Cross-protocol risk · live

See the risk you’re actually taking.

Vault dashboards show the front door. We trace every dollar of yield back to the Morpho markets, Aave reserves, and Pendle PTs underneath — on Base, Ethereum, and Arbitrum — so you can see how concentrated the capital you’re lending really is.

Run the stress testRead the API docs
Chain
BaseEthereumArbitrum
Min TVL
≥ $1M≥ $10M≥ $100MAll
Vault TVL tracked$3.0BAggregate Morpho TVL on Ethereum
Vaults110Indexed on Ethereum
Underlying markets219Distinct Morpho markets
Cross-protocol assets10appear in Morpho ∩ Aave
Borrower exposure

What is your USDC actually lent against?

Vaults lend USDC to borrowers who post these assets as collateral. The bigger the bar, the more capital flows to that asset.

CollateralVault capital lent# VaultsOn AaveAave supply APYTop vault
wstETH$278.7M30Yes0.1%Steakhouse USDTV1.0($135.8M)
cbBTC$226.6M22Yes0.2%Gauntlet USDC PrimeV1.0($93.2M)
sUSDe$225.8M9No—Sentora PYUSDV1.1($100.1M)
WBTC$216.3M22Yes0.6%Steakhouse USDCV1.0($86.9M)
weETH$155.5M8Yes0.0%Sentora PYUSDV1.1($61.0M)
syrupUSDC$82.0M4No—Sentora RLUSDV1.1($52.4M)
LBTC$34.6M4Yes0.0%Sentora PYUSDV1.1($24.1M)
AA_FalconXUSDC$26.5M8No—Gauntlet USDC RWAV1.1($12.8M)
siUSD$20.6M6No—Metronome msUSD VaultV1.0($12.2M)
stcUSD$20.5M5No—Smokehouse USDTV1.1($16.7M)
wsrUSD$14.0M4No—Smokehouse USDTV1.1($7.1M)
sUSDS$10.8M4No—Grove x Steakhouse High Yield AUSDV1.1($10.5M)
PT-sUSDE-7MAY2026$9.5M1No—Sentora PYUSDV1.1($9.5M)
mF-ONE$8.6M3No—Smokehouse USDCV1.0($6.7M)
ynETHx$8.1M4No—Smokehouse WSTETHV1.1($4.2M)
sUSN$7.7M1No—Clearstar USDC ReactorV1.1($7.7M)
upGAMMAusdc$7.5M1No—August AUSDV1.1($7.5M)
XAUt$6.3M1No—Steakhouse USDTV1.0($6.3M)
OETH$5.9M3No—Morpho OUSD VaultV1.1($3.4M)
PT-reUSD-25JUN2026$4.8M3No—Smokehouse USDCV1.0($3.6M)
PT-avUSD-14MAY2026$4.2M1No—ALPHA USDC CoreV1.1($4.2M)
WETH$3.9M3Yes3.7%Steakhouse USDCV1.0($2.2M)
sUSDD$3.8M2No—Gauntlet USDT CoreV1.1($3.8M)
upUSDC$3.5M1No—August USDCV1.1($3.5M)
SolvBTC$3.2M1No—Gauntlet WBTC CoreV1.0($3.2M)
syrupUSDT$2.8M1No—Gauntlet USDT CoreV1.1($2.8M)
PT-USDG-28MAY2026$2.8M4No—Smokehouse USDCV1.0($2.2M)
savUSD$2.3M1No—ALPHA USDC CoreV1.1($2.3M)
syzUSD$2.3M1No—August USDCV1.1($2.3M)
PT-savUSD-14MAY2026$2.1M1No—ALPHA USDC CoreV1.1($2.1M)
savETH$1.7M1No—AlphaPing wETH PrimeV1.1($1.7M)
sNUSD$1.6M1No—Lulo USDCV1.1($1.6M)
rswETH$1.6M1No—Metronome msETH VaultV1.0($1.6M)
PT-srNUSD-28MAY2026$1.4M1No—Hyperithm USDC DegenV1.1($1.4M)
reUSD$1.3M3No—Smokehouse USDCV1.0($899K)
PT-cUSD-23JUL2026$1.0M3No—Smokehouse USDCV1.0($561K)
hgETH$968K1No—SingularV ETHV1.1($968K)
tBTC$790K3Yes0.1%Gauntlet USDC CoreV1.0($508K)
agETH$622K2No—MEV Capital wETHV1.0($608K)
PT-stcUSD-23JUL2026$422K3No—Smokehouse USDCV1.0($328K)
mHYPER$388K2No—Hyperithm USDC DegenV1.1($322K)
n-st-liUSD4w$354K1No—Clearstar USDC ReactorV1.1($354K)
RLP$342K1No—August AUSDV1.1($342K)
MORPHO$315K1No—KabuV1.1($315K)
rsETH$272K1Yes0.0%MEV Capital wETHV1.0($272K)
PT-sNUSD-4JUN2026$266K1No—Hyperithm USDC DegenV1.1($266K)
srRoyUSDC$262K1No—Clearstar USDC ReactorV1.1($262K)
ETH+$238K2No—SingularV ETHV1.1($238K)
PT-apxUSD-18JUN2026$205K1No—Lulo USDCV1.1($205K)
mHyperBTC$119K1No—Hyperithm USDC DegenV1.1($119K)
fxSAVE$105K1No—Clearstar USDC ReactorV1.1($105K)
STONE$91K1No—MEV Capital wETHV1.0($91K)
YFI$89K1No—Yearn OG USDCV1.1($89K)
BAL$82K1Yes52.6%KabuV1.1($82K)
PT-USDe-31JUL2025$68K1No—Gauntlet DAI CoreV1.0($68K)
beraSTONE$39K1No—MEV Capital wETHV1.0($39K)
USDe$24K1Yes2.6%Gauntlet DAI CoreV1.0($24K)
ONDO$24K1No—KabuV1.1($24K)
pufETH$10K2No—Index Coop hyETHV1.1($9K)
jrUSDe$10K1No—Hyperithm USDC DegenV1.1($10K)
iUSD$8K1No—Steakhouse infiniFi USDCV1.1($8K)
PT-sUSDE-25SEP2025$2K1No—Gauntlet DAI CoreV1.0($2K)
srmHYPER$2K1No—Hyperithm USDC DegenV1.1($2K)
liUSD-1w$2K1No—Clearstar USDC ReactorV1.1($2K)
SPYon$2K1No—Gauntlet USDC RWAV1.1($2K)
EIGEN$2K1No—KabuV1.1($2K)
srNUSD$1K1No—Hyperithm USDC DegenV1.1($1K)
COMP$993.541No—KabuV1.1($993.54)
WOUSD$819.711No—Yearn OG USDCV1.1($819.71)
PT-USDS-14AUG2025$772.771No—Gauntlet DAI CoreV1.0($772.77)
QQQon$383.301No—Gauntlet USDC RWAV1.1($383.30)
EUTBL$317.631No—Steakhouse EURCVV1.1($317.63)
ezETH$282.721No—MEV Capital wETHV1.0($282.72)
steakUSDC$272.251No—Steakhouse EURCVV1.1($272.25)
PT-srUSDe-2APR2026$224.841No—Smokehouse USDTV1.1($224.84)
PT-sUSDE-31JUL2025$24.561No—Gauntlet DAI CoreV1.0($24.56)
SYRUP$2.051No—KabuV1.1($2.05)
Hidden correlation

Different vaults — same underlying markets.

Two vaults can advertise different strategies but share 80% of their underlying Morpho markets. The matrix shows where “diversification” is just rebranding.

Pairwise collateral-market overlap percent between the top 10 Morpho vaults on Base. Higher numbers mean more shared underlying exposure.
Sentora PYUSDSentora RLUSDSteakhouse USDTGauntlet USDC PrimeSteakhouse USDCSteakhouse Ethena USDtbVault Bridge WBTCExclusive Sentora PYUSDSteakhouse EURCVVault Bridge USDC
Sentora PYUSD—36%2%11%11%42%12%43%13%11%
Sentora RLUSD36%—5%5%3%0%39%0%44%4%
Steakhouse USDT2%5%—22%17%0%0%0%19%16%
Gauntlet USDC Prime11%5%22%—62%0%0%1%43%76%
Steakhouse USDC11%3%17%62%—0%0%1%40%42%
Steakhouse Ethena USDtb42%0%0%0%0%—0%99%0%0%
Vault Bridge WBTC12%39%0%0%0%0%—0%57%0%
Exclusive Sentora PYUSD43%0%0%1%1%99%0%—1%1%
Steakhouse EURCV13%44%19%43%40%0%57%1%—40%
Vault Bridge USDC11%4%16%76%42%0%0%1%40%—

Cross-Protocol Collateral · Morpho ∩ Aave

Assets posted as collateral on Morpho that are also lent on Aave — a single asset crash hits both protocols.

wstETH(30 vaults)cbBTC(22 vaults)WBTC(22 vaults)weETH(8 vaults)LBTC(4 vaults)WETH(3 vaults)tBTC(3 vaults)rsETH(1 vaults)BAL(1 vaults)USDe(1 vaults)
Stress test · interactive

Pick an asset. Drag the slider. See who breaks.

First-order LTV stress: if cbBTC drops 30%, which Morpho markets cross their liquidation threshold and which vaults absorb the loss? Back-of-envelope — assumes loans sit at 85% of LLTV on average, which inflates the impact at high shock sizes.

−30%
$19.7Mof vault capital under-collateralised
0.7% of total tracked vault TVL · assumes loans at 85% of LLTV

Markets crossing LLTV(13)

  • wstETH/WETH@ 97% LLTV → 117%−$10.0M
  • wstETH/USDT@ 86% LLTV → 104%−$6.6M
  • wstETH/USDC@ 86% LLTV → 104%−$1.2M
  • wstETH/WETH@ 95% LLTV → 115%−$1.1M
  • wstETH/RLUSD@ 86% LLTV → 104%−$353K
  • wstETH/PYUSD@ 86% LLTV → 104%−$234K
  • wstETH/EURCV@ 86% LLTV → 104%−$111K
  • wstETH/USDC@ 86% LLTV → 104%−$49K
  • + 5 more markets

Vaults absorbing loss(30)

  • Steakhouse USDT−$5.8M (3%)
  • Steakhouse ETH−$4.4M (13%)
  • Gauntlet WETH Prime−$3.4M (8%)
  • Vault Bridge WETH−$1.8M (6%)
  • Index Coop hyETH−$827K (13%)
  • Gauntlet USDT Core−$666K (3%)
  • MEV Capital wETH−$518K (11%)
  • Gauntlet USDC Prime−$514K (0%)
  • + 22 more vaults
Methodology — how the cascade is computed

For every Morpho market posting wstETH as collateral we approximate currentLtv = lltv × 0.85 — the Compass API doesn’t expose average_borrow_ltv per market yet, so we fall back to a conservative “typical” utilization. After the shock, newLtv = currentLtv / (1 − shockPct).

When newLtv > 1 the collateral is worth less than the loan and the lender (the vault) eats the shortfall as bad debt. We compute it per market:

badDebt = exposureUsd × (1 − 1 / newLtv)

This is what the headline number reports and why doubling the shock roughly doubles the bad debt — not just lights up the same markets twice.

  • Ignores TWAP smoothing, oracle deviation, partial liquidations, and liquidation incentives.
  • Markets where the new LTV is past LLTV but still under 100% are not shown — the liquidator covers the loss in those cases, not the lender.
  • LLTV is wei-scaled (1e18) on the API; we divide and render as percent.
Rate sensitivity

Where yields are heading.

Compare 7d, 30d, and 90d APY by vault. Pendle PT pricing reveals what the market is paying to lock the rate in today.

Yield comparison — Morpho vs Aave vs Pendle

Vault7d APY30d APY90d APY30d Δ (bps)Trend
Sentora PYUSD2.4%2.8%1.9%-35 bpsStable
Sentora PYUSD Main1.4%1.8%0.9%-35 bpsStable
Sentora RLUSD1.8%2.7%—-93 bpsStable
Sentora RLUSD Main1.8%2.7%—-93 bpsStable
Steakhouse USDT3.3%3.8%3.1%-57 bpsStable
Gauntlet USDC Prime3.6%3.3%3.1%+27 bpsStable
sky.money USDT Savings2.7%3.6%—-93 bpsStable
Steakhouse USDC3.6%3.3%3.1%+26 bpsStable
Gauntlet USDC Prime3.6%3.3%3.1%+27 bpsStable
Steakhouse Ethena USDtb1.9%2.2%1.5%-30 bpsStable
Steakhouse Reservoir USDC3.9%3.9%3.6%-1 bpsStable
Steakhouse Prime Instant3.6%3.3%3.1%+27 bpsStable
Vault Bridge WBTC0.0%0.0%0.1%0 bpsStable
Steakhouse Prime Instant3.9%3.8%3.3%+15 bpsStable
Exclusive Sentora PYUSD2.6%2.6%2.1%0 bpsStable
Exclusive Sentora PYUSD V22.4%2.6%1.6%-26 bpsStable
sky.money USDS Flagship0.4%0.4%—-2 bpsStable
Spark Blue Chip USDT Vault2.8%3.4%—-57 bpsStable
Steakhouse EURCV1.2%0.4%0.4%+75 bpsStable
Vault Bridge USDC3.4%3.1%2.9%+26 bpsStable
Gauntlet WETH Prime2.2%2.7%2.2%-41 bpsStable
Steakhouse Prime Instant3.3%3.8%3.1%-57 bpsStable
Steakhouse ETH1.9%2.3%2.1%-34 bpsStable
Vault Bridge WETH2.1%2.7%2.3%-59 bpsStable
Vault Bridge USDT1.9%3.2%2.6%-135 bpsStable

Pendle implied APY — forward-rate signal

PT prices imply the fixed yield the market will accept to lock in today. Morpho is averaging 4.9%; if implied APY prints below that, traders expect rates to fall.

NUSD
8.5%
30 days to expiry
Market expects rates to rise
apxUSD
14.1%
44 days to expiry
Market expects rates to rise
msUSD
11.6%
86 days to expiry
Market expects rates to rise
USDe
4.0%
51 days to expiry
Market expects rates to fall
USDe
5.4%
2 days to expiry
Market expects rates to rise
How we measure this

7d / 30d / 90d APY are time-weighted means reported by the Compass /v2/earn/vaults endpoint — APR realized over that lookback window.

30d Δ (bps) = apy7d − apy30d, expressed in basis points. We bucket the trend pill at ±10 bps: Compressing when the recent week is < −10 bps below the month; Expanding when it’s > +10 bps; Stable otherwise.

Pendle implied APY is the fixed yield priced into each market’s PT today. If implied APY prints below the average Morpho APY, the market is paying to lock today’s rate — i.e. it expects rates to fall.

Risk-adjusted yield

Is the APY worth the volatility?

Each dot is a vault. Top-left is the goldilocks zone — high APY with steady rates. T-bills (5%) and Aave USDC supply mark the baselines you should beat.

$0$500M
$0$100M
Showing 109 of 109 vaults
How we measure this

Volatility proxy = |apy7d − apy30d| expressed in basis points. It’s a v1 stand-in for the standard deviation of daily APY snapshots — we’ll upgrade this to a true rolling stddev once the Compass API exposes a daily series. The proxy underweights long-tail volatility (a vault that crashed three weeks ago looks calm today), so treat it as a directional signal, not a Sharpe ratio.

30d APY is the time-weighted mean reported by the Compass /v2/earn/vaults endpoint. T-bill 3M is the 3-month constant-maturity Treasury yield, hardcoded at 5% in lib/risk/calculations.ts · T_BILL_RATE. Update by hand for now; a future task can pull live FRED data.

Bubble size is sqrt(tvl_usd) clamped to 4–18 px, so the biggest vault doesn’t dwarf the others. We jitter equal-x dots by ±0.5 bps so dense clusters stay readable.

Vaults newer than 30 days have no 30d APY yet — we plot them at x = 0 using their 7d APY for y, so they stay on the chart. They cluster on the y-axis until they accumulate a 30-day series.

Yield mechanics & exit

How the yield works — and how to leave.

Where each vault’s headline APY actually comes from, how it’s drifted recently, and how much of your deposit you could pull right now.

Per-vault yield decomposition, recent APY drift, and instantly-withdrawable share, paginated 25 vaults at a time and filtered by the dashboard’s TVL gate.
Vault7d APYYield source7d vs 30dWithdrawable now
Sentora PYUSDV1.1$240.5M2.4%9% PT · 91% borrower-35 bps
20.0% of TVL
Sentora PYUSD MainV2$240.5M1.4%100% borrower demand-35 bps
20.0% of TVL
Sentora RLUSDV1.1$180.1M1.8%100% borrower demand-93 bps
45.0% of TVL
Sentora RLUSD MainV2$180.1M1.8%100% borrower demand-93 bps
45.0% of TVL
Steakhouse USDTV1.0$165.7M3.3%100% borrower demand-57 bps
41.9% of TVL
Gauntlet USDC PrimeV1.0$154.8M3.6%100% borrower demand+27 bps
28.7% of TVL
sky.money USDT SavingsV2$131.7M2.7%100% borrower demand-93 bps
21.6% of TVL
Steakhouse USDCV1.0$127.8M3.6%100% borrower demand+26 bps
34.7% of TVL
Gauntlet USDC PrimeV2$103.8M3.6%100% borrower demand+27 bps
42.7% of TVL
Steakhouse Ethena USDtbV1.1$75.2M1.9%100% borrower demand-30 bps
10.0% of TVL
Steakhouse Reservoir USDCV2$66.8M3.9%100% borrower demand-1 bps
11.7% of TVL
Steakhouse Prime InstantV2$57.7M3.6%100% borrower demand+27 bps
44.0% of TVL
Vault Bridge WBTCV1.1$54.2M0.0%100% borrower demand+0 bps
91.8% of TVL
Steakhouse Prime InstantV2$52.2M3.9%100% borrower demand+15 bps
86.4% of TVL
Exclusive Sentora PYUSDV1.1$50.2M2.6%100% borrower demand+0 bps
58.8% of TVL
Exclusive Sentora PYUSD V2V2$50.2M2.4%100% borrower demand-26 bps
58.9% of TVL
sky.money USDS FlagshipV2$47.9M0.4%100% borrower demand-2 bps
86.9% of TVL
Spark Blue Chip USDT VaultV2$46.8M2.8%100% borrower demand-57 bps
99.5% of TVL
Steakhouse EURCVV1.1$45.4M1.2%100% borrower demand+75 bps
66.9% of TVL
Vault Bridge USDCV1.1$44.4M3.4%100% borrower demand+26 bps
73.2% of TVL
Gauntlet WETH PrimeV1.0$43.8M2.2%100% borrower demand-41 bps
69.4% of TVL
Steakhouse Prime InstantV2$35.6M3.3%100% borrower demand-57 bps
100.0% of TVL
Steakhouse ETHV1.0$33.1M1.9%100% borrower demand-34 bps
63.3% of TVL
Vault Bridge WETHV1.1$32.2M2.1%100% borrower demand-59 bps
84.5% of TVL
Vault Bridge USDTV1.1$28.8M1.9%100% borrower demand-135 bps
100.0% of TVL
Methodology — how we estimate this

Yield source. We isolate Pendle PT contribution as (capital in PT collateral) × (Pendle implied APY) ÷ vault TVL, divided by the headline 7d APY. The remainder is shown as “borrower demand” — it includes Aave idle reserves, incentive emissions, and any other source the API doesn’t individually tag, so treat the split as directional, not exact.

7d vs 30d. apy_7d − apy_30d in basis points. A positive number means yield is expanding lately; negative means it’s compressing.

Withdrawable now. liquidity_usd ÷ tvl_usd, the share of the vault you could redeem in a single transaction without queuing or waiting for borrower repayments. Anything below ~15% of TVL is a practical exit-risk signal.

Built with the Compass DeFi API

Every chart on this page is
one HTTP call away.

Compass exposes vault, market, and position data across Morpho, Aave, and Pendle. Pull the same risk view into your own product.

Read the API docsBook a demo