Vaults
553 active vaults across 11 chains · $2.4B AUM · $6.01M curator fees annualized · $85.77M borrow interest captured
Vaults as asset managers · Source: Morpho GraphQL · vault_state_daily · as of 2026-06-11
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 $4.72K · 95% of vaults sit below $10M. A long tail under a handful of mega-vaults.
Vault directory: 768 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 | kpk ETH Prime | KPK | WETH | $5.5K | 0.16% | 0.0% | 0.0% | $9.01 | -97.5% | N/A |
| Ethereum | M11C Level lvlUSD | unattributed | lvlUSD | $5.32K | 7.03% | 10.0% | 10.0% | $416.84 | +0.4% | N/A |
| Katana | Clearstar Core USDC | Clearstar | vbUSDC | $5.16K | 6.86% | 0.0% | 0.0% | $206.38 | +30097.4% | N/A |
| Ethereum | Adpend | unattributed | USDC | $5.12K | N/A | 10.0% | 10.0% | N/A | +50.6% | N/A |
| Base | Morpho Degen | unattributed | DEGEN | $5.11K | 0.00% | 10.0% | 10.0% | N/A | +97.2% | N/A |
| Ethereum | Flagship USDC | unattributed | USDC | $5.05K | 0.00% | 0.0% | 0.0% | N/A | +0.0% | N/A |
| HyperEVM | MEV Capital USR | MEV Capital | USR | $4.72K | N/A | 10.0% | 10.0% | N/A | +35.0% | N/A |
| Ethereum | Steakhouse USDC RWA | Steakhouse Financial | USDC | $4.43K | 0.00% | 5.0% | 5.0% | N/A | -69.5% | N/A |
| Ethereum | Zircuit Finance USDT on Etheruem | unattributed | USDT | $4.41K | 3.48% | 0.0% | 0.0% | $153.61 | N/A | N/A |
| Arbitrum | Clearstar USDC Reactor | Clearstar | USDC | $4.11K | 1.59% | 12.0% | 12.0% | $74.57 | -41.2% | N/A |
| Base | Steakhouse USDC RWA | Steakhouse Financial | verUSDC | $4.09K | 12.67% | 10.0% | 10.0% | $579.43 | +0.3% | N/A |
| Ethereum | Steakhouse USDR | Steakhouse Financial | USDR | $3.92K | 0.00% | 5.0% | 5.0% | N/A | +189.7% | N/A |
| Ethereum | Hakutora WETH | unattributed | WETH | $3.91K | 1.44% | 15.0% | 15.0% | $66.44 | -7.4% | N/A |
| Ethereum | Gauntlet cbBTC Core | Gauntlet | cbBTC | $3.7K | 0.00% | 10.0% | 10.0% | N/A | -23.8% | N/A |
| HyperEVM | Hyperithm HYPE | Hyperithm | WHYPE | $3.66K | 0.00% | 10.0% | 10.0% | N/A | -48.7% | 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 June 11, 2026 from /vaults.