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 hour 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.
How the numbers are checked
- Nothing is typed in by hand. Every figure is worked out on the server from Morpho's own data, the same way for every vault and market.
- The loan-rate averages are checked against Morpho. The exact daily averages match Morpho's own daily borrow APY to three decimal places.
- Every data page says how fresh it is. When a source has a bad minute, the site keeps showing its last good copy, with the time it was taken, rather than guessing.
- Figures that can't be trusted are left out, not shown. Best-rate lists only rank vaults with at least $1M deposited, markets with at least $1M supplied and, for the cheapest loans, markets with real borrowing and at least $250K left to borrow, so a 40% rate on a few thousand dollars never tops a list. Liquidations under $1 are left out too.
- The guides are kept up to date. Each guide shows the date it was last updated and links to the live pages it explains, so its examples can be checked against today's numbers.
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.
Corrections
Spotted a number that looks wrong, or a guide that is out of date? Send us a message. We read every one and check it against Morpho's API and the blockchain. When the site is wrong, we fix the cause rather than one page, so the correction reaches every page that shows the figure. Ideas for the site are welcome too.