KPK ETH Yield on Ethereum
V2A Morpho V2 vault on Ethereum that lends out WETH deposits, curated by KPK. Depositors earn 2.95% a year right now after a 0% performance fee.
Data from Morpho's API · updated
Net APY
2.95%
after fees, paid to depositors
30-day APY
2.90%
7-day 2.77%, from the share price
Deposits
$1.98M
984.09 WETH
Withdrawable now
$420K
21% of deposits
Performance fee
0%
of the interest earned
Depositors
80
largest holds 23.7%
KPK ETH Yield 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 |
|---|---|---|
| savETH / WETHLLTV 91.5% | $1.56M | 75.1% |
| wstETH / WETHLLTV 96.5% | $458K | 22.1% |
| weETH / WETHLLTV 94.5% | $57.9K | 2.8% |
| tETH / WETHLLTV 91.5% · under $1,000, not tracked here | $36.00 | <0.01% |
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
| savETH | 75.0% |
|---|---|
| wstETH | 18.9% |
| weETH | 6.1% |
Returns over time
Net APY actually earned over each period, from the share price: after fees, without token rewards
| Last day | 2.51% |
|---|---|
| Last 7 days | 2.77% |
| Last 30 days | 2.90% |
| Last 90 days | 2.95% |
Who controls this vault
| Curator | KPK |
|---|---|
| Owner | 0x8b88…A5375-of-8 multisig |
| Timelock to raise a cap | 3 dayswait before more can go into a market |
| Timelock to add an adapter | 3 dayswait before a new kind of investment |
| Timelock to raise fees | 14 days |
| Allocators | 4addresses that move money between markets |
| Sentinels | 1can pull money back or cut caps in an emergency |
| Pending changes | 4IncreaseRelativeCap from April 21, 2026; IncreaseRelativeCap from April 21, 2026; IncreaseAbsoluteCap from April 21, 2026 |
| Created | December 30, 2025 |
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 | 2.95% |
| Vault contract | 0x5dbf…7725 |
| WETH token | 0xC02a…6Cc2 |
| Network | Ethereum |
The curator's description: "A ETH vault with 24h automation targeting a balanced risk profile. Allocations are continuously rebalanced across incentive-rich markets on Ethereum with strict caps in place to preserve liquidity and mitigate risk."
Largest depositors
80 addresses hold shares in this vault
| Address | Deposit | Share of vault |
|---|---|---|
| 0x1E7d…dC79 | $470K | 23.7% |
| 0x2291…2B3c | $233K | 11.7% |
| 0x7279…E7Ab | $210K | 10.6% |
| 0xfAa9…5bF7 | $192K | 9.7% |
| 0xE252…637B | $145K | 7.3% |
| 0x2747…4940 | $117K | 5.9% |
| 0x1827…3359 | $116K | 5.9% |
| 0x8154…4AD2 | $82.9K | 4.2% |
| 0x9CA9…c231 | $70.6K | 3.6% |
| 0x6392…9b1e | $66.8K | 3.4% |
When a few addresses hold most of a vault, one large withdrawal can use up the liquidity that is free right now.
About KPK ETH Yield
KPK ETH Yield is a Morpho V2 vault on Ethereum, created on December 30, 2025. It takes WETH deposits and lends them to borrowers in 4 Morpho markets. The curator, KPK, decides which markets it may use and how much can go into each.
It holds $1.98M (984.09 WETH) from 80 depositors and pays a net APY of 2.95% after its 0% performance fee. Over the last 30 days depositors actually earned 2.90% a year.
Its largest position is savETH / WETH at 75% of its deposits, followed by wstETH / WETH (22%) and weETH / WETH (3%). Counting every market, its loans are backed mainly by savETH (75%), wstETH (19%) and weETH (6%). 21% of deposits could be withdrawn right now.
Adding a market or raising how much can go into one waits behind a timelock of 3 days, which gives depositors time to leave first. The owner is a 5-of-8 multisig wallet. Morpho's app shows no warnings for this vault.
KPK ETH Yield: quick answers
What is the APY of KPK ETH Yield on Ethereum?
KPK ETH Yield pays 2.95% net APY right now, after its fees. Measured from the growth of its share price, it paid 2.90% over the last 30 days. The rate changes every day with what its borrowers pay.
What does KPK ETH Yield lend against?
It lends WETH through 4 Morpho markets. The biggest is savETH / WETH with 75% of its deposits. Overall its loans are backed mainly by savETH (75%), wstETH (19%) and weETH (6%).
Can I withdraw from KPK ETH Yield right now?
About $420K of its $1.98M in deposits (21%) 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 KPK ETH Yield and what does it charge?
KPK curates it. It keeps 0% of the interest earned as a performance fee. The net APY shown is after these fees.
What are the risks of KPK ETH Yield?
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 3 days. This is not advice.
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