Kabu WETH on Base
V2A Morpho V2 vault on Base that lends out WETH deposits, curated by Api3. Depositors earn 1.71% a year right now after a 5% performance fee.
Data from Morpho's API · updated
Net APY
1.71%
after fees, paid to depositors
30-day APY
1.62%
7-day 1.60%, from the share price
Deposits
$1.47M
729.35 WETH
Withdrawable now
$547K
37% of deposits
Performance fee
5%
of the interest earned
Depositors
14
largest holds 114.9%
Kabu WETH APY history
Net APY earned each day, from the vault's share price: after fees, without token rewards
| Day | Deposits | Net APY |
|---|
Deposits over time
Where the money goes
The markets this vault lends to right now, largest first
| Market | Lent | Share |
|---|---|---|
| wstETH / WETHLLTV 94.5% | $1.58M | 93.5% |
| VVV / WETHLLTV 62.5% | $99.2K | 5.9% |
| MORPHO / WETHLLTV 77% | $4.7K | 0.3% |
| cbHYPE / WETHLLTV 77% · under $1,000, not tracked here | $1.7K | 0.1% |
| cbDOGE / WETHLLTV 77% | $1.6K | 0.1% |
| cbXRP / WETHLLTV 77% · under $1,000, not tracked here | $1.1K | 0.1% |
| AERO / WETHLLTV 77% · under $1,000, not tracked here | $1.0K | 0.1% |
| VIRTUAL / WETHLLTV 77% | $520 | 0.0% |
| cbLTC / WETHLLTV 77% · under $1,000, not tracked here | $453 | 0.0% |
| cbZEC / WETHLLTV 77% · under $1,000, not tracked here | $319 | 0.0% |
The curator decides which markets the vault may use and how much it may put in each (the cap). Allocators then move money between those markets within the caps. How vaults work.
What the loans are backed by
Share of this vault's lending by the collateral borrowers put up
| wstETH | 83.4% |
|---|---|
| VVV | 15.7% |
| MORPHO | 0.6% |
| VIRTUAL | 0.1% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 1.72% |
|---|---|
| Last 7 days | 1.60% |
| Last 30 days | 1.62% |
Who controls this vault
| Curator | Api3 |
|---|---|
| Owner | 0x26d9…B0683-of-5 multisig |
| Timelock to raise a cap | 7 dayswait before more can go into a market |
| Timelock to add an adapter | 7 dayswait before a new kind of investment |
| Timelock to raise fees | None |
| Allocators | 2addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Created | August 4, 2026 |
Timelocks give depositors time to leave before a change they dislike takes effect. Morpho risks explained.
Details
| Deposit asset | WETHprice $2.0K |
|---|---|
| Vault version | Morpho Vault V2 |
| APY before fees | 1.81% |
| Vault contract | 0x4D72…4E01 |
| WETH token | 0x4200…0006 |
| Network | Base |
The curator's description: "Long-tail done safely. Api3 oracles deliver granular price updates. Morpho-native partial liquidations allow graceful winddowns. Kabu WETH allows allocation to market that are too risky for others."
Largest depositors
14 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x26d9…B068 | $1.69M | 114.9% |
| 0xE748…F0Aa | $279 | 0.0% |
| 0xc171…E94b | $88.00 | <0.01% |
| 0x242c…3DA5 | $65.00 | <0.01% |
| 0x7f73…5597 | $35.00 | <0.01% |
| 0xEA8e…734f | $29.00 | <0.01% |
| 0x5ad4…c027 | $23.00 | <0.01% |
| 0xf3c7…66ED | $23.00 | <0.01% |
| 0x70b2…64DC | $15.00 | <0.01% |
| 0x0C29…cCbE | $12.00 | <0.01% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About Kabu WETH
Kabu WETH is a Morpho V2 vault on Base, created on August 4, 2026. It takes WETH deposits and lends them to borrowers in 10 Morpho markets. The curator, Api3, decides which markets it may use and how much can go into each.
It holds $1.47M (729.35 WETH) from 14 depositors and pays a net APY of 1.71% after its 5% performance fee. Over the last 30 days depositors actually earned 1.62% a year.
Its largest position is wstETH / WETH at 93% of its deposits, followed by VVV / WETH (6%) and MORPHO / WETH (0%). Counting every market, its loans are backed mainly by wstETH (83%) and VVV (16%). 37% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 7 days, which gives depositors time to leave first. The owner is a 3-of-5 multisig wallet. Morpho's app shows no warnings for this vault.
Kabu WETH: quick answers
What is the APY of Kabu WETH on Base?
Kabu WETH pays 1.71% net APY right now, after its fees. Measured from the growth of its share price, it paid 1.62% over the last 30 days. The rate changes every day with what its borrowers pay.
What does Kabu WETH lend against?
It lends WETH through 10 Morpho markets. The biggest is wstETH / WETH with 93% of its deposits. Overall its loans are backed mainly by wstETH (83%) and VVV (16%).
Can I withdraw from Kabu WETH right now?
About $547K of its $1.47M in deposits (37%) could be withdrawn immediately. The rest is lent out and frees up as borrowers repay or as higher rates bring in new lenders.
Who runs Kabu WETH and what does it charge?
Api3 curates it. It keeps 5% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of Kabu WETH?
Like every Morpho vault, it can lose money if a borrower's collateral crashes faster than it can be liquidated, if a price oracle fails, or through a smart contract bug. Withdrawals can wait when its markets are fully borrowed. Adding a market or raising a cap waits behind a timelock of 7 days. This is not advice.
Other WETH vaults
The same deposit asset, other curators and networks
