Vaults
577 active vaults across 11 chains · $2B AUM · $4.09M curator fees annualized · $61.79M borrow interest captured
Vaults as asset managers · Source: Morpho GraphQL · vault_state_daily · as of 2026-09-11
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 | Steakhouse Ethena USDtb | Steakhouse Financial | USDtb | $1.79M | 1.81% | 5.0% | 5.0% | $34.16K | -84.6% | N/A |
| Ethereum | Safe x Smokehouse USDT | Steakhouse Financial | USDT | $1.8M | 5.42% | 11.5% | 11.5% | $110.65K | -1.9% | N/A |
| Ethereum | Steakhouse EURCV | Steakhouse Financial | EURCV | $1.81M | 1.50% | 0.0% | 0.0% | $27.19K | -5.3% | N/A |
| Base | Gauntlet USDC Core | Gauntlet | USDC | $1.82M | 3.83% | 10.0% | 10.0% | $77.46K | -4.2% | N/A |
| Ethereum | Gauntlet USDC Frontier | Gauntlet | USDC | $1.91M | 0.00% | 5.0% | 5.0% | N/A | +0.0% | N/A |
| Ethereum | Safe x Smokehouse USDC | Steakhouse Financial | USDC | $1.94M | 6.18% | 11.5% | 11.5% | $136.02K | +1.9% | N/A |
| Ethereum | Hyperithm USDC Apex | Hyperithm | USDC | $1.97M | 7.45% | 10.0% | 10.0% | $163.35K | -17.2% | N/A |
| HyperEVM | Gauntlet USDC | Gauntlet | USDC | $2.01M | 8.48% | 10.0% | 10.0% | $190.22K | -46.8% | N/A |
| Ethereum | Index Coop hyETH | Gauntlet | WETH | $2.02M | 1.50% | 10.0% | 10.0% | $33.68K | -27.2% | N/A |
| Base | Yearn OG USDC | Yearn | USDC | $2.1M | 4.86% | 10.0% | 10.0% | $113.77K | +2.1% | N/A |
| Ethereum | Usual Boosted USDC | MEV Capital | USDC | $2.12M | 6.34% | 10.0% | 10.0% | $149.94K | -40.1% | N/A |
| Ethereum | Gauntlet DAI Core | Gauntlet | DAI | $2.14M | 6.65% | 10.0% | 10.0% | $158.34K | -6.4% | N/A |
| Ethereum | Gauntlet WBTC Core | Gauntlet | WBTC | $2.39M | 0.06% | 10.0% | 10.0% | $1.55K | -14.6% | N/A |
| Ethereum | Gauntlet LRT Core | Gauntlet | WETH | $2.41M | 1.50% | 10.0% | 10.0% | $40.13K | -12.8% | N/A |
| Arbitrum | Steakhouse High Yield USDC | Steakhouse Financial | USDC | $2.42M | 4.18% | 10.0% | 10.0% | $112.32K | +41.1% | 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 11, 2026 from /vaults.