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Institutional Vaults and Curators

Who curates DeFi vaults and how much they manage, how much of each large Morpho vault a depositor could withdraw today, how redemptions work, and which custodians let institutions reach these vaults. Data from DefiLlama and Morpho's public API, refreshed every day.

Short answer

As of 5 November 2026, DefiLlama tracks 95 risk curators managing $9.88B in DeFi vaults. Steakhouse Financial ($2.78B), Sentora ($2.72B) and Gauntlet ($1.54B) hold 71% of it.

Across the 15 largest listed Morpho Vault V2s, the share of deposits a holder could withdraw at once ranges from 0.2% (Gauntlet USDG Premium) to 95% (Sentora x Spark RLUSD), and 6 of the 15 have less than 15% available.

All 225 listed Vault V2s together held $5.36B, with $1.82B (34%) withdrawable straight away.

Risk curators tracked
95
DefiLlama category
Assets they manage
$9.88B
Top three curators' share
71%
Steakhouse Financial, Sentora, Gauntlet
Morpho curators
45
$7.33B managed on Morpho
Listed Morpho Vault V2s
$5.36B
225 vaults
Withdrawable now, all listed V2s
34%
$1.82B
Largest 15 V2s, withdrawable now
0.2% to 95%
lowest to highest
Largest 15 V2s under 15%
6 of 15

Updated 5 November 2026 · platform TVL updated 4 November 2026

Largest Risk Curators

Assets in the vaults each curator manages, 15 largest in DefiLlama's Risk Curators category

Steakhouse Financial$2.78BSentora$2.72BGauntlet$1.54BNonce Capital$606MRockawayX$304MHyperithm$241MK3 Capital$234MKPK$218MClearstar$189MGalaxy Curation$130MArmitage by Wintermute$111MSky Money$98MKeyrock$83.3MTulipa Capital$60.8MGami Labs$58.4M

Source: DefiLlama · Data to 5 Nov 2026 · Updated daily

Castle Labs
View the data
Assets managed
Steakhouse Financial$2.78B
Sentora$2.72B
Gauntlet$1.54B
Nonce Capital$606M
RockawayX$304M
Hyperithm$241M
K3 Capital$234M
KPK$218M
Clearstar$189M
Galaxy Curation$130M
Armitage by Wintermute$111M
Sky Money$98.03M
Keyrock$83.27M
Tulipa Capital$60.85M
Gami Labs$58.42M

Risk Curators TVL

Weekly TVL of the seven curators in the report, from January 2024

  • Gauntlet
  • Steakhouse
  • Sentora
  • MEV Capital
  • Re7 Labs
  • Block Analitica and K3 Capital
$0$2B$4B$6B$8B20252026

Source: DefiLlama · Data to week of 2 Nov 2026 · Updated daily

Castle Labs
View the data
DateGauntletSteakhouseSentoraMEV CapitalRe7 LabsBlock Analitica and K3 Capital
17 Aug 2026$1.51B$2.41B$1.99B$11.95M$84.98M$638M
24 Aug 2026$1.51B$2.43B$2B$11.86M$83.1M$610M
31 Aug 2026$1.54B$2.45B$1.97B$11.08M$85.14M$563M
7 Sep 2026$1.6B$2.46B$1.95B$11.03M$86.57M$456M
14 Sep 2026$1.64B$2.52B$1.99B$11.47M$89.63M$469M
21 Sep 2026$1.62B$2.6B$2.11B$11.6M$91.82M$449M
28 Sep 2026$1.63B$2.54B$2.49B$11.52M$94.54M$431M
5 Oct 2026$1.62B$2.34B$2.56B$10.81M$62.17M$254M
12 Oct 2026$1.6B$2.5B$2.5B$10.12M$59.52M$239M
19 Oct 2026$1.64B$2.58B$2.49B$10.01M$59.19M$230M
26 Oct 2026$1.52B$2.73B$2.59B$9.67M$54.31M$219M
2 Nov 2026$1.54B$2.79B$2.66B$9.89M$54.45M$232M

Largest risk curators

Updated 5 November 2026 · top 15 of 95
#CuratorAssets managedShare of category7d changeChains
1Steakhouse Financial$2.78B28%+3.6%Base, Ethereum, Robinhood Chain, Solana, Arbitrum
2Sentora$2.72B27%+3.1%Ethereum, Ink, Solana, Tempo
3Gauntlet$1.54B16%-5.2%Binance, Base, Ethereum, Arbitrum, Morph
4Nonce Capital$605.7M6.1%+3.1%Ethereum, Optimism
5RockawayX$304.3M3.1%+2.4%Ethereum, Solana, Monad, Pharos, Sei
6Hyperithm$240.6M2.4%-6.4%Monad, Ethereum, Arbitrum, Plasma, Solana
7K3 Capital$234.0M2.4%+5.7%Monad, Ethereum, Optimism, Arbitrum, Hyperliquid L1
8KPK$217.5M2.2%-0.3%Ethereum, dYdX, xDai, Base, Arbitrum
9Clearstar$188.8M1.9%-1.0%Flare, Base, Ethereum, Monad, Hyperliquid L1
10Galaxy Curation$129.6M1.3%+6.5%Arc, Ethereum, Base
11Armitage by Wintermute$110.8M1.1%-9.2%Ethereum
12Sky Money$98.0M1.0%-9.0%Ethereum
13Keyrock$83.3M0.8%+0.3%Arc, Ethereum
14Tulipa Capital$60.8M0.6%+1.6%Ethereum, Base, Berachain, Avalanche, BOB
15Gami Labs$58.4M0.6%-1.0%Stellar, Ethereum, Base, Flare, Avalanche

Source: DefiLlama Risk Curators. These assets also count in the TVL of the lending protocols underneath, such as Morpho, so the two should not be added.

Share Withdrawable Now, Largest Morpho Vaults

Idle assets plus what the liquidity adapter can supply, as a % of deposits, for the 15 largest listed Vault V2s

Grove x Steakhouse USDC33.7%Steakhouse USDG9.4%Sentora x Spark RLUSD94.7%Steakhouse High Yield USDC…9.6%Sentora RLUSD Main7.3%Paypal USD Main14.4%Sentora PRIME Main2%Steakhouse Prime EURCV71.1%Steakhouse Prime USDC (Base)90.7%Steakhouse Prime USDC (Eth)23.9%Gauntlet USDC Prime (Eth)33.7%Gauntlet USDC Prime (Base)92.4%Galaxy USDC25.6%Gauntlet USDG Premium0.2%Steakhouse Prime USDT27.5%

Source: Morpho API · Data to 5 Nov 2026 · Updated daily

Castle Labs
View the data
Withdrawable now
Grove x Steakhouse USDC33.7%
Steakhouse USDG9.4%
Sentora x Spark RLUSD94.7%
Steakhouse High Yield USDC…9.6%
Sentora RLUSD Main7.3%
Paypal USD Main14.4%
Sentora PRIME Main2%
Steakhouse Prime EURCV71.1%
Steakhouse Prime USDC (Base)90.7%
Steakhouse Prime USDC (Eth)23.9%
Gauntlet USDC Prime (Eth)33.7%
Gauntlet USDC Prime (Base)92.4%
Galaxy USDC25.6%
Gauntlet USDG Premium0.2%
Steakhouse Prime USDT27.5%

What “withdrawable now” means

A Morpho Vault V2 pays withdrawals from its idle cash first, then from its liquidity adapter, a market the allocator names for the vault to pull from automatically. That sum is what a depositor can take out at once. The rest sits in other markets and comes back only when the allocator or a sentinel moves it, or a depositor forces a deallocation.

On 5 November 2026, 6 of the 15 largest listed vaults had less than 15% of deposits available this way, and 34% of the $5.36B in all 225 listed Vault V2s was withdrawable straight away.

Morpho Vault V2 documentation →

The 15 largest Morpho Vault V2s

Updated 5 November 2026 · listed vaults only
#VaultCuratorChainDepositsWithdrawable nowShare withdrawableCap-raise timelock
1Grove x Steakhouse USDCUSDCSteakhouse FinancialBase$537.4M$180.9M34%7 days
2Steakhouse USDGUSDGSteakhouse FinancialRobinhood Chain$522.7M$49.1M9.4%7 days
3Sentora x Spark RLUSDRLUSDSentora, SparkDAOEthereum$500.0M$473.5M95%7 days
4Steakhouse High Yield USDC EditionUSDCSteakhouse FinancialBase$460.0M$44.1M9.6%3 days
5Sentora RLUSD MainRLUSDSentoraEthereum$430.2M$31.3M7.3%3 days
6Paypal USD MainPYUSDSentoraEthereum$356.8M$51.3M14%3 days
7Sentora PRIME MainPYUSDSentoraEthereum$195.4M$3.9M2.0%3 days
8Steakhouse Prime EURCVEURCVSteakhouse FinancialEthereum$160.6M$114.2M71%7 days
9Steakhouse Prime USDCUSDCSteakhouse FinancialBase$147.2M$133.6M91%7 days
10Steakhouse Prime USDCUSDCSteakhouse FinancialEthereum$145.8M$34.9M24%7 days
11Gauntlet USDC PrimeUSDCGauntletEthereum$103.7M$34.9M34%7 days
12Gauntlet USDC PrimeUSDCGauntletBase$99.3M$91.8M92%7 days
13Galaxy USDCUSDCGalaxy CurationArc$92.5M$23.7M26%7 days
14Gauntlet USDG PremiumUSDGGauntletArbitrum One$86.3M$161K0.2%3 days
15Steakhouse Prime USDTUSDTSteakhouse FinancialEthereum$83.3M$22.9M28%7 days

Withdrawable now is Morpho's liquidity figure: idle assets plus what the liquidity adapter can supply. Shares under 15% are in orange. The cap-raise timelock is how long the curator must wait before raising an allocation cap. Source: Morpho public API.

What the numbers say

  • Compare vaults on what you can withdraw today before comparing APY. 6 of the 15 largest Morpho Vault V2s had less than 15% of deposits withdrawable on 5 November 2026: Gauntlet USDG Premium (0.2%), Sentora PRIME Main (2.0%), Sentora RLUSD Main (7.3%), Steakhouse USDG (9.4%), Steakhouse High Yield USDC Edition (9.6%) and Paypal USD Main (14%). Anything above that slice depends on the allocator pulling funds back from the underlying markets, or on the depositor calling forceDeallocate, which can carry a penalty of up to 2%.
  • Steakhouse Financial, Sentora and Gauntlet manage 71% of the $9.88B DefiLlama counts across 95 risk curators, and they curate 14 of the 15 largest Morpho Vault V2s. Spreading deposits across several vaults from one curator still leaves one risk team making the allocation calls.
  • Check the timelock before depositing. Among the 15 largest vaults, 10 give 7 days' notice and 5 give 3 days' notice before the curator can raise an allocation cap. Morpho lets curators set timelocks from zero to three weeks, and that window is the time depositors get to exit after a riskier change is queued.

Morpho curators by assets managed

Top 10 of 45
#CuratorManaged on MorphoShare
1Steakhouse Financial$2.69B37%
2Sentora$1.63B22%
3SparkDAO$1.06B14%
4Gauntlet$925.0M13%
5Galaxy Curation$130.1M1.8%
6RockawayX$129.8M1.8%
7Armitage by Wintermute$111.3M1.5%
8Sky Money$98.0M1.3%
9Keyrock$83.3M1.1%
10Clearstar$77.6M1.1%

Morpho's figure for the assets each curator manages on Morpho. Source: Morpho public API.

Vault and lending platforms

Updated 4 November 2026
#PlatformCategoryTVL7d change
1Aave V3Ethereum, Base, ArbitrumLending$15.51B-5.9%
2Morpho BlueEthereum, Base, Robinhood ChainLending$11.20B-0.9%
3MapleBitcoin, Ethereum, RippleLending$2.62B-0.6%
4VedaInk, Ethereum, OptimismOnchain Capital Allocator$1.75B-3.8%
5ConcreteEthereum, Stable, ArbitrumOnchain Capital Allocator$1.23B-2.4%
6Kamino LendSolanaLending$1.23B-3.9%
7Fluid LendingEthereum, Arbitrum, PlasmaLending$628.2M-6.7%
8UpshiftEthereum, Stellar, FlareOnchain Capital Allocator$453.7M+3.0%
9Euler V2Monad, Ethereum, BaseLending$280.9M-1.0%
10Mellow CoreEthereum, RSK, Robinhood ChainOnchain Capital Allocator$256.0M-1.2%
11LagoonEthereum, Arbitrum, BaseOnchain Capital Allocator$158.9M-0.8%
12Yearn FinanceEthereum, Katana, BaseYield Aggregator$152.9M-1.2%
13BeefyEthereum, Base, ArbitrumYield Aggregator$99.2M-4.8%

Lending markets and vault platforms from Castle's daily vault snapshot. Source: DefiLlama.

How vault redemptions work

Instant: ERC-4626

ERC-4626, live since March 2022, gives vaults one share-token interface for deposits, mints, withdrawals and redemptions. A withdrawal settles in the same transaction, but only up to the cash the vault can reach at that moment. On a Morpho Vault V2 that is the “withdrawable now” figure above.

ERC-4626 →

Queued: ERC-7540

ERC-7540 adds request-then-claim redemptions for assets that settle offchain. A holder files a request, it stays pending, and the assets can be claimed once the vault processes it. The standard sets no fixed wait. Centrifuge pairs instant deposits with queued redemptions, and tokenised RWAs settle anywhere from T+1 to T+5.

ERC-7540 →

When the cash runs out

On Morpho Vault V2, curators and sentinels can cut caps without waiting for a timelock, and sentinels can pull funds out of markets. A depositor can call forceDeallocate to move assets from any adapter back into the vault, which can carry a penalty of up to 2%, or redeem in kind, which moves their position from the vault to one of its underlying adapters. Morpho says this means depositors are never permanently locked in.

Morpho Vault V2 →

For RWAs, Upshift was releasing Upshift Clear with Superstate when we published our vault research in May 2026: holders swap RWAs for USDC at the current reported price for a 5 bps fee. More on redemption design in Vaults: The Infrastructure Layer for Institutional Finance Onchain.

Major vault incidents and what they exposed

Incidents covered in the report, 2022 to 2026.

IncidentDateWhat happenedRisk it exposed
Venus donation attack (zkSync)March 2025About $700K of wUSDM exploited by inflating an ERC-4626 share priceSmart contract
JELLY on Hyperliquid HLPMarch 2025Manipulated memecoin position forced onto HLP; manual delisting avoided a loss of more than $13MCounterparty
Stream Finance xUSDNovember 2025$93M loss; oracle kept xUSD at $1 while it traded 70-80% lower, blocking liquidationsOracle and liquidity
Aave wstETH oracleMarch 2026A 3.3% oracle gap liquidated 34 healthy accounts for $27.78M in one blockLiquidation
Resolv USRBetween Oct 2025 and May 2026About 80M unbacked USR minted; bad debt hit 15 Morpho vaults (~$10M) and Fluid (~$21M)Oracle
KelpDAO rsETHApril 2026Contagion through Aave looping; Aave lost over $12B of TVLRehypothecation and contagion

Castle Labs, The Vaultification of Finance (May 2026)

Custody routes into vaults

Four ways institutions can reach curated vaults while their assets stay with a custodian, each checked against the announcement linked on 5 November 2026.

Kraken Institutional with Upshift

Kraken began rolling out permissioned, custom Upshift vaults on 15 July 2026 to eligible Kraken Institutional and Kraken Custody clients, reached from Kraken's qualified custody. The receipt token comes back to the client's segregated custody account, and Kraken says it is not pooled or rehypothecated.

Kraken, 15 July 2026 →

Galaxy Curator through Fireblocks Earn

Galaxy launched Galaxy Curator on Morpho on 16 July 2026. Its Quality and Enhanced vaults are offered through Fireblocks Earn, which Galaxy says reaches more than 2,400 institutional clients who keep their existing approval, signing and policy controls. DefiLlama counts $129.6M in Galaxy Curation vaults on 5 November 2026.

Galaxy, 16 July 2026 →

Anchorage Digital with Morpho

Anchorage Digital added support for Morpho in February 2026. Institutions can use Morpho vaults from Anchorage and keep the ERC-4626 receipt tokens they get back in custody with Anchorage Digital.

Anchorage Digital, February 2026 →

Taurus with Morpho

Taurus built Morpho Vaults into Taurus-PROTECT, its custody platform, on 17 February 2026. Clients allocate from inside custody, from hot or cold environments, and Taurus said it would offer the integration to more than 40 financial institutions.

Taurus, 17 February 2026 →

Castle's vault research

What a vault curator does

Curators choose the markets a vault lends into, set supply caps and rebalance. Morpho Vaults V2 splits the job between an owner, curator, allocator and sentinel. Steakhouse, the top curator by revenue in May 2026, earned about $3 million a year on $2.13 billion of assets, around 0.14%.

Vaults: The Infrastructure Layer for Institutional Finance Onchain →

How Upshift vaults work

Funds such as MEV Capital and K3 Capital run strategies across DeFi and CeFi in Upshift's ERC-4626 vaults. Curators can only use allowlisted chains, protocols and contract calls, and August's risk engine handles liquidations and prices each vault from several oracles.

Upshift: Institutional-Grade Yield Strategies →

Morpho, Aave, Euler and Fluid compared

Aave pools assets so they share risk. Morpho runs isolated markets under curated vaults, so a problem in one market stays in that market. Our money market piece compares the four on architecture, liquidations and interest rate models.

Core Architecture and Positioning of DeFi's Top Money Markets →

Method

Curator figures come from DefiLlama's Risk Curators category: the assets in the vaults each curator manages. The 7-day change is DefiLlama's; we show n/a when it reports a change of 1,000% or more. Morpho figures come from Morpho's public API and cover listed Vault V2s only. Morpho lists a vault when its curator is listed and the vault passes Morpho's checks.

Withdrawable now is Morpho's liquidity figure for each vault, read once a day. It moves through the day with deposits, withdrawals and borrowing in the underlying markets. The cap-raise timelock is the delay on the curator's increaseAbsoluteCap action. Custody routes are hand-checked against each company's announcement; we did not test them.

From the report

The Vaultification of Finance

Eight vault categories held $120.4 billion of net TVL in May 2026, about half the October 2025 peak. The report covers the curator model, the ERC-4626 and ERC-7540 standards, institutional distribution and the incidents that tested vault risk controls.

Questions and Method

Who are the largest DeFi vault curators?
Steakhouse Financial ($2.78B), Sentora ($2.72B) and Gauntlet ($1.54B) by DefiLlama's count on 5 November 2026. Together they manage 71% of the $9.88B held across the 95 risk curators it tracks. On Morpho alone, Steakhouse Financial manages the most, $2.69B by Morpho's own figures.
What are Upshift vaults?
Upshift held $453.7M by DefiLlama's count on 4 November 2026. It is a vault platform where outside curators such as MEV Capital and K3 Capital run yield strategies across DeFi and CeFi. When we covered it in October 2025 the vaults were ERC-4626 contracts, curators could only use allowlisted chains, protocols and contract calls, and August's risk engine handled liquidations and priced each vault from several oracles. In July 2026 Kraken Institutional began rolling out custom Upshift vaults to eligible clients through Kraken's qualified custody.
Upshift vs Morpho for stablecoin yield: what is the difference?
Morpho vaults are lending vaults. A curator picks which isolated Morpho lending markets the deposits go to and caps each one. Listed Morpho Vault V2s held $5.36B on 5 November 2026, 34% of it withdrawable straight away. Upshift vaults are multi-strategy, so curators can run lending, basis and carry trades, liquidity provision and RWA positions in one vault, within an allowlist, and Upshift held $453.7M in total. Both use the ERC-4626 share standard. This page reads per-vault liquidity from Morpho's public API and does not track individual Upshift vaults.
How do Upshift and Midas compare on institutional risk controls?
Castle has not tested the two side by side, and they do different jobs. Upshift is vault infrastructure. Curators run strategies in its ERC-4626 vaults, only allowlisted chains, protocols and contract calls are allowed, and August's risk engine runs liquidations and multi-oracle pricing (our October 2025 piece). Midas tokenises private credit and alternative yield products and works with risk curators such as MEV Capital and Edge Capital to design them (our February 2026 Arbitrum piece). DefiLlama reports no TVL for Midas RWA, so this page does not track it.
How do you stress test a vault for redemption risk?
Start with the cash a vault can pay out today. Across the 15 largest listed Morpho Vault V2s on 5 November 2026, the share withdrawable at once ranged from 0.2% to 95%. Compare that slice with the size of your position, check the timelock on cap increases, which sets how much notice you get before the curator adds risk, and check what an exit costs once the slice runs out: on Morpho, forceDeallocate can carry a penalty of up to 2%. Then look at history. Castle's vault report used the Stream Finance, Resolv and KelpDAO incidents between October 2025 and May 2026 as a stress window, and RWA vaults grew 37.8% while every crypto-native category drew down.
How do curators manage liquidity against redemption demand?
On Morpho Vault V2 the allocator names a liquidity adapter, a market the vault pulls from automatically when idle cash cannot cover a withdrawal, and spreads the rest across markets the curator has capped. Listed Vault V2s kept $1.82B of $5.36B (34%) withdrawable at once on 5 November 2026. If withdrawals outrun that, curators and sentinels can cut caps without waiting for a timelock, sentinels can pull funds out of markets, and depositors can force a deallocation themselves.
What is the redemption lag on onchain yield vaults?
It depends on the vault. An ERC-4626 vault pays out in the same transaction, up to the cash it can reach: on 5 November 2026 that was 0.2% to 95% of deposits across the 15 largest Morpho Vault V2s. ERC-7540 vaults, built for assets that settle offchain, take a redemption request and pay once it becomes claimable, and the standard sets no fixed wait. Tokenised RWAs settle anywhere from T+1 to T+5, and in Castle's vault report a 5x loop on an asset that redeems in two days can take up to 10 days to unwind fully.
Which custodians support onchain yield vaults?
Castle checked four routes on 5 November 2026. Kraken Institutional offers Upshift vaults, with the receipt token held in the client's segregated Kraken custody account. Fireblocks Earn offers Galaxy's Morpho vaults to more than 2,400 institutional clients. Anchorage Digital connects to Morpho vaults and custodies the ERC-4626 receipt tokens. Taurus built Morpho Vaults into its Taurus-PROTECT custody platform. Each route links to its announcement on this page.

Raw data, refreshed daily: institutional-vaults.json. Free to cite with a link to this page.