Vaults
577 active vaults across 11 chains · $2.02B AUM · $4M curator fees annualized · $60.51M borrow interest captured
Vaults as asset managers · Source: Morpho GraphQL · vault_state_daily · as of 2026-09-10
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: 788 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | dForce USDC | unattributed | USDC | $27.84 | 2.26% | 5.0% | 5.0% | $0.66 | +0.8% | N/A |
| Base | Not Gauntlet | unattributed | USDC | $28.67 | N/A | 0.0% | 0.0% | N/A | +90.6% | N/A |
| Base | Morph WETH | unattributed | WETH | $29.4 | 1.92% | 1.0% | 1.0% | $0.57 | +33.3% | N/A |
| Unichain | Re7 USDC | RE7 Labs | USDC | $29.49 | 0.00% | 10.0% | 10.0% | N/A | +0.0% | N/A |
| Unichain | Kedao USDT Vault | unattributed | USDT0 | $29.81 | 0.52% | 0.0% | 0.0% | $0.16 | +0.0% | N/A |
| Ethereum | Re7 USDC Prime | RE7 Labs | USDC | $30.07 | 0.00% | 10.0% | 10.0% | N/A | +0.0% | N/A |
| Arbitrum | Gauntlet WETH Core | Gauntlet | WETH | $30.28 | 0.24% | 10.0% | 10.0% | $0.08 | +33.2% | N/A |
| Base | VAULT-TST | unattributed | USDC | $30.36 | N/A | 50.0% | 50.0% | N/A | +90.8% | N/A |
| Ethereum | UltraYield USDT | UltraYield | USDT | $31.02 | 2.39% | 0.0% | 0.0% | $0.74 | +0.3% | N/A |
| Katana | d3nity dUSD | Yearn | dUSD | $31.41 | 10.55% | 13.0% | 13.0% | $3.84 | +0.9% | N/A |
| Ethereum | Gauntlet Olympus sUSDS Vault | Gauntlet | sUSDS | $33.35 | 43.23% | 5.0% | 5.0% | $15.33 | +2.0% | N/A |
| Ethereum | Clearstar Reactor ETH | Clearstar | WETH | $34.1 | 1.62% | 0.0% | 0.0% | $0.55 | +10.4% | N/A |
| Ethereum | Alpha USDC (Installer) | unattributed | USDC | $41.04 | N/A | 0.0% | 0.0% | N/A | +30.0% | N/A |
| Base | dForce USDC | unattributed | USDC | $41.58 | 3.94% | 5.0% | 5.0% | $1.72 | +4.3% | N/A |
| Polygon | Steakhouse PaoTech JPYC | Steakhouse Financial | JPYC | $44.9 | 0.00% | 5.0% | 5.0% | N/A | +3.7% | 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 10, 2026 from /vaults.