Morpho TVL and protocol totals
The size of Morpho as a whole on 13 networks: what lenders have supplied to markets, what borrowers owe, the collateral behind those loans, and the money sitting in vaults. Total value locked (TVL) counts the cash waiting in markets, the cash vaults hold without lending it out, and the collateral posted, so money that is lent out is not counted twice. Most vault money is lent into these same markets, so vault deposits and market supply overlap rather than add up.
Data from Morpho's API · updated
Total value locked
$10.41B
cash in markets and vaults, plus collateral
Supplied in markets
$6.38B
449 markets
Borrowed
$5.57B
87.3% of supply
Collateral posted
$8.78B
backing the loans
Deposited in vaults
$6.78B
326 vaults
Available to borrow
$809.6M
cash left in markets
Supplied and borrowed over time
One point per day, in US dollars
SuppliedBorrowed
Days before September 26, 2026 are rebuilt from Morpho's own daily records for the markets listed in the Morpho app today, so markets that have since closed or been delisted are not included. From September 26, 2026 on, Morpho Watch records the totals itself every day.
By network
Click a network for its vaults and markets
Largest vaults
The top 10 by deposits
| Vault | Net APY |
|---|---|
| Steakhouse USDGV2⚠ Deposits switched offSteakhouse Financial · Robinhood Chain · $528.0M | 4.63% |
| Grove x Steakhouse USDCV2Steakhouse Financial · Base · $523.7M | 4.50% |
| Sentora x Spark RLUSDV2Sentora, SparkDAO · Ethereum · $499.9M | 0.23% |
| Steakhouse High Yield USDC EditionV2Steakhouse Financial · Base · $458.2M | 3.33% |
| Sentora RLUSD MainV2Sentora · Ethereum · $420.4M | 5.69%incl. 2.86% rewards |
| Gauntlet USDC PrimeGauntlet · Base · $398.2M | 4.50% |
| Spark USDC VaultSparkDAO · Base · $371.1M | 4.04% |
| Paypal USD MainV2Sentora · Ethereum · $355.5M | 5.49%incl. 3.16% rewards |
| Gauntlet USDC PrimeV2Gauntlet · Base · $229.7M | 4.50% |
| Sentora PRIME MainV2Sentora · Ethereum · $187.2M | 7.27%incl. 2.16% rewards |
Largest markets
The top 10 by supply
| Market | Supply APY | Borrow APY |
|---|---|---|
| cbBTC / USDCBase · LLTV 86% | 4.50% | 5.32% |
| USDe / USDGRobinhood Chain · LLTV 91.5% | 5.06% | 5.59% |
| USDe / USDCBase · LLTV 91.5% | 4.19% | 4.69% |
| cbBTC / USDCEthereum · LLTV 86% | 4.43% | 5.13% |
| kBTC / RLUSDEthereum · LLTV 86% | 3.33% | 3.71% |
| cirBTC / USDCArc · LLTV 86% | 3.44% | 3.78%−0.14% rewards |
| PRIME / PYUSDEthereum · LLTV 86% | 6.07% | 6.70% |
| PT-reUSD-10DEC2026 / USDCEthereum · LLTV 91.5% | 8.46% | 9.46% |
| WBTC / USDCEthereum · LLTV 86% | 4.44% | 5.15% |
| syrupUSDG / USDGArbitrum · LLTV 91.5% | 2.91% | 3.25% |
How these totals are counted
Totals include only the markets and vaults listed in the Morpho app, the same set shown everywhere on this site, so they are lower than figures that count every contract ever deployed. Markets where interest has run away on a fully borrowed pool are left out: their dollar figures grow by thousands of times a year on paper and would swamp the real numbers. Those markets are listed on the bad debt page. Vault deposits overlap with the supplied figure: most of a vault's money is lent into these markets, but some sits idle as cash or goes to markets the Morpho app doesn't list. Money one vault places in another vault is counted once.