Vaults
576 active vaults across 11 chains · $2.02B AUM · $4.07M curator fees annualized · $62.32M borrow interest captured
Vaults as asset managers · Source: Morpho GraphQL · vault_state_daily · as of 2026-09-09
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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Unichain | Re7 USDT0 | RE7 Labs | USDT0 | $6.73K | 0.00% | 10.0% | 10.0% | N/A | -0.5% | N/A |
| Unichain | Gauntlet USDT0 | Gauntlet | USDT0 | $6.61K | 16.57% | 10.0% | 10.0% | $1.23K | -89.6% | N/A |
| Ethereum | Alpha ZCHF Vault | AlphaPing | ZCHF | $6.41K | 5.69% | 10.0% | 10.0% | $406.12 | -30.5% | N/A |
| HyperEVM | USDhl (Frontier) | Felix | USDHL | $6.34K | 0.00% | 10.0% | 10.0% | N/A | -65.5% | N/A |
| Ethereum | MVL USDC | unattributed | USDC | $6.25K | 0.00% | 0.0% | 0.0% | N/A | +0.0% | N/A |
| Ethereum | Re7 Falcon USDf | RE7 Labs | USDf | $5.85K | 0.00% | 10.0% | 10.0% | N/A | -0.7% | N/A |
| Ethereum | OpenEden USDC Vault | unattributed | USDC | $5.62K | 0.00% | 10.0% | 10.0% | $0.01 | +0.2% | N/A |
| HyperEVM | Hyperithm USDT0 | Hyperithm | USD₮0 | $5.5K | 3.31% | 10.0% | 10.0% | $202.6 | -42.5% | N/A |
| Ethereum | M11C Level lvlUSD | unattributed | lvlUSD | $5.47K | 30.60% | 10.0% | 10.0% | $1.89K | +1.2% | N/A |
| Unichain | Steakhouse ETH | Steakhouse Financial | WETH | $5.28K | 0.00% | 0.0% | 0.0% | $0 | +33.2% | N/A |
| Ethereum | Flagship USDC | unattributed | USDC | $5.05K | 0.00% | 0.0% | 0.0% | N/A | +0.0% | N/A |
| Ethereum | Zircuit Finance USDT on Etheruem | unattributed | USDT | $4.81K | 3.93% | 0.0% | 0.0% | $188.95 | +0.3% | N/A |
| Ethereum | Gauntlet cbBTC Core | Gauntlet | cbBTC | $4.61K | 0.00% | 10.0% | 10.0% | N/A | +23.6% | N/A |
| Ethereum | Safe x Smokehouse wstETH | Steakhouse Financial | wstETH | $4.59K | 0.00% | 11.5% | 11.5% | N/A | +33.3% | N/A |
| Ethereum | Steakhouse USDC RWA | Steakhouse Financial | USDC | $4.42K | 0.00% | 5.0% | 5.0% | N/A | +0.0% | 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 9, 2026 from /vaults.