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

$2.70B

238 markets

Borrowed

$2.37B

87.8% of supply

Deposited in vaults

$3.19B

168 vaults

Collateral posted

$3.69B

backing the loans

Best vault yields on Ethereum

Highest net APY with at least $1M deposited

VaultNet APYDeposits
KPK wARS YieldEthereum · KPK 24.50%incl. 24.39% rewards $6.07M
Api3 dCOMP USDCEthereum · Api3 10.48% $8.69M
Yearn OG USDCEthereum · Yearn 10.36% $10.03M
RockawayX Confidential RWA USDCEthereum · RockawayX 10.28% $18.18M
RockawayX Tori EcosystemEthereum · RockawayX 10.05% $14.11M
Gauntlet DAI CoreEthereum · Gauntlet 9.85% $2.04M

Cheapest borrowing on Ethereum

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

MarketBorrow APYAvailable
siUSD / msUSDEthereum · LLTV 91.5% 0.31% $898K
yoUSD / USDCEthereum · LLTV 86% 0.73% $813K
EUTBL / EURCVEthereum · LLTV 96.5% 1.77% $290K
WBTC / EURCVEthereum · LLTV 86% 2.00% $259K
cbBTC / EURCVEthereum · LLTV 86% 2.02% $1.91M
wstETH / EURCVEthereum · LLTV 86% 2.02% $1.03M

Largest vaults on Ethereum

The top 15 of 168 by deposits

All vaults →
Largest Morpho vaults on Ethereum
Vault Deposits Net APY 30‑day APY Fee Withdrawable
Sentora x Spark RLUSDV2Sentora, SparkDAO · Ethereum · $500.0M $500.0M500.01M RLUSD 0.23% 0.16% 10% $464.5M
Sentora RLUSD MainV2Sentora · Ethereum · $420.4M $420.4M420.46M RLUSD 5.69%incl. 2.86% rewards 3.24% 10% $27.89M
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
Sentora PRIME MainV2Sentora · Ethereum · $187.2M $187.2M187.31M PYUSD 7.27%incl. 2.16% rewards 4.13% 15% $1.02M
Steakhouse Prime EURCVV2Steakhouse Financial · Ethereum · $158.6M $158.6M143.60M EURCV 3.00% 2.99% 0% $114.1M
Steakhouse Prime USDCV2Steakhouse Financial · Ethereum · $136.2M $136.2M136.19M USDC 4.44% 4.95% 0% $46.16M
Gauntlet USDC PrimeV2Gauntlet · Ethereum · $110.4M $110.4M110.48M USDC 4.41% 4.86% 0% $49.68M
Sentora Huma PST MainV2Sentora · Ethereum · $86.06M $86.06M86.10M PYUSD 7.54%incl. 1.99% rewards 5.03% 15% $1.72M
Steakhouse Prime USDTV2Steakhouse Financial · Ethereum · $75.64M $75.64M75.72M USDT 3.02% 3.94% 0% $22.55M
Steakhouse USDTSteakhouse Financial · Ethereum · $74.43M $74.43M74.51M USDT 2.86% 3.70% 5% $45.05M
Steakhouse USDCSteakhouse Financial · Ethereum · $66.58M $66.58M66.60M USDC 4.22% 4.69% 5% $56.18M
sky.money USDT SavingsV2Sky Money · Ethereum · $54.01M $54.01M54.07M USDT 3.86%incl. 0.72% rewards 2.85% 0% $5.38M
Grove x Steakhouse USDCV2Steakhouse Financial · Ethereum · $51.74M $51.74M51.75M USDC 4.38% 4.86% 0% $1.95M
Spark Blue Chip USDT VaultV2SparkDAO · Ethereum · $48.16M $48.16M48.21M USDT 2.70% 3.56% 10% $17.05M
Wintermute USDC SelectV2Armitage by Wintermute · Ethereum · $45.20M $45.20M45.21M USDC 5.90% 6.02% 0% $17.97M

Largest markets on Ethereum

The top 15 of 238 by supply

All markets →
Largest Morpho markets on Ethereum
Market Supplied Supply APY Borrowed Borrow APY Utilization
cbBTC / USDCEthereum · LLTV 86% $353.4M353.45M USDC 4.37% $303.7M$614.6M collateral 5.10% 85.9%
kBTC / RLUSDEthereum · LLTV 86% $255.2M255.20M RLUSD 3.33% $228.9M$315.1M collateral 3.71% 89.7%
PRIME / PYUSDEthereum · LLTV 86% $186.2M186.31M PYUSD 6.07% $169.0M$235.2M collateral 6.71% 90.8%
PT-reUSD-10DEC2026 / USDCEthereum · LLTV 91.5% $149.7M149.72M USDC 11.58% $136.4M$167.7M collateral 12.78% 91.1%
WBTC / USDCEthereum · LLTV 86% $141.6M141.59M USDC 4.48% $123.0M$227.1M collateral 5.17% 86.9%
wstETH / USDTEthereum · LLTV 86% $127.3M127.44M USDT 3.00% $104.8M$290.8M collateral 3.66% 82.3%
sUSDe / PYUSDEthereum · LLTV 91.5% $115.1M115.12M PYUSD 3.66% $101.5M$117.1M collateral 4.16% 88.2%
kBTC / PYUSDEthereum · LLTV 86% $105.6M105.65M PYUSD 3.59% $94.15M$133.4M collateral 4.03% 89.2%
WBTC / USDTEthereum · LLTV 86% $103.6M103.67M USDT 3.00% $85.24M$149.1M collateral 3.66% 82.3%
PST / PYUSDEthereum · LLTV 86% $84.33M84.38M PYUSD 6.70% $76.19M$113.2M collateral 7.44% 90.3%
weETH / RLUSDEthereum · LLTV 86% $83.17M83.18M RLUSD 3.44% $70.51M$106.0M collateral 4.07% 84.8%
syrupUSDC / PYUSDEthereum · LLTV 91.5% $65.19M65.23M PYUSD 4.04% $58.68M$65.81M collateral 4.50% 90.0%
wstETH / WETHEthereum · LLTV 96.5% $64.58M32.06K WETH 2.14% $58.42M$64.97M collateral 2.37% 90.5%
sUSDS / USDTEthereum · LLTV 96.5% $56.11M56.17M USDT 3.15% $50.73M$56.35M collateral 3.49% 90.4%
weETH / USDCEthereum · LLTV 86% $40.85M40.87M USDC 4.47% $34.55M$53.27M collateral 5.31% 84.6%

Morpho on Ethereum: quick answers

How big is Morpho on Ethereum?

$2.70B is supplied and $2.37B borrowed across 238 markets listed in the Morpho app on Ethereum, and 168 vaults hold $3.19B.

What is the best vault yield on Morpho Ethereum?

Among vaults with at least $1M deposited, KPK wARS Yield pays the most right now: 24.50% net APY (24.39% of it in token rewards, which can stop at any time). The largest vault, Sentora x Spark RLUSD, pays 0.23% net APY.

Where is borrowing cheapest on Morpho Ethereum?

msUSD against siUSD costs 0.31% a year, the lowest among markets in use with at least $250K left to borrow.

What is the largest Morpho market on Ethereum?

cbBTC / USDC with $353.4M supplied. Borrowers there pay 5.10% and lenders earn 4.37%.

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