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

$6.78B

326 vaults

Supplied to markets

$6.38B

449 markets

Borrowed

$5.57B

87.3% of supply

Collateral posted

$8.77B

on 13 networks

Coinbase on Morpho

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

Everything Coinbase →

Coinbase Bitcoin loans

5.32%

30-day real average 5.82%

Coinbase ETH loans

5.33%

30-day real average 5.83%

Coinbase USDC lending

3.36%

30-day APY 3.87% · core vault

Largest Morpho vaults

The top 10 by deposits

All 326 vaults →
Vault Deposits Net APY 30‑day APY Fee Withdrawable
Steakhouse USDGV2⚠ Deposits switched offSteakhouse Financial · Robinhood Chain · $528.0M $528.0M528.01M USDG 4.66% 4.07% 0% $50.80M
Grove x Steakhouse USDCV2Steakhouse Financial · Base · $523.7M $523.7M523.85M USDC 4.50% 5.22% 0% $286.9M
Sentora x Spark RLUSDV2Sentora, SparkDAO · Ethereum · $499.9M $499.9M500.01M RLUSD 0.24% 0.16% 10% $464.4M
Steakhouse High Yield USDC EditionV2Steakhouse Financial · Base · $458.2M $458.2M458.33M USDC 3.29% 3.56% 25% $94.89M
Sentora RLUSD MainV2Sentora · Ethereum · $420.4M $420.4M420.46M RLUSD 5.69%incl. 2.86% rewards 3.24% 10% $27.89M
Gauntlet USDC PrimeGauntlet · Base · $398.2M $398.2M398.28M USDC 4.50% 5.20% 0% $306.4M
Spark USDC VaultSparkDAO · Base · $371.2M $371.2M371.28M USDC 4.04% 4.67% 10% $286.8M
Paypal USD MainV2Sentora · Ethereum · $355.5M $355.5M355.73M PYUSD 5.49%incl. 3.16% rewards 2.38% 0%+1.0% a year $38.40M
Gauntlet USDC PrimeV2Gauntlet · Base · $229.7M $229.7M229.76M USDC 4.50% 5.22% 0% $224.3M
Sentora PRIME MainV2Sentora · Ethereum · $187.2M $187.2M187.31M PYUSD 7.27%incl. 2.16% rewards 4.13% 15% $1.02M

Best vault yields right now

Vaults with at least $1M deposited

All best rates →

Stablecoin vaults

Highest net APY, after fees, rewards included

VaultNet APYDeposits
Api3 dCOMP USDCEthereum · Api3 11.82% $8.69M
Yearn OG USDCEthereum · Yearn 11.15% $2.67M
RockawayX Tori EcosystemEthereum · RockawayX 10.32% $14.11M
Gauntlet DAI CoreEthereum · Gauntlet 9.84% $2.04M
Flowdesk Confidential High Yield USDTEthereum · Flowdesk 9.83%incl. 2.24% rewards $28.17M
Yearn OG USDCEthereum · Yearn 9.72% $10.03M

ETH vaults

Highest net APY, after fees, rewards included

VaultNet APYDeposits
Uniswap ETHEthereum · Gauntlet 3.20% $2.50M
Galaxy WETH QualityEthereum · Galaxy Curation 3.11% $4.44M
Gauntlet WETH PrimeEthereum · Gauntlet 2.97% $19.80M
KPK ETH YieldEthereum · KPK 2.95% $1.98M
Gauntlet LRT CoreEthereum · Gauntlet 2.88% $1.76M
Yearn OG WETHEthereum · Yearn 2.87% $1.06M

Largest Morpho markets

The top 10 by amount supplied

All 449 markets →
Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / USDCBase · LLTV 86% $1.90B1.90B USDC 4.50% $1.61B$2.91B collateral 5.32% 84.9%
USDe / USDGRobinhood Chain · LLTV 91.5% $354.3M354.31M USDG 5.10% $321.7M$361.3M collateral 5.63% 90.8%
USDe / USDCBase · LLTV 91.5% $354.2M354.27M USDC 4.10% $313.4M$349.9M collateral 4.65% 88.5%
cbBTC / USDCEthereum · LLTV 86% $350.6M350.71M USDC 4.43% $303.7M$613.2M collateral 5.13% 86.6%
kBTC / RLUSDEthereum · LLTV 86% $255.2M255.20M RLUSD 3.33% $228.9M$314.7M collateral 3.71% 89.7%
cirBTC / USDCArc · LLTV 86% $188.5M188.57M USDC 3.44% $171.6M$274.0M collateral 3.78%−0.14% rewards 91.0%
PRIME / PYUSDEthereum · LLTV 86% $186.2M186.31M PYUSD 6.07% $169.0M$235.2M collateral 6.70% 90.8%
PT-reUSD-10DEC2026 / USDCEthereum · LLTV 91.5% $150.0M150.04M USDC 10.38% $136.0M$167.8M collateral 11.51% 90.7%
WBTC / USDCEthereum · LLTV 86% $142.3M142.32M USDC 4.44% $123.0M$226.4M collateral 5.15% 86.4%
syrupUSDG / USDGArbitrum · LLTV 91.5% $136.2M136.21M USDG 2.91% $122.3M$137.5M collateral 3.25% 89.8%

Borrowing on Morpho

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

All borrow rates →

Cheapest stablecoin loans

Lowest borrow APY among markets in use with $250K+ to borrow

MarketBorrow APYAvailable
siUSD / msUSDEthereum · LLTV 91.5% 0.31% $899K
yoUSD / USDCEthereum · LLTV 86% 0.73% $813K
vbWBTC / vbUSDCKatana · LLTV 86% 2.77% $653K
syrupUSDG / USDGArbitrum · LLTV 91.5% 3.25% $13.92M
yvvbETH / vbUSDCKatana · LLTV 77% 3.31% $453K
spUSDG / USDGRobinhood Chain · LLTV 91.5% 3.54% $731K

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 →

4792 loans liquidated in the last 7 days, $45.74M of debt repaid.

Largest curators

The teams that choose where vault money goes

All curators →

Steakhouse Financial

$2.74B in 62 vaults · 4.18% average net APY

Sentora

$1.62B in 8 vaults · 4.08% average net APY

Gauntlet

$1.02B in 66 vaults · 4.48% average net APY

SparkDAO

$919.0M in 4 vaults · 1.90% average net APY

Galaxy Curation

$146.0M in 9 vaults · 4.09% average net APY

RockawayX

$121.5M in 17 vaults · 8.39% 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.