Best Morpho and Euler curators, scored from open data
A vault curator sets the risk parameters — which collateral, which markets, what caps — for a lending vault on Morpho or Euler, and takes a fee for it. This page ranks every named curator of a listed vault above a $100,000 floor on five measurable facts, so depositors can compare who they are actually trusting.
Collected 2026-09-22 from the public Morpho GraphQL API by our own script — 90-day change is measured from the Morpho historicalState time-series; concentration and utilisation are AUM-weighted across each firm’s listed vaults. Recomputed monthly.
The full ranking
| # | Curator | Score | AUM | 90d | Concentration | Utilisation | Fee | % measured |
|---|---|---|---|---|---|---|---|---|
| 1 | Yearn | 8.53 | $20.8M | +5.5% | 48.7% | 89.7% | 3.96% | 100% |
| 2 | Gauntlet | 7.87 | $575.1M | -13.7% | 87.1% | 82.7% | 1.69% | 100% |
| 3 | SparkDAO | 7.42 | $311.7M | +3349.3% | 99.7% | 90.1% | 9.71% | 100% |
| 4 | Steakhouse Financial | 7.04 | $396.5M | -55.2% | 67.2% | 90.5% | 11.98% | 100% |
| 5 | MEV Capital | 6.73 | $8.2M | -10.5% | 81.2% | 89.6% | 9.97% | 100% |
| 6 | Hyperithm | 6.65 | $2.1M | -37.4% | 70% | 89.4% | 10% | 100% |
| 7 | Felix | 6.45 | $22.1M | -68.4% | 76.1% | 91.2% | 10% | 100% |
| 8 | Anthias Labs | 6.41 | $11.0M | -47.3% | 71.2% | 80.6% | 15% | 100% |
| 9 | Apostro | 6.07 | $247,461 | -1% | 88% | 83.7% | 10% | 100% |
| 10 | Clearstar | 6.05 | $3.3M | -65.9% | 59.7% | 86.6% | 24.42% | 100% |
| 11 | Hakutora | 6.02 | $23.0M | -0.7% | 99.1% | 91% | 15% | 100% |
| 12 | UltraYield | 5.76 | $359,629 | -37.4% | 99% | 87.9% | 0% | 100% |
| 13 | RE7 Labs | 5.69 | $784,927 | +32% | 100% | 88% | 20% | 100% |
| 14 | Pangolins | 5.67 | $11.8M | -47.9% | 100% | 90.1% | 10% | 100% |
| 15 | Waterline | 5.61 | $1.3M | -69% | 99.3% | 89.9% | 5% | 100% |
| 16 | SingularV | 4.83 | $127,795 | -68.3% | 98% | 89% | 10% | 100% |
How we score a curator
Six metrics, each scored 0–10 on fixed open-data thresholds, then weighted. No manual scores, no editorial thumb on the scale. The full bands and the missing-metric rule live on the methodology page.
Total deposits across the vaults the firm curates. Capital is the market trusting the firm with real money — scored on a log scale.
Change in assets under curatorship over the last 90 days. A quarter of flows in or out; scored gently, since it is noisy.
Share of assets in the single largest market. Lower is a more diversified, more resilient book.
How hard the supplied liquidity is working. Best in an 80–90% band: too low wastes capital, too high risks withdrawals. Scored by distance to 85%.
The vault fee the curator takes. Lower leaves more of the yield with depositors.
The curators
Yearn is one of DeFi's oldest yield aggregators and curates a compact set of vaults on Morpho. It scores highest in the field for diversification and pairs steady growth with one of the lowest fees, which lifts it to the top of the table despite only a mid-sized book.
- Concentration: 48.7% (9.0/10)
- Utilisation: 89.7% (9.0/10)
- Fee: 3.96% (9.0/10)
- Assets under curatorship: $20.8M (8.0/10)
- 90-day growth: +5.5% (8.0/10)
Not for: Depositors who need a published, third-party depositor count and audit trail beyond what the protocol exposes.
Gauntlet is a quantitative risk-modelling firm that runs agent-based simulations to set lending parameters, and it curates the largest book of assets on Morpho by a wide margin. Its edge here is scale and a rock-bottom fee; the trade-off is a book spread across dozens of vaults and eight chains that is harder to follow line by line.
- Assets under curatorship: $575.1M (10.0/10)
- Fee: 1.69% (10.0/10)
- Utilisation: 82.7% (9.0/10)
- Concentration: 87.1% (5.0/10)
Not for: Depositors who need a published, third-party depositor count and audit trail beyond what the protocol exposes.
SparkDAO runs Spark, the Sky (formerly MakerDAO) ecosystem's lending brand, and curates two very large USDC vaults on Morpho. It posted the fastest growth in the field off a small 90-day base, but its assets sit in a single dominant market, the most concentrated book of any ranked curator.
- 90-day growth: +3349.3% (10.0/10)
- Assets under curatorship: $311.7M (9.5/10)
- Utilisation: 90.1% (8.0/10)
- Concentration: 99.7% (3.0/10)
Not for: Anyone who wants diversification: almost all of the book sits in one market, so its fate rides on that single position.
Steakhouse Financial is a crypto-native risk and treasury advisory that curates one of the largest vault books on Morpho across roughly twenty vaults. It ranks near the top on assets but takes a double-digit fee and its measured book contracted over the last quarter.
- Assets under curatorship: $396.5M (9.5/10)
- Utilisation: 90.5% (8.0/10)
- 90-day growth: -55.2% (3.5/10)
Not for: Depositors who need a published, third-party depositor count and audit trail beyond what the protocol exposes.
MEV Capital is a digital-asset manager that curates a handful of Morpho vaults across two chains. Its measured profile is middle-of-the-field on every axis — moderate size, moderate concentration, a standard fee — with no single standout or glaring weakness.
- Utilisation: 89.6% (9.0/10)
Not for: Depositors who need a published, third-party depositor count and audit trail beyond what the protocol exposes.
Hyperithm is an Asia-based digital-asset management firm curating a small set of Morpho vaults. Its book is modest and shrank over the quarter, but it keeps utilisation in a healthy band and its concentration is lower than most of the smaller curators.
- Utilisation: 89.4% (9.0/10)
- 90-day growth: -37.4% (4.5/10)
Not for: Depositors who need a published, third-party depositor count and audit trail beyond what the protocol exposes.
Felix curates lending vaults centred on Hyperliquid's HYPE collateral. It runs a mid-sized book of five vaults, but its measured assets fell over the quarter and utilisation is pinned near the top of its range, which is why it lands mid-table despite reasonable size.
- Assets under curatorship: $22.1M (8.0/10)
- Utilisation: 91.2% (8.0/10)
- 90-day growth: -68.4% (3.0/10)
Not for: Depositors who need a published, third-party depositor count and audit trail beyond what the protocol exposes.
Anthias Labs is an on-chain risk and advisory boutique curating several Morpho vaults. It holds a mid-sized, reasonably diversified book, offset by a 15% fee at the high end of the field and utilisation that sits below the ideal band.
- Utilisation: 80.6% (9.0/10)
- 90-day growth: -47.3% (3.5/10)
- Fee: 15% (5.0/10)
Not for: Fee-sensitive depositors: the vault fee is at the top of the field, so more of the yield goes to the curator.
Apostro is a risk-management firm that curates on both Morpho and Euler; the ranked figure here covers its single listed Morpho vault. That vault is small but sits almost exactly in the ideal utilisation band and has held its size, so it scores better than its raw AUM would suggest.
- Utilisation: 83.7% (10.0/10)
- Assets under curatorship: $247,461 (4.5/10)
- Concentration: 88% (5.0/10)
Not for: Anyone who wants a proven venue at size: the book is small, so it has not been stress-tested with large deposits.
Clearstar is a risk curator with a focus on real-world-asset markets, running four Morpho vaults across two chains. It scores well on diversification and keeps utilisation close to the ideal band, but it charges the highest fee of any ranked curator and its book shrank sharply over the quarter.
- Utilisation: 86.6% (10.0/10)
- Concentration: 59.7% (8.0/10)
- 90-day growth: -65.9% (3.0/10)
- Fee: 24.42% (3.0/10)
Not for: Fee-sensitive depositors: the vault fee is at the top of the field, so more of the yield goes to the curator.
Hakutora curates two Morpho vaults holding roughly $23M, one of the larger books among the smaller curators. Almost all of it sits in a single market and utilisation is pushed to the top of its range, so the size comes with concentration and liquidity risk that a depositor should weigh.
- Assets under curatorship: $23.0M (8.0/10)
- Utilisation: 91% (8.0/10)
- Concentration: 99.1% (3.0/10)
- Fee: 15% (5.0/10)
Not for: Anyone who wants diversification: almost all of the book sits in one market, so its fate rides on that single position.
UltraYield curates a single small Morpho vault. What stands out in the data is a zero fee — the best in the field — but the book is one of the smallest ranked and highly concentrated in one market.
- Fee: 0% (10.0/10)
- Utilisation: 87.9% (9.0/10)
- Concentration: 99% (3.0/10)
- 90-day growth: -37.4% (4.5/10)
- Assets under curatorship: $359,629 (5.0/10)
Not for: Anyone who wants diversification: almost all of the book sits in one market, so its fate rides on that single position.
RE7 Labs is the on-chain curation arm of RE7 Capital, running a single small Morpho vault. It posted solid growth over the quarter and keeps utilisation healthy, but the book is fully concentrated in one market and the fee is on the higher side.
- 90-day growth: +32% (9.0/10)
- Utilisation: 88% (9.0/10)
- Concentration: 100% (3.0/10)
- Fee: 20% (4.0/10)
Not for: Anyone who wants diversification: almost all of the book sits in one market, so its fate rides on that single position.
Pangolins curates a single Morpho vault of roughly $12M. The size is respectable for a smaller curator, but every dollar sits in one market — the most concentrated book in the ranked field — and assets fell over the quarter, which caps the score.
- Utilisation: 90.1% (8.0/10)
- Concentration: 100% (3.0/10)
- 90-day growth: -47.9% (3.5/10)
Not for: Anyone who wants diversification: almost all of the book sits in one market, so its fate rides on that single position.
Waterline curates two small Morpho vaults. It keeps the fee low, but its measured book contracted the most of any ranked curator over the quarter and nearly all of it sits in a single market.
- Utilisation: 89.9% (9.0/10)
- Fee: 5% (9.0/10)
- 90-day growth: -69% (3.0/10)
- Concentration: 99.3% (3.0/10)
Not for: Anyone who wants diversification: almost all of the book sits in one market, so its fate rides on that single position.
SingularV curates a single Morpho vault that sits just above the $100k floor for inclusion. It is the smallest ranked curator; the book also contracted sharply over the quarter, so it anchors the bottom of the table on size and momentum.
- Utilisation: 89% (9.0/10)
- 90-day growth: -68.3% (3.0/10)
- Concentration: 98% (3.0/10)
- Assets under curatorship: $127,795 (4.5/10)
Not for: Anyone who wants diversification: almost all of the book sits in one market, so its fate rides on that single position.
Registered, not ranked
Named in our brief but not measurable from open data on the check date — either not found as the named curator of a listed Morpho vault, or an Euler-only curator with no open per-curator feed. Listed here so the exclusion is visible, not silent.
FAQ
Who counts as a Morpho or Euler curator here?+
Any organisation named as the curator or risk manager of at least one vault listed in the Morpho or Euler interface, holding at least $100,000 under curatorship on the check date. We rank the 16 such firms we could measure from open data; smaller or unnamed vaults are excluded.
How is the score calculated?+
Each of five open-data metrics — assets under curatorship, 90-day growth, concentration, utilisation and fee — is scored 0–10 on fixed, published thresholds, then weighted to a single 0–10 score, the same absolute method the rest of the site uses. (Active depositor counts were in the original brief but have no reliable open feed we can read, so that metric is dropped rather than estimated.)
What does “% measured” mean?+
The share of the five rubric metrics we could fill for that firm from a dated, linked source. Every ranked firm here is at 100% — all five come straight from the Morpho API. A firm under 50% would be shown at the bottom without a score rather than ranked on thin data.
Why isn’t the biggest curator always first?+
Size is only a quarter of the score. A curator with a huge but highly concentrated book, a high fee or a shrinking quarter can rank below a smaller, more diversified one. Yearn leads at 8.53/10 on the balance of all six metrics, not on assets alone.
Do you earn anything from this ranking?+
No. There are no affiliate links, no sponsored placements and no paid inclusions anywhere in this ranking. Links to a curator’s site or on-chain profile are plain references, nothing more.