Protocol Deep Dive
Per-protocol market breakdown, rates, and historical liquidity across the four tracked Ethereum lending protocols. Source: DefiLlama Yields.
Morphoisolated
Permissionless isolated lending primitives. Each market is a single (loan, collateral, LLTV, oracle, IRM) tuple. Vaults aggregate across markets.
Total Supply
$6.08B
▼$31.58M24h
↓ 26% from Sep 2025 peak ($8.21B)
Total Borrows
$2.30B
▲$12.36M24h
↓ 26% from Sep 2025 peak ($3.12B)
Available Liquidity
$3.79B
▼$43.94M24h
↓ 26% from Sep 2025 peak ($5.08B)
Utilization
37.8%542 markets
Idle Ratio
62.2%vault capital sitting unallocated
DefiLlamaDefiLlama Yields aggregate · refreshes every few hours.
Morpho · Total Supply by Asset
USDC
WSTETH
CBBTC
USDT
WBTC
PYUSD
WEETH
Other
Morpho · Total Borrows by Asset
USDC
WSTETH
CBBTC
USDT
WBTC
PYUSD
WEETH
Other
Morpho · Top Vaults by Total Supply
Top 15
Vaults1–20 of 122, sorted by Total Supply · click a row for details
| # | Vault | Total Supply | Net APY | Share |
|---|---|---|---|---|
| 1 | SenTest1SENPYUSD Re7 · PYUSD | $246.45M | 2.19% | |
| 2 | SENPYUSDMAIN | $246.45M | 1.17%+3.54% | |
| 3 | SENRLUSDV2 | $167.89M | 1.93%+3.40% | |
| 4 | Sentora RLUSDSENRLUSD Curator · Sentora | $167.89M | 1.89% | |
| 5 | Gauntlet USDC PrimeGTUSDC Curator · Gauntlet | $150.76M | 3.63% | |
| 6 | Steakhouse USDCSTEAKUSDC Curator · Steakhouse Financial | $131.50M | 3.50% | |
| 7 | Steakhouse USDTSTEAKUSDT Curator · Steakhouse Financial | $124.49M | 11.86% | |
| 8 | SKYMONEYUSDTSAVINGS | $119.76M | 6.32%+0.65% | |
| 9 | GTUSDCP | $100.69M | 3.62% | |
| 10 | Steakhouse Ethena USDtbSTEAKUSDTBETHENA Curator · Steakhouse Financial | $85.16M | 1.76%+3.40% | |
| 11 | BBQSUDCRESERVOIR | $63.86M | 3.43%+2.36% | |
| 12 | Steakhouse USDCSTEAKUSDC Curator · Steakhouse Financial | $55.76M | 3.51% | |
| 13 | Steakhouse EURCVSTEAKEURCV Core | $55.16M | 3.50% | |
| 14 | SKYMONEYUSDSFLAGSHIP | $50.20M | 0.33%+4.46% | |
| 15 | Steakhouse EURCVSTEAKEURCV Core | $50.19M | 0.15% | |
| 16 | Sentora PYUSD CoreSENPYUSDCORE Curator · Sentora | $50.18M | 1.96% | |
| 17 | SENPYUSDCOREV2 | $50.16M | 1.97% | |
| 18 | Vault Bridge USDCVBSHUSDC Curator · Steakhouse Financial | $45.38M | 3.99% | |
| 19 | Vault Bridge WBTCVBGTWBTC Curator · Gauntlet | $38.42M | 0.01% | |
| 20 | Steakhouse USDTSTEAKUSDT Curator · Steakhouse Financial | $37.96M | 13.86% |
Page 1 of 7
Curator ConcentrationCurated TVL · $1.50B
HHI3,038highly concentratedantitrust convention: <1,500 competitive · 1,500–2,500 moderate · >2,500 highly concentrated
Steakhouse Financial37.0%
Sentora31.0%
Gauntlet26.4%
Hakutora1.6%
Clearstar0.7%
Other (14 curators)3.2%
Steakhouse Financial, Sentora, and Gauntlet together hold 94.5% of curated TVL across 19 curators.
Morpho Curator Leaderboard· 20 curators · $1.56B aggregate · $1.50B curated
| # | Curator | TVL↓ | Vaults | Assets | Wgtd Net APY | Top Vault | Share |
|---|---|---|---|---|---|---|---|
| 1 |  Steakhouse Financial | $554.35M | 16 | 9 | 4.81% | steakUSDC | 35.5% |
| 2 |  Sentora | $464.55M | 3 | 2 | 2.06% | senPYUSD | 29.7% |
| 3 |  Gauntlet | $395.47M | 20 | 10 | 3.74% | gtUSDC | 25.3% |
| 4 | Uncurated | $66.27M | 244 | 38 | —* | adpUSDC | 4.2% |
| 5 |  Hakutora | $23.96M | 2 | 2 | 5.79% | hUSDC | 1.5% |
| 6 |  Clearstar | $10.49M | 4 | 2 | —* | CSUSDC | 0.7% |
| 7 |  MEV Capital | $9.78M | 5 | 4 | 14.34% | USUALUSDC+ | 0.6% |
| 8 |  AlphaPing | $9.71M | 2 | 2 | 6.27% | aUSDC | 0.6% |
| 9 |  Api3 | $8.06M | 2 | 1 | 3.56% | Api3CoreUSDC | 0.5% |
| 10 |  August Digital | $7.88M | 2 | 2 | —* | augustAUSD | 0.5% |
| 11 |  Hyperithm | $3.77M | 4 | 3 | 6.16% | hyperUSDCa | 0.2% |
| 12 |  Yearn | $2.93M | 3 | 2 | 5.31% | ymvOG-USDC | 0.2% |
| 13 |  SparkDAO | $1.75M | 1 | 1 | 4.22% | sparkUSDCbc | 0.1% |
| 14 |  RE7 Labs | $1.56M | 7 | 6 | 3.23% | Re7WETH | 0.1% |
| 15 |  SingularV | $1.19M | 2 | 2 | —* | svETH | 0.1% |
* weighted APY above 50% hidden as a visual outlier — typically a small vault whose APY computation is dominated by a single underlying market with a transient rate spike.
The long tail
244 uncurated MetaMorpho vaults hold $66.27M across 38 unique assets — the long tail of permissionless market creation. These are vaults without a registered curator, often experimental or single-allocator mandates. Worth tracking for early-stress signals.
MarketsTop 50 of 50 isolated markets · $4.77B total supply · click a row for details
| # | Market | Supply ▼ | Borrow | Util | Supply APY | Borrow APY | LLTV | Bar |
|---|---|---|---|---|---|---|---|---|
| 1 | BONDUSD / USR | $1.71B | $1.71B | 100.0% | 41829.73% | 41829.73% | 95% | |
| 2 | PAXG / USDC | $628.31M | $628.31M | 100.0% | 297995.80% | 297995.80% | 92% | |
| 3 | sdeUSD / USDC | $334.57M | $334.57M | 100.0% | 297995.80% | 297995.80% | 92% | |
| 4 | cbBTC / USDC | $271.85M | $246.11M | 90.5% | 3.84% | 4.25% | 86% | |
| 5 | wstETH / USDT | $177.52M | $169.64M | 95.6% | 9.73% | 10.20% | 86% | |
| 6 | WBTC / USDC | $156.97M | $142.10M | 90.5% | 3.84% | 4.25% | 86% | |
| 7 | sUSDe / PYUSD | $144.25M | $120.30M | 83.4% | 2.25% | 2.70% | 92% | |
| 8 | sUSDS / USDT | $120.35M | $107.76M | 89.5% | 3.00% | 3.36% | 97% | |
| 9 | wstETH / WETH | $100.62M | $90.08M | 89.5% | 2.11% | 2.36% | 97% | |
| 10 | sUSDe / USDtb | $85.17M | $71.54M | 84.0% | 1.85% | 2.21% | 92% | |
| 11 | wsrUSD / USDC | $69.09M | $62.42M | 90.3% | 4.14% | 4.60% | 95% | |
| 12 | WBTC / USDT | $62.14M | $59.38M | 95.6% | 9.73% | 10.20% | 86% | |
| 13 | weETH / PYUSD | $61.32M | $55.13M | 89.9% | 2.42% | 2.70% | 86% | |
| 14 | weETH / WETH | $59.77M | $45.77M | 76.6% | 2.11% | 2.76% | 95% | |
| 15 | AA_FalconXUSDC / USDC | $52.41M | $47.00M | 89.7% | 5.23% | 5.85% | 77% | |
| 16 | syrupUSDC / RLUSD | $52.40M | $45.76M | 87.3% | 3.27% | 3.76% | 92% | |
| 17 | weETH / RLUSD | $48.78M | $39.84M | 81.7% | 2.01% | 2.47% | 86% | |
| 18 | wstETH / USDC | $46.65M | $42.49M | 91.1% | 4.43% | 4.87% | 86% | |
| 19 | USDT / USDT | $46.56M | $46.56M | 100.0% | 42123.71% | 42123.71% | 98% | |
| 20 | — / RLUSD | $43.27M | $0.00 | 0.0% | 0.00% | 0.00% | 0% | |
| 21 | — / EURCV | $39.63M | $0.00 | 0.0% | 0.00% | 0.00% | 0% | |
| 22 | — / WBTC | $33.43M | $0.00 | 0.0% | 0.00% | 0.00% | 0% | |
| 23 | PT-apyUSD-18JUN2026 / USDC | $26.30M | $24.62M | 93.6% | 10.30% | 11.04% | 86% | |
| 24 | LBTC / PYUSD | $25.30M | $22.77M | 90.0% | 2.36% | 2.62% | 86% | |
| 25 | cbBTC / PYUSD | $22.23M | $19.07M | 85.8% | 2.16% | 2.52% | 86% | |
| 26 | PT-apxUSD-18JUN2026 / USDC | $21.36M | $17.82M | 83.4% | 6.42% | 7.74% | 86% | |
| 27 | — / PYUSD | $20.78M | $0.00 | 0.0% | 0.00% | 0.00% | 0% | |
| 28 | msY / USDC | $20.23M | $18.50M | 91.5% | 13.36% | 14.69% | 86% | |
| 29 | stcUSD / USDT | $19.31M | $18.15M | 94.0% | 9.62% | 10.27% | 92% | |
| 30 | wstETH / WETH | $19.02M | $16.98M | 89.3% | 1.98% | 2.23% | 95% | |
| 31 | sUSDat / AUSD | $17.95M | $16.48M | 91.8% | 6.44% | 7.03% | 86% | |
| 32 | syrupUSDC / AUSD | $17.65M | $14.72M | 83.4% | 3.05% | 3.66% | 92% | |
| 33 | stUSDS / USDC | $17.52M | $15.76M | 90.0% | 5.05% | 5.62% | 86% | |
| 34 | mF-ONE / USDC | $16.35M | $13.95M | 85.4% | 6.44% | 7.59% | 92% | |
| 35 | PT-reUSD-25JUN2026 / USDC | $15.31M | $14.04M | 91.7% | 10.84% | 11.89% | 92% | |
| 36 | syrupUSDC / PYUSD | $15.02M | $13.54M | 90.2% | 3.69% | 4.10% | 92% | |
| 37 | cbBTC / RLUSD | $14.69M | $13.22M | 90.0% | 2.28% | 2.53% | 86% | |
| 38 | siUSD / msUSD | $14.39M | $12.98M | 90.2% | 4.32% | 4.80% | 92% | |
| 39 | PT-reUSD-25JUN2026 / USDT | $14.15M | $13.10M | 92.6% | 9.61% | 10.42% | 92% | |
| 40 | — / USDT | $13.79M | $0.00 | 0.0% | 0.00% | 0.00% | 0% | |
| 41 | wstUSR / USDC | $11.25M | $11.25M | 100.0% | 297993.53% | 297993.80% | 92% | |
| 42 | sUSDS / AUSD | $10.65M | $9.62M | 90.3% | 3.10% | 3.43% | 95% | |
| 43 | cbBTC / EURCV | $10.53M | $8.64M | 82.1% | 0.73% | 0.89% | 86% | |
| 44 | cbBTC / USDT | $10.15M | $9.36M | 92.2% | 3.91% | 4.25% | 86% | |
| 45 | wstETH / RLUSD | $8.74M | $6.91M | 79.1% | 1.91% | 2.42% | 86% | |
| 46 | OETH / USDC | $8.44M | $7.68M | 91.0% | 6.40% | 7.06% | 86% | |
| 47 | sUSN / USDC | $8.40M | $7.62M | 90.7% | 9.80% | 10.86% | 86% | |
| 48 | siUSD / USDC | $8.24M | $7.12M | 86.5% | 4.55% | 5.28% | 92% | |
| 49 | USDT / USDT | $8.17M | $8.17M | 100.0% | 42132.42% | 42132.42% | 95% | |
| 50 | wsrUSD / USDT | $7.85M | $7.39M | 94.1% | 9.61% | 10.24% | 95% |
Each market is a single (loan, collateral, LLTV, oracle, IRM) tuple — Morpho's lending primitive. Vaults aggregate across these markets; the Vaults table above ranks the aggregator pools.
As of just now · DefiLlama + on-chain · live load