Morpho Vaults, Markets & Live APY
Vaults, variable rate markets and fixed rate markets — live protocol data
Morpho is a decentralized lending protocol built on Morpho Blue, where users earn yield by depositing into vaults and borrowing against collateral in variable and fixed rate markets. This page tracks live Morpho vault data across Ethereum, Base, Monad, Robinhood Chain and more: deposits, liquidity, net APY, performance fees, curators and market exposure.
| Network | Vault | Deposits▼ | Liquidity | Exposure | Curator | APY | Performance Fee | Creation Date |
|---|---|---|---|---|---|---|---|---|
 Robinhood Chain |  Steakhouse USDG steakUSDG · V2 | 539.88M USDG $539.88M | 59.64M USDG $59.64M |     +6 | 0x043a…fd03 | 3.91% | 0% | May 29, 2026 |
 Base |  Grove x Steakhouse USDC grove-steakUSDC · V2 | 527.96M USDC $527.96M | 287.42M USDC $287.42M |   | 0x043a…fd03 | 4.50% | 0% | Aug 31, 2026 |
 Ethereum |  Sentora x Spark RLUSD sxsRLUSD · V2 | 500.00M RLUSD $500.00M | 464.47M RLUSD $464.47M |  | 0x9e39…aac0 | 0.23% | 10% | Sep 1, 2026 |
| Base | Steakhouse High Yield USDC Edition sirloinUSDC · V2 | 459.87M USDC $459.87M | 40.89M USDC $40.89M |  +7 | 0x043a…fd03 | 3.29% | 25% | May 1, 2026 |
| Ethereum | Sentora RLUSD Main senRLUSDv2 · V2 | 421.76M RLUSD $421.76M | 29.14M RLUSD $29.14M |    +6 | 0x9e39…aac0 | 5.67% | 10% | Mar 4, 2026 |
| Base | Gauntlet USDC Prime gtUSDCp · V1 | 399.04M USDC $399.04M | — — |   | 0x9e33…0585 | 4.51% | 0% | Jun 3, 2024 |
| Base | Spark USDC Vault sparkUSDC · V1 | 371.91M USDC $371.91M | — — | | 0x0f96…46a3 | 4.05% | 10% | Dec 30, 2024 |
| Ethereum |  Paypal USD Main senPYUSDmain · V2 | 357.44M PYUSD $357.44M | 40.34M PYUSD $40.34M |   +6 | 0x9e39…aac0 | 5.48% | 0% | Dec 16, 2025 |
| Base | Gauntlet USDC Prime gtusdcp · V2 | 229.21M USDC $229.21M | 223.87M USDC $223.87M | | 0x256d…7cf9 | 4.50% | 0% | Oct 22, 2025 |
| Ethereum | Sentora PRIME Main senPYUSDPRIMEv2 · V2 | 193.63M PYUSD $193.63M | 3.97M PYUSD $3.97M |  | 0x9e39…aac0 | 6.07% | 15% | May 8, 2026 |
| Ethereum |  Steakhouse Prime EURCV steakEURCV · V2 | 158.01M EURCV $158.01M | 111.44M EURCV $111.44M |  +2 | 0x043a…fd03 | 3.00% | 0% | Dec 15, 2025 |
| Base | Steakhouse Prime USDC steakUSDC · V2 | 136.18M USDC $136.18M | 123.04M USDC $123.04M | | 0x043a…fd03 | 4.50% | 0% | Oct 27, 2025 |
| Ethereum | Steakhouse Prime USDC steakUSDC · V2 | 134.99M USDC $134.99M | 42.31M USDC $42.31M | +1 | 0x043a…fd03 | 4.51% | 0% | Oct 27, 2025 |
| Ethereum | Gauntlet USDC Prime gtusdcp · V2 | 109.21M USDC $109.21M | 44.20M USDC $44.20M | | 0x256d…7cf9 | 4.50% | 0% | Sep 30, 2025 |
| Base | Steakhouse USDC steakUSDC · V1 | 104.74M USDC $104.74M | — — | | 0x827e…ecdb | 3.36% | 25% | May 31, 2024 |
| Base | Ethena x Steakhouse USDC ethenaUSDC · V2 | 100.90M USDC $100.90M | 40.87M USDC $40.87M | | 0x043a…fd03 | 3.89% | 5% | Jun 12, 2026 |
| Ethereum | Sentora Huma PST Main senPYUSDPST · V2 | 88.14M PYUSD $88.14M | 3.13M PYUSD $3.13M |  | 0x9e39…aac0 | 6.72% | 15% | Aug 14, 2026 |
 Arbitrum | Steakhouse USDG Pro bbqUSDG · V2 | 78.96M USDG $78.96M | 12.78M USDG $12.78M | | 0x043a…fd03 | 7.55% | 10% | Oct 6, 2026 |
| Ethereum |  Steakhouse Prime USDT steakUSDT · V2 | 76.51M USDT $76.51M | 22.75M USDT $22.75M |  +2 | 0x043a…fd03 | 3.01% | 0% | Nov 29, 2025 |
| Ethereum | Steakhouse USDT steakUSDT · V1 | 74.58M USDT $74.58M | — — |  +3 | 0x827e…ecdb | 2.86% | 5% | Jan 19, 2024 |
| Ethereum | Steakhouse USDC steakUSDC · V1 | 66.72M USDC $66.72M | — — |  +3 | 0x827e…ecdb | 4.29% | 5% | Jan 3, 2024 |
| Arbitrum | Gauntlet USDG Premium gtusdgp · V2 | 57.09M USDG $57.09M | 53.28K USDG $53.28K | ![GLV [USDG-USDG]](https://cdn.morpho.org/assets/logos/glvusdg-usdg.svg){kind=small} | 0x256d…7cf9 | 7.71% | 10% | Oct 1, 2026 |
| Ethereum | sky.money USDT Savings skyMoneyUsdtSavings · V2 | 54.00M USDT $54.00M | 5.47M USDT $5.47M | | 0x3f32…1bba | 3.68% | 0% | Mar 2, 2026 |
| Ethereum | Grove x Steakhouse USDC grove-bbqUSDC · V2 | 51.74M USDC $51.74M | 1.95M USDC $1.95M |  +1 | 0x043a…fd03 | 4.50% | 0% | Jan 11, 2026 |
| Ethereum | Spark Blue Chip USDT Vault sparkUSDTbc · V2 | 47.18M USDT $47.18M | 22.72M USDT $22.72M | | 0x0f96…46a3 | 2.70% | 10% | Apr 2, 2026 |
Related Guides
Learn the concepts behind the data on this page.
What is Morpho?
Morpho is an on-chain DeFi lending protocol. Instead of pooling all assets together, Morpho Blue uses isolated markets, each with one collateral asset, one loan asset, an oracle and a liquidation threshold. Vaults sit on top of these markets: a curator picks which markets a vault lends into, and depositors earn the combined yield without managing positions themselves.
How Morpho Vaults Work
When you deposit into a Morpho vault, your funds are allocated by the vault's curator across several Morpho Blue markets. The net APY you see is the yield from those markets after the vault's performance fee. Vault liquidity shows how much can be withdrawn right now, and exposure shows which collateral assets back the loans.
Morpho Curators
Curators are teams that build and manage Morpho vaults. They choose markets, set risk limits and earn a performance fee on the yield. Use the Curator filter above to compare vaults by curator, and check each vault's exposure and liquidity before depositing.
Variable vs Fixed Rate Markets
Variable rate markets adjust the borrow and supply rate with utilization, which is why USDC lending rates and other stablecoin yields move over time. Fixed rate markets lock in a rate for a set term. Switch between the tabs above to compare both — see Morpho variable rate markets and Morpho Midnight fixed rate markets.
Morpho Fees and Liquidations
Morpho vaults may charge a performance fee (and sometimes a management fee), shown in the table for each vault. In Morpho markets, a borrower is liquidated when their loan-to-value passes the market's liquidation threshold (LLTV). Liquidators repay part of the debt and receive the collateral at a discount. For protocol-wide fee numbers, see Morpho fees and revenue.
Morpho Chains
Morpho vaults and markets live on 12+ chains, including Ethereum, Base, Monad, Katana and Robinhood Chain. Use the Network filter to see vaults on a single chain.