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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | SwissBorg tBTC | Gauntlet | tBTC | $24.18 | 0.00% | 5.0% | 5.0% | N/A | +22.0% | N/A |
| Base | Talentir EURC | unattributed | EURC | $24.05 | 2.98% | 10.0% | 10.0% | $0.8 | +1.0% | N/A |
| Ethereum | High Yield USDC | unattributed | USDC | $23.33 | 4.27% | 0.0% | 0.0% | $1 | +0.3% | N/A |
| Monad | Hyperithm USDC Apex | Hyperithm | USDC | $23.25 | 0.00% | 10.0% | 10.0% | N/A | +0.0% | N/A |
| Arbitrum | Maxshot USDT0 | unattributed | USDT0 | $22.08 | 8.13% | 5.0% | 5.0% | $1.89 | +12.3% | N/A |
| Base | Test USDC 2 | unattributed | USDC | $21.95 | 4.06% | 0.0% | 0.0% | $0.89 | +0.3% | N/A |
| Ethereum | Cozy USDC | unattributed | USDC | $20.36 | 4.32% | 0.0% | 0.0% | $0.88 | +0.4% | N/A |
| Ethereum | Spectra USDC | unattributed | USDC | $19.83 | 5.41% | 10.0% | 10.0% | $1.19 | +0.2% | N/A |
| Ethereum | Avantgarde WETH Core | Avantgarde | WETH | $19.76 | 1.41% | 10.0% | 10.0% | $0.31 | +32.7% | N/A |
| Ethereum | USDC Private Vault | unattributed | USDC | $18.52 | N/A | 1.0% | 1.0% | N/A | +92.8% | N/A |
| Arbitrum | Steakhouse Prime USDT0 | Steakhouse Financial | USDT0 | $17.96 | 0.00% | 0.0% | 0.0% | N/A | -0.0% | N/A |
| Ethereum | Alpha MUSD Core | AlphaPing | MUSD | $17.87 | 0.00% | 10.0% | 10.0% | N/A | -0.0% | N/A |
| Arbitrum | Avantgarde USDC Core Arbitrum | Avantgarde | USDC | $17.36 | 3.71% | 10.0% | 10.0% | $0.72 | +0.3% | N/A |
| HyperEVM | Hyperstable BUDDY/USH | unattributed | USH | $17.33 | 0.00% | 50.0% | 50.0% | N/A | -31.8% | N/A |
| Katana | Clearstar Core USDC | Clearstar | vbUSDC | $17.15 | 1.25% | 0.0% | 0.0% | $0.21 | +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 10, 2026 from /vaults.