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Morpho Watch

Morpho on Ethereum

Every Morpho vault and market listed on Ethereum, with live rates. Money on Ethereum stays on Ethereum: its vaults lend only to markets on the same network. Contracts can be checked on the Ethereum block explorer.

Data from Morpho's API · updated

Supplied in markets

$2.71B

224 markets

Borrowed

$2.42B

89.3% of supply

Deposited in vaults

$3.05B

162 vaults

Collateral posted

$4.20B

backing the loans

Best vault yields on Ethereum

Highest net APY with at least $1M deposited

VaultNet APYDeposits
KPK wARS YieldEthereum · KPK 22.55% $5.91M
Flowdesk Confidential High Yield USDTEthereum · Flowdesk 12.20% $10.62M
RockawayX Confidential RWA USDCEthereum · RockawayX 11.33% $16.04M
Apyx apxUSDEthereum · Hyperithm 9.18% $2.97M
RockawayX f(x) Protocol Ecosystem USDCEthereum · RockawayX 8.19% $17.46M
Sentora Huma PST MainEthereum · Sentora 8.00% $45.67M

Cheapest borrowing on Ethereum

Lowest borrow APY with at least $250K available

MarketBorrow APYAvailable
mGLOeuro / EURCVEthereum · LLTV 77% 0.62% $5.69M
mWIN / PYUSDEthereum · LLTV 77% 1.46% $5.51M
EUTBL / EURCVEthereum · LLTV 96.5% 1.77% $298K
wstETH / WETHEthereum · LLTV 94.5% 1.82% $3.68M
wstETH / EURCVEthereum · LLTV 86% 1.96% $1.06M
cbBTC / EURCVEthereum · LLTV 86% 2.02% $302K

Largest vaults on Ethereum

The top 15 of 162 by deposits

All vaults →
Largest Morpho vaults on Ethereum
Vault Deposits Net APY 30-day APY Fee Withdrawable
Paypal USD MainV2Sentora · Ethereum · $423.7M $423.7M423.78M PYUSD 7.04%incl. 2.86% rewards 2.76% 0%+1.0% a year $21.31M
Sentora RLUSD MainV2Sentora · Ethereum · $418.7M $418.7M418.70M RLUSD 5.94%incl. 3.07% rewards 2.67% 10% $37.09M
Sentora x Spark RLUSDV2Sentora, SparkDAO · Ethereum · $250.0M $250.0M250.00M RLUSD 0.04% 0.02% 10% $247.0M
Sentora PRIME MainV2Sentora · Ethereum · $212.4M $212.4M212.46M PYUSD 5.85%incl. 2.54% rewards 3.59% 15% $4.26M
Steakhouse Prime EURCVV2Steakhouse Financial · Ethereum · $141.9M $141.9M124.59M EURCV 3.00% 3.00% 0% $103.0M
Steakhouse Prime USDCV2Steakhouse Financial · Ethereum · $123.3M $123.3M123.30M USDC 4.51% 4.31% 0% $33.10M
Gauntlet USDC PrimeV2Gauntlet · Ethereum · $99.19M $99.19M99.20M USDC 4.51% 4.31% 0% $33.10M
Steakhouse USDTSteakhouse Financial · Ethereum · $86.78M $86.78M86.79M USDT 4.08% 3.22% 5% $23.12M
Pendle Ecosystem USDCV2Armitage by Wintermute · Ethereum · $75.72M $75.72M75.72M USDC 6.29%incl. 1.07% rewards 5.48% 5% $19.78M
Steakhouse Prime USDTV2Steakhouse Financial · Ethereum · $74.96M $74.96M74.97M USDT 4.30% 3.37% 0% $11.48M
Steakhouse USDCSteakhouse Financial · Ethereum · $66.30M $66.30M66.31M USDC 4.40% 4.10% 5% $47.29M
sky.money USDT SavingsV2Sky Money · Ethereum · $63.20M $63.20M63.21M USDT 4.67%incl. 0.82% rewards 2.98% 0% $5.58M
Sentora Huma PST MainV2Sentora · Ethereum · $45.67M $45.67M45.68M PYUSD 8.00%incl. 2.45% rewards 5.19% 15% $4.84M
Wintermute USDC SelectV2Armitage by Wintermute · Ethereum · $43.91M $43.91M43.91M USDC 5.05% 5.07% 0% $20.65M
Steakhouse High Yield USDCV2Steakhouse Financial · Ethereum · $42.46M $42.46M42.46M USDC 5.53% 5.42% 5% $2.50M

Largest markets on Ethereum

The top 15 of 224 by supply

All markets →
Largest Morpho markets on Ethereum
Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / USDCEthereum · LLTV 86% $338.3M338.34M USDC 4.50% $305.2M$704.4M collateral 5.00% 90.2%
kBTC / RLUSDEthereum · LLTV 86% $220.0M220.00M RLUSD 3.32% $199.0M$300.3M collateral 3.68% 90.4%
PRIME / PYUSDEthereum · LLTV 86% $208.2M208.20M PYUSD 3.99% $180.8M$249.0M collateral 4.61% 86.9%
kBTC / PYUSDEthereum · LLTV 86% $162.9M162.88M PYUSD 6.96% $151.9M$242.2M collateral 7.48% 93.2%
WBTC / USDCEthereum · LLTV 86% $127.6M127.60M USDC 4.54% $115.1M$253.8M collateral 5.04% 90.2%
wstETH / USDTEthereum · LLTV 86% $127.1M127.10M USDT 4.37% $115.6M$414.1M collateral 4.81% 91.0%
PT-reUSD-10DEC2026 / USDCEthereum · LLTV 91.5% $117.6M117.58M USDC 6.24% $97.87M$121.1M collateral 7.55% 83.2%
weETH / RLUSDEthereum · LLTV 86% $104.9M104.92M RLUSD 3.77% $94.46M$150.5M collateral 4.20% 90.0%
sUSDe / PYUSDEthereum · LLTV 91.5% $103.3M103.33M PYUSD 3.66% $92.74M$106.2M collateral 4.08% 89.8%
wstETH / WETHEthereum · LLTV 96.5% $96.39M35.88K WETH 2.01% $87.24M$95.51M collateral 2.22% 90.5%
WBTC / USDTEthereum · LLTV 86% $84.98M85.00M USDT 4.09% $77.07M$156.3M collateral 4.52% 90.7%
weETH / PYUSDEthereum · LLTV 86% $73.56M73.57M PYUSD 5.28% $66.71M$108.0M collateral 5.84% 90.7%
sUSDS / USDTEthereum · LLTV 96.5% $63.60M63.61M USDT 3.86% $58.02M$63.12M collateral 4.23% 91.2%
syrupUSDC / PYUSDEthereum · LLTV 91.5% $56.87M56.88M PYUSD 4.64% $51.36M$58.71M collateral 5.15% 90.3%
PST / PYUSDEthereum · LLTV 86% $45.03M45.04M PYUSD 6.60% $40.83M$59.67M collateral 7.30% 90.7%

Morpho on Ethereum: quick answers

How big is Morpho on Ethereum?

$2.71B is supplied and $2.42B borrowed across 224 markets listed in the Morpho app on Ethereum, and 162 vaults hold $3.05B.

What is the best vault yield on Morpho Ethereum?

Among vaults with at least $1M deposited, KPK wARS Yield pays the most right now: 22.55% net APY. The largest vault, Paypal USD Main, pays 7.04%.

Where is borrowing cheapest on Morpho Ethereum?

EURCV against mGLOeuro costs 0.62% a year, the lowest among markets with at least $250K available to borrow.

What is the largest Morpho market on Ethereum?

cbBTC / USDC with $338.3M supplied. Borrowers there pay 5.00% and lenders earn 4.50%.

Other networks: Base, Robinhood Chain, Arc, Monad, HyperEVM, Katana, Stable, Tempo. Or compare them all on the networks page.