A lending protocol where anyone can create an isolated market for one loan asset against one collateral, and curated vaults spread lenders' deposits across those markets. On 14 November 2026 it held $16.20B in deposits with $5.67B lent out, across 34 chains. Midnight, launched in July 2026, adds fixed-rate, fixed-term loans.

How does Morpho make money?

It does not, for now. Governance can switch on a fee of up to 25% of the interest borrowers pay, but the switch is off: borrowers paid $30.5M over the 30 days to 14 November 2026, all of it to lenders and vault curators, and DefiLlama records no revenue for Morpho. Curators earn performance and management fees from their vaults, capped at 50% of yield and 5% a year of assets on Vault V2.

Who are the largest Morpho curators?

By assets in the Morpho vaults they run, from Morpho's API on 14 November 2026: Steakhouse Financial ($2.65B), Sentora ($1.59B), Gauntlet ($1.02B), SparkDAO ($930.3M), Galaxy Curation ($146.0M). 46 curators managed $7.21B in all. Rankings that count every platform, not just Morpho, are on Castle's institutional vaults tracker.

What is Morpho Midnight?

Morpho's fixed-rate, fixed-term lending, live since 21 July 2026. Loans are created as tradable credit and debt positions, so a lender can exit before maturity by selling. Active loans stood at $112.3M on 14 November 2026, up from about $2 million at the end of August, when Castle's fixed-rate report was written. Coinbase launched fixed-rate crypto-backed loans on Midnight on 22 September 2026.

Morpho vs Aave: what is the difference?

Aave pools each asset across one large market whose listed collateral and risk settings its governance controls. Morpho splits lending into isolated markets that anyone can create and that cannot be changed once deployed, and leaves risk choices to the curators of the vaults that lend into them. Castle's money-market research compares the two designs in detail.

Where does this data come from?

Deposits, loans, chains, interest and revenue from DefiLlama; vault and curator figures from Morpho's own API; Midnight's active loans from DefiLlama, as charted in Castle's fixed-rate report. All refreshed daily. Deposits are DefiLlama's TVL plus loans outstanding.

Live data · updated daily

Morpho Stats

What Morpho is and how it works, with its deposits, loans and chains, the curators who run its vaults, and Castle's research on it. Data from DefiLlama and Morpho's API, refreshed every day by Castle Labs.

Short answer

Morpho is a lending protocol: lenders deposit into vaults or directly into isolated markets, and borrowers post collateral to borrow from them. On 14 November 2026 it held $16.20B in deposits with $5.67B lent out, across 34 chains led by Ethereum and Base.

Borrowers paid $30.5M in interest over the last 30 days, all of it to lenders and vault curators: Morpho itself kept nothing, because its fee switch is off.

46 curators run Morpho vaults; the largest are Steakhouse Financial ($2.65B), Sentora ($1.59B) and Gauntlet ($1.02B).

Deposits: $16.20B
Lent out: $5.67B
TVL, 30-day change: -4.2%
Interest paid, 30 days: $30.5M
Kept by Morpho, 30 days: $0
Vault curators: 46
Midnight active loans: $112.3M
MORPHO market cap: $1.36B

DefiLlama, 14 November 2026 · curators from Morpho's API, 14 November 2026. Deposits are TVL plus loans outstanding.

How Morpho works

Isolated lending markets

Each Morpho market pairs one loan asset with one collateral, one oracle and one liquidation threshold, and anyone can create one. The core contracts cannot be changed and work with any oracle, so a problem in one market stays in that market.

How DeFi's top money markets are built →Source: Morpho Blue code ↗

Vaults and curators

Most lenders deposit into a vault, which spreads the money across markets. The vault's curator sets which markets it may use, a cap on each and its fees; allocators move funds within those caps, and sentinels can cut caps or pull funds out. A curator's changes can be put behind a timelock of up to three weeks, so depositors can leave first; cutting a cap needs none.

Morpho vaults ranked by withdrawable cash →Source: Vault V2 docs ↗

Midnight: fixed-rate loans

Midnight, live since 21 July 2026, lends at a fixed rate for a fixed term, as tradable credit and debt positions. Coinbase launched fixed-rate crypto-backed loans on it on 22 September 2026, on top of more than $1.4 billion of variable-rate loans it had already made through Morpho.

Fixed-rate lending report →Source: Morpho on Coinbase and Midnight ↗

The fee switch and the token

Morpho's governance can switch on a fee of up to 25% of the interest borrowers pay, but it is off, so the protocol keeps nothing. MORPHO has a maximum supply of 1 billion; votes happen on Snapshot and a 5-of-9 multisig executes them. Morpho Labs is owned by the Morpho Association, a French nonprofit.

Crypto revenue rankings →Source: Morpho governance docs ↗

Largest Morpho vault curators

Updated 14 November 2026 · $7.21B across 46 curators

#	Curator	Assets curated on Morpho	Share
1	Steakhouse Financial	$2.65B	37%
2	Sentora	$1.59B	22%
3	Gauntlet	$1.02B	14%
4	SparkDAO	$930.3M	13%
5	Galaxy Curation	$146.0M	2.0%
6	RockawayX	$124.4M	1.7%
7	Armitage by Wintermute	$104.1M	1.4%
8	Sky Money	$87.0M	1.2%
9	Keyrock	$83.1M	1.2%
10	Clearstar	$73.8M	1.0%

Source: Morpho API, assets in the Morpho vaults each curator runs. Every platform, not just Morpho: largest risk curators.

Morpho Midnight Active Loans

Daily active loans since the July 2026 launch

Source: DefiLlama · Data to 14 Nov 2026 · Updated daily

View the data

Date	Active loans
3 Nov 2026	$70.22M
4 Nov 2026	$71.22M
5 Nov 2026	$73.47M
6 Nov 2026	$86.56M
7 Nov 2026	$87.24M
8 Nov 2026	$90.4M
9 Nov 2026	$90.33M
10 Nov 2026	$92.14M
11 Nov 2026	$92.16M
12 Nov 2026	$92.68M
13 Nov 2026	$112M
14 Nov 2026	$112M

Morpho by chain

Updated 14 November 2026 · 34 chains

#	Chain	Deposits	Lent out	TVL
1	Ethereum	$7.23B	$2.42B	$4.81B
2	Base	$6.21B	$2.22B	$3.99B
3	Robinhood Chain	$1.06B	$463.8M	$600.4M
4	Arc	$470.1M	$173.1M	$297.0M
5	Arbitrum	$304.5M	$129.1M	$175.4M
6	Monad	$285.8M	$117.4M	$168.4M
7	Hyperliquid L1	$180.4M	$45.7M	$134.7M
8	Pharos	$140.6M	$31.4M	$109.2M

Source: DefiLlama. TVL is deposits minus loans, as DefiLlama counts it. Largest 8 chains shown.

Who builds on Morpho

Coinbase lends against crypto through Morpho: over $1.4 billion of variable-rate loans by September 2026, and fixed-rate loans on Midnight since 22 September 2026 (Morpho).
Robinhood's Earn product runs on a USDG vault curated by Steakhouse Financial, announced 1 July 2026 (Morpho).
Société Générale-FORGE brought its EURCV and USDCV stablecoins to Morpho vaults curated by MEV Capital in September 2025 (Morpho).

Risks

A vault is only as safe as its curator's choices. When a market a vault lends into suffers bad debt, Vault V2 spreads the loss across all of that vault's depositors (Morpho docs).
Curated vaults can share exposure. When Stream Finance disclosed a $93 million loss in November 2025, The Block reported exposure across several curators' vaults (The Block).
Lent-out money comes back only as borrowers repay. Castle tracks how much of each Morpho vault depositors could withdraw right now on the institutional vaults tracker: 25% across Vault V2s on 14 November 2026.

Castle's Morpho research

Core Architecture and Positioning of DeFi's Top Money Markets26 September 2025
Composable TradFi: RWAs in DeFi29 June 2026
Oracle Infrastructure: The Backbone of Lending Protocols23 October 2025
Inside Arbitrum DRIP Season 12 March 2026
Vaults: The Infrastructure Layer for Institutional Finance Onchain25 May 2026
Solving the Cold-Start Problem in Fixed-Rate Lending7 September 2026
A Comparative Ecosystem Analysis of Arbitrum's Positioning in DeFi25 July 2025
Arbitrum Today: Strategic Focus and Growth Drivers2 February 2026

From the report

Fixed-Rate Lending: Market Structure and Protocol Design

Our August 2026 report compares Morpho Midnight with Jupiter Offerbook, Kamino, Term Finance, TermMax, Fira and Loopscale: how fixed-rate lending works onchain, and why almost all of DeFi's $28.5 billion in loans was still at variable rates.

Read the Report

Questions and Method

What is Morpho?: A lending protocol where anyone can create an isolated market for one loan asset against one collateral, and curated vaults spread lenders' deposits across those markets. On 14 November 2026 it held $16.20B in deposits with $5.67B lent out, across 34 chains. Midnight, launched in July 2026, adds fixed-rate, fixed-term loans.
How does Morpho make money?: It does not, for now. Governance can switch on a fee of up to 25% of the interest borrowers pay, but the switch is off: borrowers paid $30.5M over the 30 days to 14 November 2026, all of it to lenders and vault curators, and DefiLlama records no revenue for Morpho. Curators earn performance and management fees from their vaults, capped at 50% of yield and 5% a year of assets on Vault V2.
Who are the largest Morpho curators?: By assets in the Morpho vaults they run, from Morpho's API on 14 November 2026: Steakhouse Financial ($2.65B), Sentora ($1.59B), Gauntlet ($1.02B), SparkDAO ($930.3M), Galaxy Curation ($146.0M). 46 curators managed $7.21B in all. Rankings that count every platform, not just Morpho, are on Castle's institutional vaults tracker.
What is Morpho Midnight?: Morpho's fixed-rate, fixed-term lending, live since 21 July 2026. Loans are created as tradable credit and debt positions, so a lender can exit before maturity by selling. Active loans stood at $112.3M on 14 November 2026, up from about $2 million at the end of August, when Castle's fixed-rate report was written. Coinbase launched fixed-rate crypto-backed loans on Midnight on 22 September 2026.
Morpho vs Aave: what is the difference?: Aave pools each asset across one large market whose listed collateral and risk settings its governance controls. Morpho splits lending into isolated markets that anyone can create and that cannot be changed once deployed, and leaves risk choices to the curators of the vaults that lend into them. Castle's money-market research compares the two designs in detail.
Where does this data come from?: Deposits, loans, chains, interest and revenue from DefiLlama; vault and curator figures from Morpho's own API; Midnight's active loans from DefiLlama, as charted in Castle's fixed-rate report. All refreshed daily. Deposits are DefiLlama's TVL plus loans outstanding.

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

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