Vaults
577 active vaults across 11 chains · $2.03B AUM · $4.04M curator fees annualized · $61.07M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | Pendlend USDT | K3 Capital | USDT | $1.13K | N/A | 10.0% | 10.0% | N/A | +122.1% | N/A |
| Ethereum | Hyperithm USDC Core | Hyperithm | USDC | $1.2K | 3.80% | 5.0% | 5.0% | $47.86 | -0.5% | N/A |
| Ethereum | Spark USDS Vault | SparkDAO | USDS | $1.23K | 0.00% | 10.0% | 10.0% | $0.02 | +0.4% | N/A |
| Arbitrum | Yearn OG USDC | Yearn | USDC | $1.25K | 4.65% | 5.0% | 5.0% | $61.1 | +0.4% | N/A |
| Ethereum | Spark DAI Vault | SparkDAO | DAI | $1.27K | N/A | 10.0% | 10.0% | N/A | +19.5% | N/A |
| Base | Ionic Ecosystem USDC | Gauntlet | USDC | $1.27K | 3.53% | 15.0% | 15.0% | $53.05 | +0.4% | N/A |
| Ethereum | Notional USDC | unattributed | USDC | $1.27K | 91.07% | 0.0% | 0.0% | $1.16K | -99.3% | N/A |
| Base | 9Summits WETH Core | 9Summits | WETH | $1.29K | 0.00% | 5.0% | 5.0% | N/A | +32.2% | N/A |
| Base | Re7 cdxUSD | RE7 Labs | cdxUSD | $1.31K | 0.00% | 10.0% | 10.0% | N/A | -62.5% | N/A |
| Ethereum | EUR Real Yield | unattributed | EURe | $1.35K | 0.00% | 10.0% | 10.0% | N/A | +0.9% | N/A |
| Ethereum | Etherealm USDC | unattributed | USDC | $1.4K | N/A | 0.0% | 0.0% | N/A | +53.6% | N/A |
| Unichain | Pangolins USDC | unattributed | USDC | $1.4K | 4.25% | 10.0% | 10.0% | $66.41 | +0.6% | N/A |
| Ethereum | UltraYield USDC | UltraYield | USDC | $1.42K | 4.33% | 0.0% | 0.0% | $61.62 | +0.4% | N/A |
| Ethereum | Steakhouse USDT Lite | Steakhouse Financial | USDT | $1.5K | 0.00% | 5.0% | 5.0% | N/A | +0.1% | N/A |
| Base | Morpho Base wETH | unattributed | USDC | $1.5K | 4.16% | 0.0% | 0.0% | $62.35 | +158.7% | 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.