.52M | 0.3 | 0.0%/ 0.0% | Instant | Negligible |  | ||
RockawayX USDC Yield Morpho | 7.3% | 6.8% | 3.1% | 80.9 | 0.1% | 0.0% | USDC | $17.39M $24.64M | 0.5 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Clearstar USDC Core Morpho | 7.3% | 6.5% | 6.4% | 36.2 | 0.2% | 0.0% | USDC | $1.89M $16.16M | 1.0 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Hyperithm USDC Degen Morpho | 7.1% | 7.3% | 11.5% | 7.6 | 0.9% | 0.0% | USDC | $1.50M $237.14M | 1.5 | 0.0%/ 10.0% | Instant | Negligible |  | ||
kpk USDC Yield V2 Morpho | 6.8% | 6.9% | 4.8% | 68.2 | 0.1% | 0.0% | USDC | $9.42M $10.40M | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  | ||
KPK USDC Yield RWA Morpho | 6.7% | --- | 0.8% | 17.9 | 0.4% | 0.0% | USDC | $908.58K $991.84K | 0.1 | 0.0%/ 0.0% | Instant | Negligible |  | ||
RockawayX Tori Ecosystem Morpho | 6.7% | --- | 1.0% | 16.7 | 0.3% | 0.0% | USDC | $13.60M $13.97M | 0.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Felix USDe Morpho | 6.7% | 7.4% | 10.3% | 7.0 | 1.0% | -0.1% | USDe | $264.77K $25.59M | 1.4 | 0.0%/ 10.0% | Instant | Negligible |  | ||
MEV CAPITAL USDC Morpho | 6.7% | 6.7% | 1.9% | 22.4 | 0.3% | 0.0% | USDC | $262.63K $527.06K | 0.3 | 0.0%/ 8.0% | Instant | Negligible |  | ||
Hyperithm USDC Degen Morpho | 6.6% | 6.4% | 6.3% | 44.6 | 0.1% | 0.0% | USDC | $10.58M $35.05M | 0.9 | 0.0%/ 10.0% | Instant | Negligible |  | ||
infiniFi x Steakhouse USDC Morpho | 6.6% | 6.7% | 2.3% | 19.0 | 0.3% | 0.0% | USDC | $1.24M $9.28M | 0.4 | 0.0%/ 5.0% | Instant | Negligible |  | ||
UltraYield USDC Core Morpho | 6.5% | 5.7% | 2.0% | 17.4 | 0.3% | 0.0% | USDC | $102.59K $180.84K | 0.4 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Yearn OG USDC V2 Morpho | 6.5% | 6.0% | 4.0% | 55.6 | 0.1% | 0.0% | USDC | $4.48M $4.87M | 0.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Re Ecosystem Vault Morpho | 6.5% | 6.5% | 5.3% | 28.8 | 0.2% | 0.0% | USDC | $7.32M $22.99M | 0.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
OUSD Vault V2 Morpho | 6.4% | 6.1% | 3.7% | 40.4 | 0.1% | 0.0% | USDC | $4.00M $4.41M | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
August USDC V2 Morpho | 6.4% | 6.5% | 4.6% | 12.4 | 0.5% | 0.0% | USDC | $215.25K $34.17M | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Steakhouse Prime Instant Morpho | 6.4% | 5.8% | 4.5% | 28.9 | 0.2% | 0.0% | PYUSD | $350.55K $795.93K | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Felix USDe V2 Morpho | 6.3% | --- | 0.6% | 29.9 | 0.2% | 0.0% | USDe | $102.02K $129.69K | 0.1 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Huma USDC Main Morpho | 6.3% | 6.0% | 1.8% | 31.8 | 0.2% | 0.0% | USDC | $12.52M $16.23M | 0.3 | 0.0%/ 0.0% | Instant | Negligible |  | ||
3Jane Ecosystem Vault Morpho | 6.3% | 5.7% | 1.7% | 67.8 | 0.1% | 0.0% | USDC | $21.94M $26.48M | 0.3 | 0.0%/ 15.0% | Instant | Negligible |  | ||
Flowdesk AUSD Equity Strategy Morpho | 6.2% | 7.2% | 3.5% | 27.3 | 0.3% | 0.0% | AUSD | $4.44M $23.98M | 0.5 | 0.0%/ 7.5% | Instant | Negligible |  | ||
Steakhouse infiniFi USDC Morpho | 6.1% | 5.8% | 7.4% | 20.8 | 0.3% | 0.0% | USDC | $73.10K $19.29M | 1.2 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Usual Boosted USDC Morpho | 6.1% | 5.5% | 12.8% | 6.7 | 0.8% | -3.5% | USDC | $2.01M $628.20M | 2.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Pendle Ecosystem USDC Morpho | 5.9% | --- | 0.8% | 84.7 | 0.1% | 0.0% | USDC | $61.91M $76.49M | 0.1 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Keyrock USDC Morpho | 5.9% | 5.7% | 6.0% | 27.3 | 0.2% | 0.0% | USDC | $6.76M $8.36M | 1.0 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Gauntlet USDC Frontier Morpho | 5.9% | 5.6% | 5.0% | 82.0 | 0.1% | 0.0% | USDC | $23.09M $121.84M | 0.9 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Kabu USDC Morpho | 5.8% | 4.7% | 3.0% | 15.6 | 0.3% | 0.0% | USDC | $1.27M $2.05M | 0.7 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Steakhouse High Yield Instant Morpho | 5.8% | 5.4% | 4.8% | 89.7 | 0.1% | 0.0% | USDC | $47.55M $50.06M | 0.9 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Stake DAO USDC v2 Morpho | 5.7% | 5.3% | 4.1% | 18.3 | 0.3% | 0.0% | USDC | $477.24K $1.22M | 0.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Gauntlet USDC RWA Morpho | 5.7% | 5.5% | 10.0% | 33.6 | 0.2% | 0.0% | USDC | $10.87M $13.83M | 1.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Muscadine USDC Frontier Morpho | 5.7% | 5.8% | 1.6% | 9.2 | 0.6% | 0.0% | USDC | $24.89K $24.89K | 0.3 | 0.0%/ 0.0% | Instant | Negligible |  | ||
DeTrade Serenity USDC Morpho | 5.6% | 5.4% | 3.0% | 17.7 | 0.3% | 0.0% | USDC | $66.11K $124.08K | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Wintermute USDT Select Morpho | 5.5% | --- | 0.5% | 36.7 | 0.1% | 0.0% | USDT | $8.77M $13.01M | 0.1 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Saturn USDC Morpho | 5.5% | 5.7% | 1.7% | 21.3 | 0.3% | 0.0% | USDC | $612.85K $10.52M | 0.3 | 0.0%/ 8.0% | Instant | Negligible |  | ||
DeTrade Serenity USDC Morpho | 5.5% | 5.6% | 2.8% | 21.5 | 0.3% | 0.0% | USDC | $77.22K $90.33K | 0.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Gauntlet USDC Frontier Morpho | 5.4% | 5.7% | 4.9% | 134.0 | 0.0% | 0.0% | USDC | $5.06M $13.56M | 0.9 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Steakhouse High Yield Instant Morpho | 5.4% | 4.7% | 3.4% | 25.1 | 0.2% | 0.0% | AUSD | $373.43K $11.83M | 0.8 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Gauntlet DAI Core Morpho | 5.4% | 5.1% | 17.9% | 26.4 | 0.2% | 0.0% | DAI | $2.55M $58.46M | 2.5 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Wintermute USDC Select Morpho | 5.3% | 5.0% | 1.8% | 40.1 | 0.1% | 0.0% | USDC | $45.60M $47.42M | 0.4 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Steakhouse Reservoir USDC Morpho | 5.3% | 4.4% | 2.8% | 40.2 | 0.1% | 0.0% | USDC | $12.69M $113.99M | 0.7 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Steakhouse High Yield USDC v1.1 Morpho | 5.3% | 4.8% | 6.6% | 89.6 | 0.1% | 0.0% | USDC | $1.05M $24.90M | 1.2 | 0.0%/ 0.0% | Instant | Negligible |  | ||
MEV Capital USDT0 Morpho | 5.2% | 4.5% | 8.1% | 6.8 | 0.6% | -0.0% | USD₮0 | $11.48K $6.35M | 1.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Steakhouse Reservoir USDC Morpho | 5.2% | 4.3% | 4.5% | 6.7 | 0.6% | 0.0% | USDC | $578.61K $134.28M | 0.9 | 0.0%/ 5.0% | Instant | Negligible |  | ||
RockawayX Nuva Ecosystem Morpho | 5.1% | --- | 0.6% | 21.1 | 0.3% | 0.0% | USDC | $1.55M $2.63M | 0.1 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Sentora PST Main Morpho | 5.1% | --- | 0.5% | 19.6 | 0.3% | 0.0% | PYUSD | $72.92M $73.04M | 0.1 | 0.0%/ 15.0% | Instant | Negligible |  | ||
Safe x Smokehouse USDT Morpho | 5.1% | 4.7% | 5.5% | 17.3 | 0.3% | 0.0% | USDT | $1.90M $12.57M | 1.2 | 0.0%/ 11.5% | Instant | Negligible |  | ||
Yearn OG USDC V2 Morpho | 5.0% | 5.3% | 3.3% | 55.5 | 0.1% | 0.0% | USDC | $428.37K $887.65K | 0.7 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Galaxy USDC Enhanced Morpho | 5.0% | 4.8% | 1.3% | 14.8 | 0.3% | 0.0% | USDC | $8.08M $8.08M | 0.3 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Gauntlet USDC Frontier Morpho | 5.0% | 5.3% | 7.7% | 7.1 | 0.7% | 0.0% | USDC | $65.47K $27.21M | 1.4 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Steakhouse High Yield Instant Morpho | 5.0% | 5.2% | 4.9% | 92.5 | 0.1% | 0.0% | USDC | $25.16M $36.80M | 0.9 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Gauntlet USDC Morpho | 5.0% | 6.2% | 2.3% | 33.3 | 0.2% | 0.0% | USDC | $73.10K $578.99K | 0.4 | 0.0%/ 10.0% | Instant | Negligible |  | ||
ALPHA USDC Core Morpho | 5.0% | 5.6% | 11.5% | 6.3 | 0.9% | 0.0% | USDC | $376.76K $81.66M | 1.5 | 0.0%/ 50.0% | Instant | Negligible |  | ||
Clearstar Reactor USDC Morpho | 4.9% | 4.3% | 3.0% | 21.5 | 0.2% | 0.0% | USDC | $96.96K $654.16K | 0.7 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Flowmark fGenesis Morpho | 4.9% | 4.6% | 1.8% | 11.8 | 0.4% | 0.0% | USDC | $35.67K $35.68K | 0.4 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Growi USDC Core HyperEVM Morpho | 4.9% | --- | 1.5% | 30.4 | 0.2% | 0.0% | USDC | $15.45K $16.28K | 0.2 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Ellen Capital - USDC Safe Morpho | 4.9% | 4.6% | 5.6% | 11.6 | 0.4% | 0.0% | USDC | $565.19K $4.15M | 1.1 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Steakhouse High Yield USDC Morpho | 4.8% | 4.5% | 4.6% | 15.3 | 0.3% | 0.0% | USDC | $2.70M $75.57M | 1.1 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Yearn OG USDC Morpho | 4.7% | 4.9% | 8.8% | 74.5 | 0.1% | 0.0% | USDC | $1.66M $3.32M | 1.6 | 0.0%/ 10.0% | Instant | Negligible |  | ||
OUSD Vault V2 Morpho | 4.7% | 4.7% | 3.0% | 15.2 | 0.3% | 0.0% | USDC | $1.07M $2.33M | 0.6 | 0.0%/ 0.0% | Instant | Negligible |  | ||
OUSD Vault V1 Morpho | 4.7% | 4.7% | 3.2% | 15.2 | 0.3% | 0.0% | USDC | $1.07M $2.33M | 0.7 | 0.0%/ 5.0% | Instant | Negligible |  | ||
Gauntlet USDC Morpho | 4.7% | 6.0% | 6.5% | 67.8 | 0.1% | -0.1% | USDC | $2.70M $5.94M | 1.0 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Felix USDC (Frontier) Morpho | 4.7% | 6.1% | 4.8% | 48.0 | 0.1% | -0.1% | USDC | $6.21M $40.89M | 0.8 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Clearstar Reactor USDT Morpho | 4.7% | --- | 0.5% | 26.4 | 0.1% | 0.0% | vbUSDT | $1.08M $1.99M | 0.2 | 0.0%/ 0.0% | Instant | Negligible |  | ||
kpk USDC Prime V2 Morpho | 4.6% | 4.3% | 3.6% | 42.6 | 0.1% | 0.0% | USDC | $28.81M $29.41M | 0.9 | 0.0%/ 0.0% | Instant | Negligible |  | ||
Felix USDC V2 Morpho | 4.6% | --- | 0.6% | 16.7 | 0.3% | -0.0% | USDC | $7.69M $10.02M | 0.1 | 0.0%/ 10.0% | Instant | Negligible |  | ||
Ethena x Steakhouse USDC Morpho | 4.6% | 4.1% | 1.2% | 18.5 | 0.2% | 0.0% | USDC | $31.39M $85.03M | 0.3 | 0.0%/ 5.0% | Instant | Negligible |  | ||
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