Vaults
576 active vaults across 11 chains · $2.04B AUM · $4.29M curator fees annualized · $64.77M borrow interest captured
Vaults as asset managers · Source: Morpho GraphQL · vault_state_daily · as of 2026-09-08
Top 10 vaults by AUM
Bars colored by chain · hover for net APY delivered + curator.
Vault performance landscape
Fee rate vs net APY delivered. Bubble size = AUM, color = asset class. Each dot is one vault; the top 5 by AUM are the largest bubbles.
Vault AUM distribution
Median vault AUM $1.64K · 95% of vaults sit below $10M. A long tail under a handful of mega-vaults.
Vault directory: 787 matches
Click a header to sort, a row to copy its identifier (chain:address). Vaults with APY > 100% are dropped as non-economic.
| Chain· | Vault· | Curator· | Asset· | AUM↓ | Net APY· | Fee Rate· | Fee Take· | Borrow Int.· | AUM 30d Δ· | Util· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | Gauntlet USDC Prime | Gauntlet | USDC | $418.7M | 4.30% | 0.0% | 0.0% | $18M | -2.6% | N/A |
| Base | Spark USDC Vault | SparkDAO | USDC | $305.98M | 3.86% | 10.0% | 10.0% | $13.15M | +4598.7% | N/A |
| Ethereum | Adpend USDC | unattributed | USDC | $249.24M | N/A | 50.0% | 50.0% | N/A | +92.8% | N/A |
| Base | Steakhouse USDC | Steakhouse Financial | USDC | $133.33M | 3.21% | 25.0% | 25.0% | $5.73M | -19.8% | N/A |
| Ethereum | 1337 USDC | unattributed | USDC | $132.97M | N/A | 0.0% | 0.0% | N/A | +92.9% | N/A |
| Base | Grove x Steakhouse USDC High Yield | Steakhouse Financial | USDC | $95.31M | 4.30% | 0.0% | 0.0% | $4.1M | +8.3% | N/A |
| Ethereum | Steakhouse USDT | Steakhouse Financial | USDT | $88.5M | 3.32% | 5.0% | 5.0% | $3.09M | -3.0% | N/A |
| Ethereum | Steakhouse USDC | Steakhouse Financial | USDC | $67.63M | 4.02% | 5.0% | 5.0% | $2.87M | -10.6% | N/A |
| Ethereum | Steakhouse ETH | Steakhouse Financial | WETH | $29.5M | 1.60% | 5.0% | 5.0% | $495.68K | +25.4% | N/A |
| Ethereum | Gauntlet USDC Prime | Gauntlet | USDC | $28.7M | 4.25% | 0.0% | 0.0% | $1.22M | +4.3% | N/A |
| Ethereum | Vault Bridge WBTC | Gauntlet | WBTC | $27.93M | 0.00% | 5.0% | 5.0% | N/A | +9.5% | N/A |
| Base | Froge's USDC | unattributed | USDC | $26.82M | 4.30% | 0.0% | 0.0% | $1.15M | -7.9% | N/A |
| Ethereum | Smokehouse USDT | Steakhouse Financial | USDT | $23.24M | 4.57% | 10.0% | 10.0% | $1.18M | +0.0% | N/A |
| Base | Steakhouse Prime USDC | Steakhouse Financial | USDC | $20.79M | 4.08% | 5.0% | 5.0% | $893.85K | -18.0% | N/A |
| Ethereum | Hakutora USDC | Hakutora | USDC | $19.9M | 3.62% | 15.0% | 15.0% | $850.69K | +14.4% | N/A |
Vaults are MetaMorpho's curated allocators. Depositors put capital into a vault, and the curator allocates across Morpho markets. AUM = total assets supplied to the vault. Net APY is after-fee yield delivered to depositors. Fee Rate is the curator's performance fee on yield. Fee Take Rate = curator fees ÷ borrow interest captured = the share of borrower-paid yield the curator retains (per-vault this reduces to the performance fee). Borrow interest captured = AUM × pre-fee APY.
Vaults reporting APY ≥ 100% are excluded from weighted aggregates as data artifacts (a saturated-utilization underlying market with a runaway IRM). The utilization column shows ". " until vault_allocations_daily backfills.
Datum Labs. (2026). Morpho Research Terminal: Vault directory. Retrieved September 8, 2026 from /vaults.