Vaults
576 active vaults across 11 chains · $2.04B AUM · $4.29M curator fees annualized · $64.77M borrow interest captured
Vaults as asset managers · Source: Morpho GraphQL · vault_state_daily · as of 2026-09-08
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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | Index Coop hyETH | Gauntlet | WETH | $2.07M | 1.51% | 10.0% | 10.0% | $34.7K | -27.1% | N/A |
| Base | Yearn OG USDC | Yearn | USDC | $2.06M | 4.90% | 10.0% | 10.0% | $112.38K | -0.1% | N/A |
| Ethereum | Hyperithm USDC Apex | Hyperithm | USDC | $2.04M | 7.36% | 10.0% | 10.0% | $167.45K | -14.0% | 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 | $1.89M | 6.48% | 11.5% | 11.5% | $139.02K | -0.4% | N/A |
| Base | Gauntlet USDC Core | Gauntlet | USDC | $1.85M | 3.87% | 10.0% | 10.0% | $79.54K | -5.2% | N/A |
| Ethereum | Steakhouse EURCV | Steakhouse Financial | EURCV | $1.82M | 1.51% | 0.0% | 0.0% | $27.46K | -5.4% | N/A |
| Ethereum | Safe x Smokehouse USDT | Steakhouse Financial | USDT | $1.8M | 5.79% | 11.5% | 11.5% | $118.12K | -2.0% | N/A |
| Ethereum | Lulo USDC | unattributed | USDC | $1.7M | N/A | 0.0% | 0.0% | N/A | -59.1% | N/A |
| Ethereum | Clearstar USDC Reactor | Clearstar | USDC | $1.47M | 6.43% | 25.0% | 25.0% | $127.56K | -8.7% | N/A |
| Ethereum | Cronos USDC | Steakhouse Financial | USDC | $1.28M | 4.27% | 0.0% | 0.0% | $54.87K | -5.8% | N/A |
| Ethereum | Gauntlet EURC Core | Gauntlet | EURC | $1.25M | 1.99% | 10.0% | 10.0% | $27.66K | +3.4% | N/A |
| Base | OUSD Vault V1 | Yearn | USDC | $1.21M | 4.39% | 5.0% | 5.0% | $55.99K | +0.4% | N/A |
| Base | Moonwell Flagship EURC | Anthias Labs | EURC | $1.13M | 2.36% | 15.0% | 15.0% | $30.25K | +1.5% | N/A |
| Ethereum | Duplicated Key | unattributed | USDC | $1.11M | N/A | 0.0% | 0.0% | N/A | +92.8% | 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 8, 2026 from /vaults.