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Morpho Watch

Morpho vault yields and borrow rates, live

Every vault and market listed on Morpho across 13 networks: what depositors earn, what borrowers pay, where each vault's money goes, and the rates behind Coinbase's Morpho-powered loans and USDC lending.

Data from Morpho's API · updated

Deposited in vaults

$6.08B

306 vaults

Supplied to markets

$5.98B

414 markets

Borrowed

$5.37B

89.7% of supply

Collateral posted

$9.65B

on 13 networks

Coinbase on Morpho

Coinbase's crypto-backed loans and USDC lending run on Morpho. Live rates:

Everything Coinbase →

Coinbase Bitcoin loans

4.90%

30-day real average 4.85%

Coinbase ETH loans

4.92%

30-day real average 4.89%

Coinbase USDC lending

3.28%

30-day APY 3.24% · core vault

Largest Morpho vaults

The top 10 by deposits

All 306 vaults →
Vault Deposits Net APY 30-day APY Fee Withdrawable
Steakhouse USDGV2⚠ Deposit disabledSteakhouse Financial · Robinhood Chain · $513.7M $513.7M513.73M USDG 3.71% 3.79% 0% $35.61M
Steakhouse Prime USDCV2Steakhouse Financial · Base · $444.2M $444.2M444.29M USDC 4.40% 4.35% 0% $163.7M
Steakhouse High Yield USDC EditionV2Steakhouse Financial · Base · $443.0M $443.0M443.02M USDC 2.98% 2.87% 25% $38.30M
Paypal USD MainV2Sentora · Ethereum · $424.5M $424.5M424.56M PYUSD 6.75%incl. 2.86% rewards 2.79% 0%+1.0% a year $21.23M
Sentora RLUSD MainV2Sentora · Ethereum · $418.7M $418.7M418.68M RLUSD 6.07%incl. 3.08% rewards 2.68% 10% $36.09M
Gauntlet USDC PrimeGauntlet · Base · $415.2M $415.2M415.27M USDC 4.40% 4.35% 0% $175.5M
Spark USDC VaultSparkDAO · Base · $309.5M $309.5M309.53M USDC 3.95% 3.90% 10% $163.7M
Sentora x Spark RLUSDV2Sentora, SparkDAO · Ethereum · $250.0M $250.0M250.00M RLUSD 0.04% 0.02% 10% $246.9M
Sentora PRIME MainV2Sentora · Ethereum · $212.5M $212.5M212.49M PYUSD 5.85%incl. 2.55% rewards 3.58% 15% $4.26M
Gauntlet USDC PrimeV2Gauntlet · Base · $177.9M $177.9M177.93M USDC 4.40% 4.35% 0% $163.7M

Best vault yields right now

Vaults with at least $1M deposited

All best rates →

Stablecoin vaults

Highest net APY, after fees

VaultNet APYDeposits
Felix USDT0HyperEVM · Felix 19.65% $2.82M
Felix USDT0 V2HyperEVM · Felix 19.59% $4.22M
Flowdesk Confidential High Yield USDTEthereum · Flowdesk 12.20% $11.23M
RockawayX Confidential RWA USDCEthereum · RockawayX 11.00% $16.19M
SharpByte AUSD Tori EcosystemMonad · SharpByte 10.74% $5.40M
Noon Ecosystem VaultBase · Clearstar 10.03% $3.54M

ETH vaults

Highest net APY, after fees

VaultNet APYDeposits
Re7 WETHOP Mainnet · RE7 Labs 4.83% $3.11M
Clearstar Core ETHBase · Clearstar 3.50% $8.65M
Steakhouse Prime ETHMonad · Steakhouse Financial 2.88% $46.25M
KPK ETH YieldEthereum · KPK 2.86% $2.60M
KPK ETH PrimeEthereum · KPK 1.80% $2.92M
Gauntlet WETH BalancedEthereum · Gauntlet 1.73% $1.28M

Largest Morpho markets

The top 10 by amount supplied

All 414 markets →
Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / USDCBase · LLTV 86% $1.65B1.65B USDC 4.40% $1.48B$3.26B collateral 4.90% 90.1%
USDe / USDCBase · LLTV 91.5% $389.1M389.12M USDC 3.83% $350.8M$391.6M collateral 4.26% 90.2%
USDe / USDGRobinhood Chain · LLTV 91.5% $339.3M339.36M USDG 3.66% $305.2M$343.2M collateral 4.08% 89.9%
cbBTC / USDCEthereum · LLTV 86% $338.6M338.64M USDC 4.57% $305.6M$711.2M collateral 5.08% 90.3%
kBTC / RLUSDEthereum · LLTV 86% $220.0M220.02M RLUSD 3.54% $199.5M$304.7M collateral 3.91% 90.7%
PRIME / PYUSDEthereum · LLTV 86% $208.2M208.22M PYUSD 3.92% $179.7M$247.7M collateral 4.56% 86.3%
cirBTC / USDCArc · LLTV 86% $179.8M179.81M USDC 0.31% $173.0M$279.5M collateral 0.32%−0.52% rewards 96.2%
kBTC / PYUSDEthereum · LLTV 86% $163.7M163.71M PYUSD 6.39% $151.4M$244.2M collateral 6.93% 92.5%
syrupUSDG / USDGRobinhood Chain · LLTV 91.5% $128.4M128.46M USDG 3.66% $115.5M$129.9M collateral 4.08% 89.9%
WBTC / USDCEthereum · LLTV 86% $127.8M127.86M USDC 4.60% $115.4M$256.4M collateral 5.11% 90.2%

Borrowing on Morpho

Where stablecoin loans cost least, and the fixed-rate option

All borrow rates →

Cheapest stablecoin loans

Lowest borrow APY with at least $250K available

MarketBorrow APYAvailable
cirBTC / USDCArc · LLTV 86% 0.32% $6.80M
cirBTC / EURCArc · LLTV 86% 0.44% $356K
mWIN / PYUSDEthereum · LLTV 77% 1.45% $5.51M
WBTC / USDT0Arbitrum · LLTV 86% 2.89% $368K
wstETH / USDCArbitrum · LLTV 86% 2.96% $428K
WBTC / USDCArbitrum · LLTV 86% 2.98% $693K

Fixed-rate loans →

Morpho Midnight markets lock in a rate until a set date. See today's fixed borrow and lend rates, including the market behind Coinbase's fixed-rate Bitcoin loans.

Borrow against Bitcoin →

Every market that takes cbBTC, WBTC or other Bitcoin as collateral, cheapest first.

Liquidations →

215 loans liquidated in the last 7 days, $2.15M of debt repaid.

Largest curators

The teams that choose where vault money goes

All curators →

Steakhouse Financial

$2.38B in 57 vaults · 3.79% average net APY

Sentora

$1.41B in 7 vaults · 5.17% average net APY

Gauntlet

$961.3M in 64 vaults · 4.12% average net APY

SparkDAO

$572.1M in 4 vaults · 2.25% average net APY

Armitage by Wintermute

$145.7M in 6 vaults · 5.86% average net APY

Galaxy Curation

$127.3M in 7 vaults · 1.69% average net APY

Tools

Free, no wallet connection needed

All tools →

Liquidation price calculator

The collateral price at which a Morpho loan, including a Coinbase loan, would be liquidated.

Vault earnings calculator

What a deposit in any vault earns per day, month and year at today's rate and its 30-day average.

Wallet checker

Paste an address to see its Morpho vault deposits, loans and health on every network.

Understand Morpho

Plain-language guides

All guides →

What is Morpho? A plain guide to Morpho lending

Morpho is an open lending protocol built from isolated markets and curated vaults. Learn how it works, who uses it and how it differs from pooled lenders.

How Morpho vaults work: deposits, caps and curators

A Morpho vault spreads deposits across lending markets within limits set by its curator. Learn how shares, caps, roles, timelocks, withdrawals and fees work.

Morpho curators explained: who runs the vaults

Curators decide where a Morpho vault lends and how much risk its depositors take. Learn what they do, who the big ones are and how to compare them.