Vaults
577 active vaults across 11 chains · $2.01B AUM · $4.09M curator fees annualized · $61.61M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | Macro USDC Vault | unattributed | USDC | $3.57K | 1.37% | 15.0% | 15.0% | $57.64 | +0.2% | N/A |
| Ethereum | f(x) Protocol Morpho USDC | RE7 Labs | USDC | $3.64K | 0.00% | 10.0% | 10.0% | N/A | +0.0% | N/A |
| Ethereum | Smokehouse ETH | Steakhouse Financial | WETH | $3.68K | 0.00% | 10.0% | 10.0% | N/A | -91.5% | N/A |
| Katana | Gauntlet USDC | Gauntlet | vbUSDC | $3.82K | 0.05% | 10.0% | 10.0% | $1.98 | -93.3% | N/A |
| Ethereum | USDCV Prime | MEV Capital | USDCV | $3.91K | 10.18% | 0.0% | 0.0% | $398.21 | -22.6% | N/A |
| Base | Steakhouse USDC RWA | Steakhouse Financial | verUSDC | $4.22K | 0.00% | 10.0% | 10.0% | N/A | +0.0% | N/A |
| Base | ABRC | unattributed | USDC | $4.28K | N/A | 0.0% | 0.0% | N/A | +90.9% | N/A |
| Ethereum | Steakhouse USDC RWA | Steakhouse Financial | USDC | $4.42K | 0.00% | 5.0% | 5.0% | N/A | +0.0% | N/A |
| Arbitrum | USDCtestYield | unattributed | USDC | $4.45K | N/A | 0.0% | 0.0% | N/A | +90.8% | N/A |
| Ethereum | Gauntlet cbBTC Core | Gauntlet | cbBTC | $4.52K | 0.00% | 10.0% | 10.0% | N/A | +21.8% | N/A |
| Ethereum | Safe x Smokehouse wstETH | Steakhouse Financial | wstETH | $4.55K | 0.00% | 11.5% | 11.5% | N/A | +32.8% | N/A |
| Ethereum | Zircuit Finance USDT on Etheruem | unattributed | USDT | $4.81K | 2.50% | 0.0% | 0.0% | $120.31 | +0.3% | N/A |
| Ethereum | Flagship USDC | unattributed | USDC | $5.05K | 0.00% | 0.0% | 0.0% | N/A | +0.0% | N/A |
| Unichain | Steakhouse ETH | Steakhouse Financial | WETH | $5.22K | 0.00% | 0.0% | 0.0% | $0.01 | +32.7% | N/A |
| Ethereum | M11C Level lvlUSD | unattributed | lvlUSD | $5.47K | 31.26% | 10.0% | 10.0% | $1.93K | +1.3% | 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.