Morpho scores 4 points above Kamino Lend, led by oracle liquidation price and rate authorship. Morpho ranks #3 and Kamino Lend #5 of 8 published lending & borrowing. Every term of the gap is on the ledger below; the inputs are on the audit receipt.
Morpho78
vs
Kamino Lend74
Scores are out of 100; published scores fall within 41–99 · ranks #3 and #5 of 8
Morpho scores 4 points above Kamino Lend, led by oracle liquidation price and rate authorship.
Morpho #3 of 878
Kamino Lend #5 of 874
Scores are out of 100; published scores fall within 41–99; a bar is empty at 41 and full at 99.
Why, term by termMorpho leads on 2 of 4 published criteria; Kamino Lend on 0. The terms sum to the gap.
TermMorphoKamino LendWeightPoints
Oracle liquidation price7/106/107.7+2.0for Morpho+1.0 of 32
Rate authorship9/108/105.8+1.5for Morpho+0.8 of 32
Net of the terms+3.5
Criteria roundingThe criteria block is rounded to whole points before it is spread−0.1
Reproduced gap+3.4
Published gapAfter score rounding and bounds — see the note below7874+4.0
Weight is in points of the 86-point weighted total. Points are score points of the gap between the two.
MorphoScore 78A permissionless isolated-market primitive deployed on 14 chains where the oracle, the interest-rate model and the liquidation LLTV are chosen once at market creation and can never be changed — so Morpho publishes no deviation threshold and no heartbeat anywhere, but does publish, per market and continuously, the exact oracle contract that liquidates you, a documented degraded-state regime for when that oracle reverts, and the exact dollar figure of bad debt sitting in each market.Strength: Rate authorship — 9/10Watch-out: 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".Kamino LendScore 74Solana's largest onchain money market on its own reporting -- $2.22B supplied and $0.91B borrowed at 31 July 2026 -- and a venue that publishes far more as machine-readable data than as documentation: per-reserve rate knots, LTV, liquidation threshold, borrow factor, protocol take rate and a per-asset oracle staleness bound are all readable live from Kamino's own API, while the two numbers that decide whether a manipulated price closes your position -- which upstream feed prices your reserve, and the spot-vs-TWAP divergence guard -- are published for no market anywhere.Strength: Blast radius — 9/10Watch-out: Do not read the docs as the product, and do not read 'independent' as independent. Kamino's documentation is a well-written four-market story sitting on top of a 37-market, 171-vault surface, and on both occasions a docs number could be checked against Kamino's own protocol, the docs lost. The fee page prints 'SOL | SOL/BTC Market | 11%' and 'USDC | SOL/BTC Market | 15%' while Kamino's own API returned protocolTakeRate 0.15 and 0.10 on those reserves on 2026-08-17, and 0.15 and 0 on 2026-09-28 -- eight reserves across six SOL/BTC rows checked on 2026-08-17, every one wrong, in both directions, and this is the number that decides what share of your interest you never receive. Worse, https://kamino.com/docs/risk/safeguards/auto-deleverage still tells you the forced-unwind mechanism 'has not been activated to date' while Kamino's own governance forum dated and sized it twice: the December 2025 monthly report (published 2026-01-09) records 'the activation of ADL on December 18, 2025', '$138k' of debt cleared, 'zero bad debt and a median liquidation bonus of 0.47% of position size'. The mechanism that can march your LTV down on a 72-hour clock at a 50bp floor penalty is live, has been used, and on 2026-09-28 the safeguards page still said otherwise, more than nine months after that activation. Third: the monthly risk report that is Kamino's best disclosure asset closes 'This report represents independent risk analysis by Allez Labs for the Kamino Finance community' -- and Allez Labs curates Kamino's HYPE market and runs five Kamino vaults, two of which that same report reviews. Treat it as informed curator commentary, not as an external audit. Practical consequence: price this venue off the API and the gov forum, not the docs -- https://api.kamino.finance/kamino-market/{market}/reserves/{reserve}/metrics/history gives the actual borrowCurve, LTV, liquidation threshold and take rate per reserve. But note the curve is a shape, not a quote: the live borrow APY cannot be reproduced from the published curve using the docs' own interpolation formula, and the gap on SOL was a stable 22-24% across five sampled dates. And accept the one thing no Kamino surface will give you: which upstream feed prices your reserve, and the spot-vs-TWAP divergence threshold that decides whether a manipulated price closes your position, are per-reserve config fields published for no market -- knowable only by pulling the on-chain config yourself.
Quick facts
At a glance
3 of 4 rows read the same for both.
FactMorphoKamino Lend
PricingSnapshotA 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.Kamino charges borrowers no account fees; the cost is interest plus any liquidation penalty, and lenders give up a protocol spread. The Borrow fees page (https://kamino.com/docs/products/borrow/fees, fetched 28 September 2026): "There are no deposit fees, withdrawal fees, or origination fees on Kamino Borrow." and "The only costs to borrowers are interest on outstanding debt and, if applicable, liquidation penalties on unhealthy positions." The same page prints a protocol-spread table ("SOL SOL/BTC Market 11%", "USDC SOL/BTC Market 15%", "USDT SOL/BTC Market 15%") that the live protocol does not match: Kamino's own API on 28 September 2026 returned protocolTakeRate 0.15 for SOL, 0 for USDC and 0.1 for USDT in the SOL/BTC Market. Treat the table as out of date. Rates float on each reserve's curve, so no fixed APY is quoted.
Asset coverageEditorial——
Region fitSnapshotglobalglobal
Custody modelEditorialNon-custodial: no company holds the coinsNon-custodial: no company holds the coins
From the published criteria
Which should you pick?
Morpho
78#3 of 8
Leads
Pick it when
Pick Morpho if oracle liquidation price matters most — it scores 7/10 to Kamino Lend's 6/10 there (weight 32).
Strength
Rate authorship — 9/10
Tradeoff
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".
Kamino Lend
74#5 of 8
Pick it when
Kamino Lend leads Morpho on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
Strength
Blast radius — 9/10
Tradeoff
Do not read the docs as the product, and do not read 'independent' as independent. Kamino's documentation is a well-written four-market story sitting on top of a 37-market, 171-vault surface, and on both occasions a docs number could be checked against Kamino's own protocol, the docs lost. The fee page prints 'SOL | SOL/BTC Market | 11%' and 'USDC | SOL/BTC Market | 15%' while Kamino's own API returned protocolTakeRate 0.15 and 0.10 on those reserves on 2026-08-17, and 0.15 and 0 on 2026-09-28 -- eight reserves across six SOL/BTC rows checked on 2026-08-17, every one wrong, in both directions, and this is the number that decides what share of your interest you never receive. Worse, https://kamino.com/docs/risk/safeguards/auto-deleverage still tells you the forced-unwind mechanism 'has not been activated to date' while Kamino's own governance forum dated and sized it twice: the December 2025 monthly report (published 2026-01-09) records 'the activation of ADL on December 18, 2025', '$138k' of debt cleared, 'zero bad debt and a median liquidation bonus of 0.47% of position size'. The mechanism that can march your LTV down on a 72-hour clock at a 50bp floor penalty is live, has been used, and on 2026-09-28 the safeguards page still said otherwise, more than nine months after that activation. Third: the monthly risk report that is Kamino's best disclosure asset closes 'This report represents independent risk analysis by Allez Labs for the Kamino Finance community' -- and Allez Labs curates Kamino's HYPE market and runs five Kamino vaults, two of which that same report reviews. Treat it as informed curator commentary, not as an external audit. Practical consequence: price this venue off the API and the gov forum, not the docs -- https://api.kamino.finance/kamino-market/{market}/reserves/{reserve}/metrics/history gives the actual borrowCurve, LTV, liquidation threshold and take rate per reserve. But note the curve is a shape, not a quote: the live borrow APY cannot be reproduced from the published curve using the docs' own interpolation formula, and the gap on SOL was a stable 22-24% across five sampled dates. And accept the one thing no Kamino surface will give you: which upstream feed prices your reserve, and the spot-vs-TWAP divergence threshold that decides whether a manipulated price closes your position, are per-reserve config fields published for no market -- knowable only by pulling the on-chain config yourself.
Self-identify in 10 seconds
Which one is actually for you?
MorphoLeads
Choose Morpho if oracle liquidation price matters most
Oracle liquidation price: 7/10 against 6/10 for Kamino Lend (weight 32)
Rate authorship: 9/10 against 8/10 for Kamino Lend (weight 24)
MorphoScore 78A permissionless isolated-market primitive deployed on 14 chains where the oracle, the interest-rate model and the liquidation LLTV are chosen once at market creation and can never be changed — so Morpho publishes no deviation threshold and no heartbeat anywhere, but does publish, per market and continuously, the exact oracle contract that liquidates you, a documented degraded-state regime for when that oracle reverts, and the exact dollar figure of bad debt sitting in each market.Strength: Rate authorship — 9/10Watch-out: 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".
Kamino Lend
Kamino Lend leads Morpho on no published criterion
Choose it only if something outside the published criteria decides for you — your country, a funding rail, or custody.
Kamino LendScore 74Solana's largest onchain money market on its own reporting -- $2.22B supplied and $0.91B borrowed at 31 July 2026 -- and a venue that publishes far more as machine-readable data than as documentation: per-reserve rate knots, LTV, liquidation threshold, borrow factor, protocol take rate and a per-asset oracle staleness bound are all readable live from Kamino's own API, while the two numbers that decide whether a manipulated price closes your position -- which upstream feed prices your reserve, and the spot-vs-TWAP divergence guard -- are published for no market anywhere.Strength: Blast radius — 9/10Watch-out: Do not read the docs as the product, and do not read 'independent' as independent. Kamino's documentation is a well-written four-market story sitting on top of a 37-market, 171-vault surface, and on both occasions a docs number could be checked against Kamino's own protocol, the docs lost. The fee page prints 'SOL | SOL/BTC Market | 11%' and 'USDC | SOL/BTC Market | 15%' while Kamino's own API returned protocolTakeRate 0.15 and 0.10 on those reserves on 2026-08-17, and 0.15 and 0 on 2026-09-28 -- eight reserves across six SOL/BTC rows checked on 2026-08-17, every one wrong, in both directions, and this is the number that decides what share of your interest you never receive. Worse, https://kamino.com/docs/risk/safeguards/auto-deleverage still tells you the forced-unwind mechanism 'has not been activated to date' while Kamino's own governance forum dated and sized it twice: the December 2025 monthly report (published 2026-01-09) records 'the activation of ADL on December 18, 2025', '$138k' of debt cleared, 'zero bad debt and a median liquidation bonus of 0.47% of position size'. The mechanism that can march your LTV down on a 72-hour clock at a 50bp floor penalty is live, has been used, and on 2026-09-28 the safeguards page still said otherwise, more than nine months after that activation. Third: the monthly risk report that is Kamino's best disclosure asset closes 'This report represents independent risk analysis by Allez Labs for the Kamino Finance community' -- and Allez Labs curates Kamino's HYPE market and runs five Kamino vaults, two of which that same report reviews. Treat it as informed curator commentary, not as an external audit. Practical consequence: price this venue off the API and the gov forum, not the docs -- https://api.kamino.finance/kamino-market/{market}/reserves/{reserve}/metrics/history gives the actual borrowCurve, LTV, liquidation threshold and take rate per reserve. But note the curve is a shape, not a quote: the live borrow APY cannot be reproduced from the published curve using the docs' own interpolation formula, and the gap on SOL was a stable 22-24% across five sampled dates. And accept the one thing no Kamino surface will give you: which upstream feed prices your reserve, and the spot-vs-TWAP divergence threshold that decides whether a manipulated price closes your position, are per-reserve config fields published for no market -- knowable only by pulling the on-chain config yourself.
Criterion by criterion
Scorecard
Published criteria · weight in points of 868 of 8 cells scored. Strength is read from the evidence file; the weight is the published one. Methodology
Oracle liquidation price
by 1 of 10weight 7.7 of 86Morpho leads
Morpho7/10 out of 10
Kamino Lend6/10 out of 10
Rate authorship
by 1 of 10weight 5.8 of 86Morpho leads
Morpho9/10 out of 10
Kamino Lend8/10 out of 10
Blast radius
weight 5.8 of 86Tie
Morpho9/10 out of 10
Kamino Lend9/10 out of 10
Shortfall record
weight 4.8 of 86Tie
Morpho7/10 out of 10
Kamino Lend7/10 out of 10
Score dimensions
weights sum to 86
The published score is five dimensions, each weighted for the category. "Published criteria" is the criteria block above; the other four are the engine's own terms — availability, friction, trust record, measured data. Each bar is one side's points out of that dimension's maximum; the weight beside the name is its points of the 86-point weighted total. The published criteria above can fill 24 of the block’s 30. A weight marked “constant here” belongs to a dimension every ranked product in the category holds at the same value: it still counts in the total, and it orders nothing here.
Availabilityweight 20 of 86 · constant here
Morpho14/20Kamino Lend14/20
Tie
Published criteriaweight 30 of 86
Morpho19.1/30Kamino Lend17.8/30
Morpho leads
Frictionweight 10 of 86 · constant here
Morpho2.7/10Kamino Lend2.7/10
Tie
Trust recordweight 8 of 86 · constant here
Morpho3.2/8Kamino Lend3.2/8
Tie
Measured dataweight 18 of 86 · constant here
Morpho8.3/18Kamino Lend8.3/18
Tie
Decision rulePublished order
Choose Morpho unless the term Kamino Lend leads on is the one you are buying.
Kamino Lend leads Morpho on no published criterion and no score dimension — pick it only if a fact outside the score (country, funding rail, custody) decides for you.
The published order weighs every criterion the same way for everyone. To weigh them your way, run .
From the published order
Next best action
If this isn't your case
Other matchups worth comparing
How you can lose money here, and what the ranking scores
Control failure: a key or vote changes the rules, freezes or mints.
Scored by Who sets your rate — a utilisation curve or a curator? · 24% (Morpho 9/10, Kamino Lend 8/10)
Oracle failure: a wrong price or outcome liquidates or settles a position.
Scored by What price gets you liquidated, and how far can it drift? · 32% (Morpho 7/10, Kamino Lend 6/10)
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, Kamino Lend 9/10)
Scored by Has it lost lender money before, and did it publish it? · 20% (Morpho 7/10, Kamino Lend 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.
Questions
Frequently asked questions
Morpho scores 4 points above Kamino Lend, led by oracle liquidation price and rate authorship. Published scores, out of 100: Morpho 78 (rank 3 of 8 lending & borrowing), Kamino Lend 74 (rank 5 of 8).
Reviewed means both products compared here 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.
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Morpho #3 of 878
Kamino Lend #5 of 874