Provider at a glance
- Category
- Lending & Borrowing
- Entity
- All 3 Morpho products
- Official website
- morpho.org
Independent rankingchecked How it works
Details
Scored 78 out of 100 under methodology 2026.10.18, from the evidence read in September 2026.
Morpho
Isolated-market lending primitive
Lending & Borrowing
#3 Overall
Ranked #3 of 8 lending & borrowing in the published ranking
78
ChainChoice Score
The ChainChoice Score, shown against 100: published scores run from 41 to 99.- High evidence confidence
Is Morpho right for you?
Right for you if these matter most
- Who sets your rate9/10; the category best is 10
- Contagion between markets9/10, the category best
Look elsewhere if these come first
- Liquidation price7/10 here; Venus scores 9
- Loss record published7/10 here; Venus scores 9
Not yet tested for your country. Markets it lists: Global.
to test where you can use it.
The rank above is the published one, the same for every reader. Find my best crypto lending platform shows where it lands for you.
What will Morpho cost you?
Not priced on this basis
- Amount borrowed
- $10k
How safe is Morpho?
- Evidence: verified4 of 4 criteria rest on quoted, sourced receipts. Read September 2026.
- LicenceMiCA (EU): no register record on file here.
Alternatives to Morpho
Compare all 4- 1Venus3 points above · stronger on liquidation price (9 against 7)81
- 2Spark2 points above · stronger on liquidation price (8 against 7)80$396
- 4Euler V21 point below · stronger on loss record published (8 against 7)77
For your setup
Find out if Morpho fits you
The rank above is the published one — the same for every visitor. Answer the category's questions and this section shows where Morpho lands for you, which criteria your answers weight up, and which stated needs the record does or does not meet. The published rank stays beside it.
- A few questions
- No account required
- Ranking-blind: no commercial input
- Personalised in under 60 seconds
Find my best crypto lending platformNothing is inferred from clicks, popularity or commercial value.
Why this rank
Why Morpho ranks #3
Each strength is read from evidence on a 0–10 ladder and weighted as the published methodology states. The 32 objective points these produce (25.5 here) sit inside the score; availability, friction, trust record and measured data add the rest. Best in this ranking on 1 of 4.
4 published criteria · Σ weight 100
CriterionWeightStrength · 0–10ScoreContrib.MedianBestRankEvidence
327+7.176.59#3/8Loading evidence…
249+6.919.010#2/8Loading evidence…
249+6.918.09#1/8Loading evidence…
207+4.487.09#4/8Loading evidence…
Hairline = best in this ranking · tick = its median · a missing bar is "not scored", never zero
Margin−2behind Spark, #2
RobustnessOne point from changingacross a one-point change to each of its 4 criterion scores, the re-run scores 76–80 and ranks #2–#4
Evidence4 of 4 scored4 quoted, 4 with a source link
What would move the rank
Each line is the ranking run again with one of Morpho’s criterion scores changed and every other value held: the smallest whole-point change on that criterion that moves its rank, and where the re-run puts it. Up to 4 climbs and 3 falls are listed, smallest change first. Nothing here is a forecast.
What price gets you liquidated, and how far can it drift? 7 → 8 on its ladder · passes Spark+180#3 → #2
Has it lost lender money before, and did it publish it? 7 → 9 on its ladder · passes Spark+280#3 → #2
What price gets you liquidated, and how far can it drift? 7 → 6 on its ladder · Euler V2 passes it−176#3 → #4
Who sets your rate — a utilisation curve or a curator? 9 → 8 on its ladder · Euler V2 passes it−176#3 → #4
If one market goes bad, how much of yours goes with it? 9 → 8 on its ladder · Euler V2 passes it−176#3 → #4
Smallest climb: “What price gets you liquidated, and how far can it drift?” 7 → 8 passes Spark, #2.
Strengths
2 from the score dataWhere it leads
Best for readers who weight
- Who sets your rate — a utilisation curve or a curator? — 9/10, category best 10/10
- If one market goes bad, how much of yours goes with it? — 9/10, the category best
Tradeoffs
2 from the score dataWhere it trails
Not for readers who put first
- What price gets you liquidated, and how far can it drift? — 7/10 against a category best of 9/10
- Has it lost lender money before, and did it publish it? — 7/10 against a category best of 9/10
Record watch-outs
- Before you supply, run Morpho's own bad-debt query with the listed filter OFF — and note that the filter, not the risk, is what changes. Morpho publishes a per-market outstanding bad-debt figure through https://api.morpho.org/graphql, which is more than most of this category does, but the curated view lies by omission: across the 590 markets Morpho marks listed, outstanding bad debt on 2026-08-17 was $0.00 against $4.42bn of borrows; drop that one flag and the same API at the same moment reports 27 markets carrying $255,015,878.47, every single one of them listed=false — $88.2M in wstUSR/USDC on Ethereum, $86.9M in xUSD/USDC on Arbitrum One, $28.8M in RLP/USDC and $23.0M in sdeUSD/USDC on World Chain, a chain on which Morpho has no listed markets at all. Morpho has published no post-mortem for any of it; its own newsletter for the month those losses formed (https://morpho.org/blog/morpho-effect-november-2025, 01 Dec 2025) does not contain the words 'bad debt', 'loss', 'deficit' or 'incident' once (fourteen such terms were checked, each zero times) and instead reports that "Curators are generating $300,000 in fees per week". The mechanism that produced those numbers is the one you are buying: Morpho does not choose oracles — "Market curators (not Morpho) are responsible for selecting and implementing appropriate oracles for their markets." — and it explicitly supports "Fixed-Price Oracles" that report a constant, so a collateral token can be marked at $1 in the contract while trading at five cents. Morpho documents exactly what happens if that feed REVERTS (borrow and liquidate stop, lenders and repaying borrowers can still exit) at https://docs.morpho.org/curate/concepts/security-considerations, but nothing at all catches a feed that keeps answering with the wrong number, and the kill switch that would is something the same page tells the CURATOR to build. Two smaller things to check before signing: if your vault was minted by the MetaMorpho Factory V1.1 it "do[es] not realize bad debt", so its share price will look clean while a loss sits inside it and the first person out is paid at your expense; and on three of the four largest Ethereum Vault V2s — which share one curator address and one owner address and held ~$1.05bn between them on 2026-09-28 — setPerformanceFee and setManagementFee carry a 0-second timelock, so the 50%-of-yield and 5%-of-assets caps can be reached with no notice at all, whatever the docs say about "a window to exit".
Competitive position
Where Morpho leads and where it trails
Rank on every objective dimension among the rows scored on it. A criterion in the top third of its pool is listed as a lead, the bottom third as a trail; the middle is neither. Popularity, size and commercial terms are not dimensions.
Availability#1 / 814.0 of 20 · constant here
Published criteria#3 / 819.1 of 30 · best 20.4
Friction#1 / 82.7 of 10 · constant here
Trust record#1 / 83.2 of 8 · constant here
Measured data#1 / 88.3 of 18 · constant here
Where Morpho leads
- What price gets you liquidated, and how far can it drift?#3 / 8
- Who sets your rate — a utilisation curve or a curator?#2 / 8
- If one market goes bad, how much of yours goes with it?#1 / 8
Where it trailsNo criterion in the bottom third of its pool.
Closest alternatives
The 3 nearest rows by score
Nearest by published score in either direction. Each card states the criteria on which the two rows differ and the cost difference under the same scenario inputs; the compare arithmetic below shows why the higher one ranks higher.
Euler V2#4 of 8 · score 77 · 1.0 point behind
Morpho leads on
- Who sets your rate — a utilisation curve or a curator?9 vs 8
Euler V2 leads on
- Has it lost lender money before, and did it publish it?8 vs 7
Largest single reason Morpho is ahead: published criteria (+0.3 display points).Scenario cost: Euler V2 has no verified pricing for this scenario.
Spark#2 of 8 · score 80 · 2.0 points ahead
Morpho leads on
- If one market goes bad, how much of yours goes with it?9 vs 8
Spark leads on
- What price gets you liquidated, and how far can it drift?8 vs 7
- Who sets your rate — a utilisation curve or a curator?10 vs 9
Largest single reason Spark is ahead: published criteria (+2.1 display points).Scenario cost: Morpho has no verified pricing for this scenario.
Venus#1 of 8 · score 81 · 3.0 points ahead
Morpho leads on
- If one market goes bad, how much of yours goes with it?9 vs 7
Venus leads on
- What price gets you liquidated, and how far can it drift?9 vs 7
- Has it lost lender money before, and did it publish it?9 vs 7
Largest single reason Venus is ahead: published criteria (+3.4 display points).Scenario cost: Venus has no verified pricing for this scenario.
Against the leader
81 vs 78 · gap 3.0Why Venus ranks above Morpho
The compare workspace's arithmetic applied to these two rows. Each dimension's share of the gap is its weight × the difference, on the displayed scale — it reproduces the displayed gap of 3.0 to within rounding.
DimensionThisVenusGap share
Availability · 23% weight · constant here14.014.0same
Published criteria · 35% weight19.120.4−3.4, worse
Friction · 12% weight · constant here2.72.7same
Trust record · 9% weight · constant here3.23.2same
Measured data · 21% weight · constant here8.38.3same
Published criterionThisVenusPoints
What price gets you liquidated, and how far can it drift? · w3279−2.05, worse
If one market goes bad, how much of yours goes with it? · w2497+1.54, better
Has it lost lender money before, and did it publish it? · w2079−1.28, worse
Net7881−3.0
Your scenario
Morpho is not priced for this scenario
Interest on what you borrow at the published rate. Variable rates move; excludes origination and liquidation penalties. Change an input and every figure recomputes from the published rate; the published rank does not move.
interest/yr · default scenario — set your own
Amount borrowed · your input$10k
Rate read from the provider’s published pricing ↗ on 28 September 2026.
interest/yrCost is stated as interest/yr in USD; it is never a yield, never annualised, and it does not enter the score.
Not priced on this basis
Under the default inputs · USDCategory median and cheapestNot statedOnly 1 of 8 rows publish a comparable price; a median and a cheapest row need at least 3.
7 of 8 rows in this ranking have no verified rate for this scenario and are absent from the median, not counted as free.
Evidence
Evidence read 28 September 2026
One row per published criterion: the page each strength was read from, its source type by domain, the reading date and whether the file and the published table agree. Open a row for the quote and the receipt.
4 of 4 cells scored
Score evidenceVerified4 of 4 criteria reconstruct from receipts
4 of 4 criteria reconstruct from a quoted, sourced receipt equal to the published strength.Public receiptsReading…4 quoted with a source URL
The receipt file has not been read yet.Evidence confidenceHighcoverage and corroboration, never freshness
4/4 criteria scored, with 4 dated sources quoted.RobustnessOne point from changingrank #2 to #4 across one-point re-runs
Whether the position holds when one criterion score is changed by one point and the ranking is run again. It is always a re-run of the ranking, never an estimate.The newest evidence read on the platform is 3 November 2026; this category's reading is older. The scores stand as read on 28 September 2026.
Reading the evidence ledger…
CriterionSourceTypeReadFreshnessStatusReceipt
What price gets you liquidated, and how far can it drift?strength 7 · weight 32Report an error—28 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Who sets your rate — a utilisation curve or a curator?strength 9 · weight 24Report an error—28 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.If one market goes bad, how much of yours goes with it?strength 9 · weight 24Report an error—28 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.Has it lost lender money before, and did it publish it?strength 7 · weight 20Report an error—28 September 2026*
Unknown
No reading date is recorded for this cell or its category.No receipt
A strength is published but no quote or source page is on file for it.How you can lose money here, and what the ranking scores
- Control failure (Morpho 9/10): a key or vote changes the rules, freezes or mints.Scored by Who sets your rate — a utilisation curve or a curator? · 24%
- Oracle failure (Morpho 7/10): a wrong price or outcome liquidates or settles a position.Scored by What price gets you liquidated, and how far can it drift? · 32%
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by If one market goes bad, how much of yours goes with it? · 24% (Morpho 9/10)Scored by Has it lost lender money before, and did it publish it? · 20% (Morpho 7/10)
Not assessed by this ranking: Contract failure, Regulatory failure, Execution failure, Exit failure. A high place says nothing about these; the Methodology tab says what each means.
Facts
facts, not scoresWhat the record publishes
- Pricing
- A Morpho depositor's cost is the vault curator's fee. The Vault V2 page (https://
docs .morpho .org /learn /concepts /vault-v2 /, fetched 28 September 2026) caps it: "Supports both a performance fee (up to 50% on yield) and a management fee (up to 5% on total assets)." Live values are API fields, not page text: https:// api .morpho .org /graphql on 28 September 2026 returned performanceFee 0 and managementFee 0.009999999973584 on Paypal USD Main, 0.1 and 0 on Sentora RLUSD Main, and 0.15 and 0 on Sentora PRIME Main - three of the four largest Ethereum Vault V2s. On all three the setPerformanceFee and setManagementFee timelocks read 0 seconds, so the curator can change the fee without notice. Supply rates float with each market's AdaptiveCurveIRM, so no fixed APY is quoted.Morpho — official pricing page ↗ · 28 September 2026 - Prices published in
- USDMorpho — official pricing page ↗ · 28 September 2026
- Licences held
- Not published
- Compliance level
- partial
- Regulatory note
- Not published
- Supported chains
- Ethereum, Base, Arbitrum One, OP Mainnet, Polygon, Unichain, World Chain, HyperEVM, Katana, Monad, Stable, Tempo Mainnet, Robinhood Chain, Arc
- Markets served
- global
- Primary markets
- Not published
- Restricted markets
- Not published
- Operating limits
- Not published
- Availability note
- Global by default with a sanctions carve-out and no KYC gate at the protocol layer; the restriction is contractual on the interface, not geographic on the contracts. https://
morpho .org /terms-of-use (re-loaded 17 August 2026) states "Important notice: no Services (as defined below) are offered to persons or entities who reside in, are citizens of, are located in, are incorporated in, or have a registered office in a Restricted Territory (as defined below)." and adds "Use of a virtual private network ("VPN") to circumvent the restrictions set forth herein is strictly prohibited." Restricted Territories is defined only by reference — "means any country, region, or territory that is the subject of comprehensive or territory-wide sanctions or trade embargoes administered or enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the European Union, the United Nations Security Council, or His Majesty's Treasury of the United Kingdom." The terms contain no occurrence of Cuba, Iran, North Korea, Syria or Crimea, so there is no country list on any Morpho page read and a buyer cannot read off whether their country is in or out. The same page disclaims fitness anywhere: "Morpho Association makes no representation that the Sites, the Apps, the Services, or the Protocols are appropriate, lawful, or available for use in any particular jurisdiction.", and states the operator is established in France ("operated and administered by the Morpho Association from France"). Note also that a curator can impose jurisdictional restriction at the vault level without Morpho doing so: https:// docs .morpho .org /learn /concepts /vault-v2 / documents "Optional Gate contracts can be set by the Curator to enforce onchain rules for deposits, withdrawals, and receipt token transfers (e.g., for KYC/whitelisting)." Bucket recorded as global because no country is excluded by name and no KYC is required at the protocol.
Legal entity on file: Morpho, placed in 3 products. Only confirmed entities are shown; nothing is inferred from the brand name.
If something goes wrong with Morpho: where to complain, and where to report a scam
Loading the routes for your country.
How this page is reviewed
Reviewed means this product in this category was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
History
What the record carries
Changes to published ranks are recorded in a ledger; every step and its cause is listed on the rank-history page. The entries below begin with the current verified snapshot, then the methodology versions whose changes applied to this category, newest first.
10 methodology entries
- 28 September 2026Current verified snapshot · methodology 2026.10.18Score 78, #3 of 8. 4 of 4 criteria scored. History starts here; earlier values are not interpolated.
- 11 October 2026
2026.10.9No live feed or market rate moves a score- fixed Lending and borrowing: the borrow rate leaves the fee term, which now scores every protocol alike, so the category ranks on its four published criteria. Venus, first on those criteria, moves from #7 to #1; Spark stays #2; Morpho moves from #1 to #3 and Compound from #8 to #6.
- fixed Exchanges: the fee term reads each exchange's taker fee from the catalog instead of a table dated 1 April. Kraken (0.80 %) moves from #6 to #9 and Gemini (1.20 %) from #10 to #11; Coinbase, Luno, Bitvavo and VALR each move up one place, and Bybit stays #1.
- removed Staking: a yield no longer stands in for a staking provider's missing commission. No published score moves.
- added /methodology/live-data publishes which numbers may move a score; on every build a test fills each live feed with extreme values and fails if a single score moves.
- 10 October 2026
2026.10.8When nothing serves your country, the list shown for reference is the published ranking · platform-wide- fixed The reference list shown when nothing serves your country is the published order with the published scores, and a build check now fails any such list out of that order or with a score the ranking does not publish.
- fixed The explorer prints an overall rank only for a row the published ranking holds; a country entrant such as Coinbase Commerce for US merchants shows no overall rank.
- changed Published orders do not move. Country results change only where nothing serves the country: in India bill pay keeps Bitcoin Well first and now shows Strike second, as published; 35 such runs across all categories and countries now match the published list exactly.
- 10 October 2026
2026.10.6A criterion you require re-scores the rows that meet it · platform-wide- changed The explorer sends each criterion you require, at any band, as fit_required with your other answers; region, licence, chain and fact filters stay filters. On /best, a required criterion joins For you as a marked preference does, which needs your country; Overall stays the published ranking, filtered.
- added Every published criterion has a golden case as the explorer sends it (require:<criterion>), so the order a requirement gives is replayed and gated as the published order is, and a change to it needs an entry here.
Methodology 2026.10.18, the same published run every visitor sees · receipt lending_borrowing:morpho:2026.10.18:57a5bb9ffe4f
Are you Morpho? Reply to this verdict, or send evidence, ask for a correction or claim the listing. Every message gets a public ticket number; none of it changes a rank unless a public page or a signed statement supports it.
Show this rank on your site
Editorial review of Morpho , on file since April 2026 — the review is separate from the score.