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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | USDCtestYield | unattributed | USDC | $4.31K | N/A | 0.0% | 0.0% | N/A | +89.0% | 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 | $4.15K | N/A | 0.0% | 0.0% | N/A | +89.1% | N/A |
| Ethereum | USDCV Prime | MEV Capital | USDCV | $3.91K | 10.47% | 0.0% | 0.0% | $409.74 | -22.6% | N/A |
| Katana | Gauntlet USDC | Gauntlet | vbUSDC | $3.81K | 0.00% | 10.0% | 10.0% | $0.21 | -92.1% | N/A |
| Ethereum | Smokehouse ETH | Steakhouse Financial | WETH | $3.72K | 0.00% | 10.0% | 10.0% | N/A | -91.5% | 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 | kpk USDC Prime | KPK | USDC | $3.57K | 0.00% | 0.0% | 0.0% | N/A | -3.5% | N/A |
| Base | Macro USDC Vault | unattributed | USDC | $3.57K | 1.40% | 15.0% | 15.0% | $58.74 | +0.2% | N/A |
| Ethereum | Re7 USDC | RE7 Labs | USDC | $3.26K | 0.00% | 20.0% | 20.0% | N/A | +0.0% | N/A |
| Ethereum | alpha8USDC | unattributed | USDC | $3.1K | N/A | 10.0% | 10.0% | N/A | +162.5% | N/A |
| Base | Morpho Degen | RE7 Labs | DEGEN | $3.07K | 0.00% | 10.0% | 10.0% | N/A | -12.2% | N/A |
| Ethereum | Elixir USDC | Gauntlet | USDC | $3.07K | 0.00% | 10.0% | 10.0% | N/A | +0.0% | N/A |
| Ethereum | Pendle WBTC | MEV Capital | WBTC | $3.02K | 0.15% | 10.0% | 10.0% | $5 | +23.4% | N/A |
| Ethereum | LlamaRisk crvUSD Vault | unattributed | crvUSD | $3.01K | 0.00% | 20.0% | 20.0% | N/A | +0.1% | 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 9, 2026 from /vaults.