Curators
27 active curators managing $1.59B across 11 chains · $62.5M borrow interest captured annually · $4.2M in fees
Curator AUM Over Time
Top curator: Gauntlet at $587.67M (37.0%): -3.6% in 30 days
Curator Economics
Cross-sectional view of curator performance
| Curator | AUM | Borrow Int. | Curator Fees | Fee Take Rate | Net APY | AUM 30d Δ |
|---|---|---|---|---|---|---|
| Gauntlet | $587.67M | $22.18M | $151.81K | 0.7% | 3.75% | -3.6% |
| Steakhouse Financial | $523.94M | $20.24M | $2.09M | 10.3% | 3.46% | -8.3% |
| SparkDAO | $315.25M | $13.47M | $1.31M | 9.7% | 3.85% | +4124.1% |
| Felix | $57.93M | $2.59M | $258.88K | 10.0% | 4.01% | -22.9% |
| Yearn | $30.06M | $1.41M | $60.27K | 4.3% | 4.80% | -14.7% |
| Hakutora | $26.19M | $1.01M | $151.68K | 15.0% | 3.27% | +9.2% |
| Pangolins | $11.87M | $507.2K | $50.72K | 10.0% | 3.84% | -43.4% |
| Anthias Labs | $10.58M | $293.36K | $43.9K | 15.0% | 2.54% | -44.3% |
| MEV Capital | $8.65M | $276.94K | $27.39K | 9.9% | 2.88% | -11.3% |
| Clearstar | $6.39M | $167.36K | $41.47K | 24.8% | 1.96% | -5.6% |
| Hyperithm | $2.61M | $188.08K | $18.81K | 10.0% | 6.45% | -9.8% |
| Waterline | $1.76M | $92.04K | $4.6K | 5.0% | 5.44% | -6.5% |
| RE7 Labs | $1.13M | $521.22 | $52.12 | 10.0% | 0.04% | +18.3% |
| AlphaPing | $947.61K | $53.67K | $25.08K | 46.7% | 2.97% | -61.4% |
| UltraYield | $787.16K | $39.63K | $0 | 0.0% | 5.03% | +88.2% |
Curator Structural Identity
What each curator's book is composed of (by loan asset)
| Curator | STABLE | LST | LRT | BTC | ETH | RWA | OTHER |
|---|---|---|---|---|---|---|---|
| Gauntlet | 89% | · | · | 5% | 5% | · | 2% |
| Steakhouse Financial | 94% | 0% | · | 0% | 6% | · | 0% |
| SparkDAO | 100% | · | · | · | · | · | · |
| Felix | 67% | · | · | · | · | · | 33% |
| Yearn | 83% | · | · | 13% | 4% | · | 0% |
| Hakutora | 100% | · | · | · | · | · | · |
| Pangolins | 100% | · | · | · | · | · | · |
| Anthias Labs | 55% | · | · | 6% | 39% | · | · |
| MEV Capital | 35% | · | · | 0% | 54% | · | 11% |
| Clearstar | 98% | · | · | · | 2% | · | 0% |
| Hyperithm | 100% | · | · | 0% | 0% | · | 0% |
| Waterline | 100% | · | · | · | · | · | · |
| RE7 Labs | 19% | · | · | 7% | 73% | · | 1% |
| AlphaPing | 73% | · | · | · | 27% | · | 1% |
| UltraYield | 100% | · | · | · | · | · | · |
Curator Performance Landscape
Fee take rate vs net APY delivered · bubble size = AUM
Curator Share. Visual Stack
Curator Reach Matrix. Top 10 × Top 8 chains
| Curator | Base | Ethereum | HyperEVM | Katana | Arbitrum | Polygon | OP Mainnet | Unichain |
|---|---|---|---|---|---|---|---|---|
| Gauntlet | $428.2M | $151.95M | $2.89M | $166.47K | $1.42M | $1.41M | $971.98K | $670.21K |
| Steakhouse Financial | $255.3M | $254.42M | N/A | $11.53M | $2.37M | $29.69K | N/A | $5.27K |
| SparkDAO | $305.95M | $9.3M | N/A | N/A | N/A | N/A | N/A | N/A |
| Felix | N/A | N/A | $57.93M | N/A | N/A | N/A | N/A | N/A |
| Yearn | $3.37M | $26.66M | N/A | $17.08K | $11.34K | N/A | N/A | N/A |
| Hakutora | N/A | $26.19M | N/A | N/A | N/A | N/A | N/A | N/A |
| Pangolins | $11.87M | $812.38 | N/A | N/A | N/A | N/A | N/A | N/A |
| Anthias Labs | $10.58M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| MEV Capital | $53K | $8.07M | $947.98K | N/A | $652.18K | $8.75 | N/A | $108.5 |
| Clearstar | $1.81M | $4.58M | N/A | $884.49 | $4.06K | $2.88 | N/A | $10.8 |
Top Curators
| # | Curator | AUM | Share | Vaults | Chains | Net APY | Borrow Int. | Curator Fees | Take Rate | AUM 30d Δ |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Gauntlet | $587.67M | 37.0% | 67 | 9 | 3.75% | $22.18M | $151.81K | 0.7% | -3.6% |
| 2 | Steakhouse Financial | $523.94M | 33.0% | 83 | 8 | 3.46% | $20.24M | $2.09M | 10.3% | -8.3% |
| 3 | SparkDAO | $315.25M | 19.9% | 3 | 2 | 3.85% | $13.47M | $1.31M | 9.7% | +4124.1% |
| 4 | Felix | $57.93M | 3.6% | 10 | 1 | 4.01% | $2.59M | $258.88K | 10.0% | -22.9% |
| 5 | Yearn | $30.06M | 1.9% | 19 | 4 | 4.80% | $1.41M | $60.27K | 4.3% | -14.7% |
| 6 | Hakutora | $26.19M | 1.6% | 2 | 1 | 3.27% | $1.01M | $151.68K | 15.0% | +9.2% |
| 7 | Pangolins | $11.87M | 0.7% | 3 | 2 | 3.84% | $507.2K | $50.72K | 10.0% | -43.4% |
| 8 | Anthias Labs | $10.58M | 0.7% | 5 | 1 | 2.54% | $293.36K | $43.9K | 15.0% | -44.3% |
| 9 | MEV Capital | $8.65M | 0.5% | 18 | 6 | 2.88% | $276.94K | $27.39K | 9.9% | -11.3% |
| 10 | Clearstar | $6.39M | 0.4% | 18 | 6 | 1.96% | $167.36K | $41.47K | 24.8% | -5.6% |
| 11 | Hyperithm | $2.61M | 0.2% | 11 | 4 | 6.45% | $188.08K | $18.81K | 10.0% | -9.8% |
| 12 | Waterline | $1.76M | 0.1% | 2 | 1 | 5.44% | $92.04K | $4.6K | 5.0% | -6.5% |
| 13 | RE7 Labs | $1.13M | 0.1% | 30 | 7 | 0.04% | $521.22 | $52.12 | 10.0% | +18.3% |
| 14 | AlphaPing | $947.61K | 0.1% | 10 | 1 | 2.97% | $53.67K | $25.08K | 46.7% | -61.4% |
| 15 | UltraYield | $787.16K | 0.0% | 6 | 4 | 5.03% | $39.63K | $0 | 0.0% | +88.2% |
| 16 | August Digital | $674.4K | 0.0% | 4 | 2 | 0.00% | $0.12 | $0 | 0.0% | -0.4% |
| 17 | Avantgarde | $343.25K | 0.0% | 4 | 2 | 0.00% | $3.35 | $0.33 | 10.0% | +0.0% |
| 18 | Apostro | $307.51K | 0.0% | 5 | 2 | 0.14% | $476.92 | $47.14 | 9.9% | -58.5% |
| 19 | SingularV | $155.59K | 0.0% | 3 | 1 | 1.81% | $3.14K | $313.64 | 10.0% | +8.6% |
| 20 | 9Summits | $73.51K | 0.0% | 7 | 3 | 3.02% | $2.39K | $167.29 | 7.0% | +1.2% |
| 21 | Keyrock | $44.4K | 0.0% | 1 | 1 | 18.81% | $8.35K | $0 | 0.0% | +0.1% |
| 22 | KPK | $41.29K | 0.0% | 6 | 2 | 2.39% | $988.52 | $0 | 0.0% | -10.1% |
| 23 | K3 Capital | $21.74K | 0.0% | 1 | 1 | 1.14% | $276.2 | $27.62 | 10.0% | +17.6% |
| 24 | Sentora | $20.52K | 0.0% | 3 | 1 | 9.43% | $1.94K | $0.79 | 0.0% | +0.0% |
| 25 | Block Analitica | $14.97K | 0.0% | 1 | 1 | 0.00% | $0 | $0 | N/A | +0.0% |
| 26 | B.Protocol | $13.7K | 0.0% | 3 | 2 | 12.02% | $1.65K | $0 | 0.0% | -14.0% |
| 27 | Unified Labs | $0.01 | 0.0% | 1 | 1 | 0.01% | $0 | $0 | 15.0% | +0.0% |
Methodology
This page analyzes curators as asset managers for Morpho depositors. Lead metrics are AUM, borrow interest captured, fee take rate, and net APY delivered. Not curator TVL share alone. Per the framing principle adopted across this dashboard, sector position is treated as supporting context.
Fee Take Rate = curator fees ÷ borrow interest captured. The share of depositor-generated yield the curator retains. APYs are clamped at 100% per-vault and vaults reporting >100% APY are excluded before any aggregation, to drop degenerate-IRM markets. Structural identity uses vault.asset_symbol (the loan-asset side) as a proxy; true collateral-level allocation lives in vault_allocations_daily, currently empty.
Curators analyzed as asset managers. AUM = Σ vault TVL; Borrow Interest Captured = Σ TVL × pre-fee APY; Curator Fees = × performance fee; Fee Take Rate = fees ÷ borrow interest captured; Net APY Delivered = AUM-weighted net_apy. APYs clamped at 100% and vaults reporting >100% APY are excluded (degenerate-IRM). The Curator Fees time series begins where per-vault fee capture becomes reliable; the source serves only the current fee, not a fee history.
Datum Labs. (2026). Morpho Research Terminal: Curators. Asset managers. Retrieved September 7, 2026 from /curators.