Spark scores 2 points above Morpho, led by oracle liquidation price and rate authorship. Spark ranks #2 and Morpho #3 of 8 published lending & borrowing. Every term of the gap is on the ledger below; the inputs are on the audit receipt.
Spark80
vs
Morpho78
Scores are out of 100; published scores fall within 41–99 · ranks #2 and #3 of 8
Spark scores 2 points above Morpho, led by oracle liquidation price and rate authorship.
Spark #2 of 880
Morpho #3 of 878
Scores are out of 100; published scores fall within 41–99; a bar is empty at 41 and full at 99.
Why, term by termSpark leads on 2 of 4 published criteria; Morpho on 1. The terms sum to the gap.
TermSparkMorphoWeightPoints
Oracle liquidation price8/107/107.7+2.0for Spark+1.0 of 32
Rate authorship10/109/105.8+1.5for Spark+0.8 of 32
Blast radius8/109/105.8−1.5for Morpho−0.8 of 32
Net of the terms+2.0
Criteria roundingThe criteria block is rounded to whole points before it is spread+0.1
Reproduced gap+2.1
Published gapAfter score rounding and bounds — see the note below8078+2.0
Weight is in points of the 86-point weighted total. Points are score points of the gap between the two.
SparkScore 80SparkLend is an Ethereum-only Aave v3 fork run as Sky's in-house money market: prices come from a three-oracle median of RedStone, Chainlink and Chronicle with a Uniswap TWAP as last resort, your deposit is never re-routed by a curator, and the borrow rate is an immutable per-reserve IRM — SSR-anchored on the stablecoin reserves — that Sky governance can only change by redeploying the contract.Strength: Rate authorship — 10/10Watch-out: Read the oracle-type field on your collateral in the app before you post it, and read the liquidity line before you supply. SparkLend does not price every asset at market: 'stablecoins such as USDS and DAI use a fixed price of 1.00 USD, which does not deviate even if the asset's market price moves away from this value' (https://docs.spark.fi/products/sparklend/guides/oracles). If you post USDS or DAI as collateral, a real-world depeg will not move your health factor at all — and the peg-ratio killswitch that exists for exactly this failure covers only 'wstETH, rETH, weETH, cbBTC, WBTC, LBTC', not the fixed-price stablecoins (https://docs.spark.fi/products/sparklend). USDS is issued by Sky, whose governance both sets that $1.00 constant and authors your borrow rate, so the protection and the exposure share a controller. Second, the USDC supply rate you are being shown was deliberately engineered by thinning the withdrawal buffer, and Spark's own risk body said so before the vote: 'At 98% utilization, only about 2% of supplied USDC is immediately available before new deposits, repayments, liquidations, or other liquidity sources are needed. Withdrawals become more fragile', and 'The proposal improves the displayed supply rate by accepting a thinner liquidity buffer' (Spark Risk Council, 2026-06-22, https://forum.skyeco.com/t/july-2-2026-proposed-changes-to-spark-for-upcoming-spell/27982).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".
Quick facts
At a glance
3 of 4 rows read the same for both.
FactSparkMorpho
PricingSnapshotSparkLend's stablecoin reserves price off the Sky Savings Rate (SSR) plus a fixed spread up to the kink, and suppliers receive the borrow interest less a 10% reserve factor; there is no deposit or curator fee. The 10 September 2026 spell proposal (https://forum.skyeco.com/t/september-10-2026-proposed-changes-to-spark-for-upcoming-spell/28208, posted 31 August 2026, fetched 28 September 2026) reads the rate on-chain at Ethereum block 25,861,675 (29 August 2026): "getVariableRateSlope1() returns 3.9594644783474038423088%, which equals the SSR of 3.4594644783474038423088% plus the 0.50% spread exactly." For USDT, the largest reserve, it cuts that spread "from 0.005e27 (+0.50%) to 0.001e27 (+0.10%)" and states the effect: "The borrow rate at the kink falls from 3.9595% to 3.5595%" and "At 95% utilisation and a 10% reserve factor that is a supply rate of about 3.04%"; at the time of posting "The live borrow rate is 3.4824% and the live supply rate 2.6186%." The same post gives the other stablecoin curves: "USDC runs a 98% kink with a +1.00% spread". These are SSR-linked and move with every SSR change and with utilisation; they are not a fixed price. The 2 July 2026 SSR figure this note previously carried is superseded.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.
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?
Spark
80#2 of 8
Leads
Pick it when
Pick Spark if oracle liquidation price matters most — it scores 8/10 to Morpho's 7/10 there (weight 32).
Strength
Rate authorship — 10/10
Tradeoff
Read the oracle-type field on your collateral in the app before you post it, and read the liquidity line before you supply. SparkLend does not price every asset at market: 'stablecoins such as USDS and DAI use a fixed price of 1.00 USD, which does not deviate even if the asset's market price moves away from this value' (https://docs.spark.fi/products/sparklend/guides/oracles). If you post USDS or DAI as collateral, a real-world depeg will not move your health factor at all — and the peg-ratio killswitch that exists for exactly this failure covers only 'wstETH, rETH, weETH, cbBTC, WBTC, LBTC', not the fixed-price stablecoins (https://docs.spark.fi/products/sparklend). USDS is issued by Sky, whose governance both sets that $1.00 constant and authors your borrow rate, so the protection and the exposure share a controller. Second, the USDC supply rate you are being shown was deliberately engineered by thinning the withdrawal buffer, and Spark's own risk body said so before the vote: 'At 98% utilization, only about 2% of supplied USDC is immediately available before new deposits, repayments, liquidations, or other liquidity sources are needed. Withdrawals become more fragile', and 'The proposal improves the displayed supply rate by accepting a thinner liquidity buffer' (Spark Risk Council, 2026-06-22, https://forum.skyeco.com/t/july-2-2026-proposed-changes-to-spark-for-upcoming-spell/27982).
Morpho
78#3 of 8
Pick it when
Pick Morpho if blast radius matters most — it scores 9/10 to Spark's 8/10 there (weight 24).
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".
Self-identify in 10 seconds
Which one is actually for you?
SparkLeads
Choose Spark if oracle liquidation price matters most
Oracle liquidation price: 8/10 against 7/10 for Morpho (weight 32)
Rate authorship: 10/10 against 9/10 for Morpho (weight 24)
SparkScore 80SparkLend is an Ethereum-only Aave v3 fork run as Sky's in-house money market: prices come from a three-oracle median of RedStone, Chainlink and Chronicle with a Uniswap TWAP as last resort, your deposit is never re-routed by a curator, and the borrow rate is an immutable per-reserve IRM — SSR-anchored on the stablecoin reserves — that Sky governance can only change by redeploying the contract.Strength: Rate authorship — 10/10Watch-out: Read the oracle-type field on your collateral in the app before you post it, and read the liquidity line before you supply. SparkLend does not price every asset at market: 'stablecoins such as USDS and DAI use a fixed price of 1.00 USD, which does not deviate even if the asset's market price moves away from this value' (https://docs.spark.fi/products/sparklend/guides/oracles). If you post USDS or DAI as collateral, a real-world depeg will not move your health factor at all — and the peg-ratio killswitch that exists for exactly this failure covers only 'wstETH, rETH, weETH, cbBTC, WBTC, LBTC', not the fixed-price stablecoins (https://docs.spark.fi/products/sparklend). USDS is issued by Sky, whose governance both sets that $1.00 constant and authors your borrow rate, so the protection and the exposure share a controller. Second, the USDC supply rate you are being shown was deliberately engineered by thinning the withdrawal buffer, and Spark's own risk body said so before the vote: 'At 98% utilization, only about 2% of supplied USDC is immediately available before new deposits, repayments, liquidations, or other liquidity sources are needed. Withdrawals become more fragile', and 'The proposal improves the displayed supply rate by accepting a thinner liquidity buffer' (Spark Risk Council, 2026-06-22, https://forum.skyeco.com/t/july-2-2026-proposed-changes-to-spark-for-upcoming-spell/27982).
Morpho
Choose Morpho if blast radius matters most
Blast radius: 9/10 against 8/10 for Spark (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".
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 86Spark leads
Spark8/10 out of 10
Morpho7/10 out of 10
Rate authorship
by 1 of 10weight 5.8 of 86Spark leads
Spark10/10 out of 10
Morpho9/10 out of 10
Blast radius
by 1 of 10weight 5.8 of 86Morpho leads
Spark8/10 out of 10
Morpho9/10 out of 10
Shortfall record
weight 4.8 of 86Tie
Spark7/10 out of 10
Morpho7/10 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
Spark14/20Morpho14/20
Tie
Published criteriaweight 30 of 86
Spark19.9/30Morpho19.1/30
Spark leads
Frictionweight 10 of 86 · constant here
Spark2.7/10Morpho2.7/10
Tie
Trust recordweight 8 of 86 · constant here
Spark3.2/8Morpho3.2/8
Tie
Measured dataweight 18 of 86 · constant here
Spark8.3/18Morpho8.3/18
Tie
Decision rulePublished order
Choose Spark unless the term Morpho leads on is the one you are buying.
Pick Morpho if blast radius matters most — it scores 9/10 to Spark's 8/10 there (weight 24).
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% (Spark 10/10, Morpho 9/10)
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% (Spark 8/10, Morpho 7/10)
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% (Spark 8/10, Morpho 9/10)
Scored by Has it lost lender money before, and did it publish it? · 20% (Spark 7/10, 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.
Questions
Frequently asked questions
Spark scores 2 points above Morpho, led by oracle liquidation price and rate authorship. Published scores, out of 100: Spark 80 (rank 2 of 8 lending & borrowing), Morpho 78 (rank 3 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.
Answer a few quick questions and get one clear recommendation based on how you actually plan to use crypto — with rationale, tradeoffs, and a path to monitor the decision.
No signup·Free first pass · Private·No spam · No account
Not financial advice · Independent · Always do your own research
Not financial advice · For informational purposes only · Always do your own research
