About Morpho Watch
A free, independent dashboard for the Morpho lending protocol, built for people who deposit in Morpho vaults, borrow on Morpho, or use Coinbase's Morpho-powered loans and USDC lending.
Where the data comes from
- Vaults, markets and curators come from Morpho's public API, refreshed every 10 minutes. That covers rates, sizes, allocations, caps, fees and risk settings for every vault and market listed in the Morpho app, on every network Morpho runs on.
- Rate and deposit history charts use Morpho's own daily records. Daily APYs are realized figures, worked out from how much a vault's share price or a market's borrow index actually grew that day.
- The Coinbase loan-rate trackers save a reading of the market's borrow share price every 6 hours and turn those readings into exact daily averages.
- Liquidations are copied from Morpho's API every 10 minutes. Dollar values use prices at the time they are recorded.
- Fixed rates come from the order books of Morpho Midnight markets, through Morpho's Midnight API.
- The Morpho vs Aave comparison reads Aave's rates from Aave's own public API.
Why the loan-rate averages are exact
Every Morpho market keeps a running record of how much borrowers owe per share of debt. A loan grows in step with it, second by second, so the growth of that figure between two moments is exactly the interest a borrower paid in between, including any short spikes. This site saves it and computes each day's average from it. A missed reading loses nothing, because the next one covers the gap.
What is covered
Vaults and markets that are listed in the Morpho app. Anyone can create a Morpho market or vault, and many unlisted ones are tests, private products or leftovers of failed collateral, so they are left out of totals and rankings. Markets where interest has run away on a fully borrowed pool are shown on the bad debt page instead, because their dollar figures are not meaningful.
About the Coinbase pages
Coinbase does not publish which Morpho markets and vaults its products use. The pages here identify them from public on-chain data: the matching collateral and liquidation settings, and the tens of thousands of separate borrowers and depositors that Coinbase's per-customer wallets create. Treat them as well-founded, not official.
What this site is not
Morpho Watch is not affiliated with Morpho Labs, the Morpho Association, Coinbase or any vault curator, and it is not the Morpho app. You cannot deposit, borrow or connect a wallet here. Nothing on this site is financial advice. Rates change constantly, so always confirm numbers in the app you use before acting. The sister site Aave Tracker covers the Aave protocol the same way.