Morpho Protocol Leaderboard (Conservative)

Conservative DeFi Vaults Ranking

Overview

Uses Morpho Vaults V2 GraphQL data to fetch vaults on Ethereum, Base, and Arbitrum, enforce strict exposure-asset address allowlists, apply conservative safety and liquidity filters, and rank by Net APY. Exposure enforcement relies on V2 adapter data: MetaMorphoAdapter (recursive vault exposure) and MorphoMarketV1Adapter (loan/collateral assets). No mock data is allowed.

Rules

Deposit Assets (Canonical):

• USDC, USDT, ETH, BTC
• Deposit asset is determined by vault.asset.address and mapped to symbols via the address allowlist.
• WETH -> ETH, WBTC/cbBTC -> BTC for deposit normalization.

Exposure Assets (Enforced by Address):

• BTC, ETH, WETH, WBTC, cbBTC, cbETH, wstETH, USDS, sUSDS, USDT, USDC
• Any adapter exposure address outside the allowlist excludes the vault.

Safety:

• whitelisted must be true
• warnings must be empty

Thresholds:

• Minimum Liquidity: $10,000,000 USD (use totalAssetsUsd, fallback to totalAssets / 10^decimals for USDC/USDT)
• Net APY: netApy > 0

Target Chains:

• Ethereum (Chain ID: 1)
• Base (Chain ID: 8453)
• Arbitrum (Chain ID: 42161)

Address Allowlists (by Chain)

Ethereum (1)

• USDC: 0xa0b86991c6218b36c1d19d4a2e9eb0ce3606eb48
• USDT: 0xdac17f958d2ee523a2206206994597c13d831ec7
• WETH: 0xc02aaa39b223fe8d0a0e5c4f27ead9083c756cc2
• WBTC: 0x2260fac5e5542a773aa44fbcfedf7c193bc2c599
• cbBTC: 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf
• cbETH: 0xbe9895146f7af43049ca1c1ae358b0541ea49704
• wstETH: 0x7f39c581f595b53c5cb19bd0b3f8da6c935e2ca0
• USDS: 0xdc035d45d973e3ec169d2276ddab16f1e407384f
• sUSDS: 0xa3931d71877c0e7a3148cb7eb4463524fec27fbd

Base (8453)

• USDC: 0x833589fcd6edb6e08f4c7c32d4f71b54bda02913
• USDT: 0xfde4c96c8593536e31f229ea8f37b2ada2699bb2
• WETH: 0x4200000000000000000000000000000000000006
• WBTC: 0x0555e30da8f98308edb960aa94c0db47230d2b9c
• cbBTC: 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf
• cbETH: 0x2ae3f1ec7f1f5012cfeab0185bfc7aa3cf0dec22
• wstETH: 0xc1cba3fcea344f92d9239c08c0568f6f2f0ee452
• USDS: 0x820c137fa70c8691f0e44dc420a5e53c168921dc
• sUSDS: 0x5875eee11cf8398102fdad704c9e96607675467a

Arbitrum (42161)

• USDC: 0xaf88d065e77c8cc2239327c5edb3a432268e5831
• USDT: 0xfd086bc7cd5c481dcc9c85ebe478a1c0b69fcbb9
• WETH: 0x82af49447d8a07e3bd95bd0d56f35241523fbab1
• WBTC: 0x2f2a2543b76a4166549f7aab2e75bef0aefc5b0f
• cbBTC: 0xcbb7c0000ab88b473b1f5afd9ef808440eed33bf
• cbETH: 0x1debd73e752beaf79865fd6446b0c970eae7732f
• wstETH: 0x5979d7b546e38e414f7e9822514be443a4800529

Note: USDS/sUSDS are listed for Ethereum and Base in Sky's official deployments tracker. They are omitted for Arbitrum to avoid guessing.

Parameters

Parameter	Type	Default	Description
CHAIN	string	all	Target chain: ethereum, base, arbitrum, or all (all merges results across chains)
LIMIT	number	10	Number of vaults to return (1-100)
FIRST	number	500	Vault list page size per chain; auto-downgrades on 5xx responses
SKIP	number	0	Starting offset for vault list pagination
POSITIONS_FIRST	number	50	Max positions per adapter; if returned count hits this limit, vault is excluded (conservative)
REQUEST_DELAY_MS	number	100	Delay between requests in milliseconds to reduce 5xx bursts

Execution Workflow

Step 1: Initialize

1. Map chain param to chain IDs:
   - ethereum -> [1]
   - base -> [8453]
   - arbitrum -> [42161]
   - all -> [1, 8453, 42161]
2. Set result limit (default: 10, max: 100)
3. If chain == all, query each chain separately and merge results
4. Enable pagination with `skip` and `first` for vault lists (default: first=500)
5. Load address allowlists for each chain (see above)
6. Conservative safety gate: whitelisted == true AND warnings.length == 0

Step 2: Fetch Data (Vaults V2)

Source: Morpho GraphQL API
Endpoint: https://api.morpho.org/graphql

GraphQL query (V2 list):

query VaultV2s($chainIds: [Int!], $first: Int!, $skip: Int!) {
  vaultV2s(
    where: { chainId_in: $chainIds }
    first: $first
    skip: $skip
    orderBy: TotalAssetsUsd
    orderDirection: Desc
  ) {
    items {
      address
      name
      symbol
      chain { id network }
      asset { address symbol decimals }
      totalAssets
      totalAssetsUsd
      netApy
      whitelisted
      warnings { type level }
    }
    pageInfo { countTotal count skip limit }
  }
}

Example variables:

{ "chainIds": [1, 8453, 42161], "first": 500, "skip": 0 }

Step 3: Pre-Filter

Normalization:
  - depositAddress := vault.asset.address (lowercase)
  - depositSymbol := map address -> symbol via allowlist
  - depositCanonical :=
      * WETH -> ETH
      * WBTC/cbBTC -> BTC
      * else -> same
  - liquidityUsd := totalAssetsUsd
  - if liquidityUsd is null AND depositCanonical in [USDC, USDT]:
      liquidityUsd := totalAssets / (10 ^ asset.decimals)

Filtering:
  - whitelisted == true
  - warnings.length == 0
  - liquidityUsd >= 10_000_000
  - netApy > 0
  - depositCanonical in [USDC, USDT, ETH, BTC]

Step 4: Fetch Exposures (Adapters)

Use adapter-specific fields to extract exposure assets. Any unknown adapter type or missing data => exclude vault.

GraphQL query (V2 exposure by address):

query VaultV2Exposure($address: String!, $chainId: Int!, $positionsFirst: Int!) {
  vaultV2ByAddress(address: $address, chainId: $chainId) {
    adapters {
      items {
        __typename
        type
        ... on MetaMorphoAdapter {
          metaMorpho {
            address
            asset { address symbol }
          }
        }
        ... on MorphoMarketV1Adapter {
          positions(first: $positionsFirst) {
            items {
              market {
                loanAsset { address symbol }
                collateralAsset { address symbol }
              }
            }
          }
        }
      }
    }
  }
}

Exposure rules:

• MetaMorphoAdapter: recursively resolve exposures from the nested metaMorpho.address vault.
• If the nested vault cannot be queried, fall back to metaMorpho.asset.address and log a warning.
• MorphoMarketV1Adapter: collect loanAsset.address and collateralAsset.address from all positions.
• If positions length == positionsFirst, treat as possibly truncated => exclude vault (conservative).
• If any exposure address is not in the chain allowlist => exclude vault.

Step 5: Sort and Rank

Sorting:
  - Primary: netApy (descending)
  - Secondary: liquidityUsd (descending)
Take:
  - Top N = limit

Step 6: Build Vault Link

link := https://app.morpho.org/{network}/vault/{address}
# network comes from chain.network; lowercase it for URL safety

Step 7: Reference Script (Python)

# Recommended fast/stable defaults:
# CHAIN=all LIMIT=10 FIRST=500 POSITIONS_FIRST=50 REQUEST_DELAY_MS=100
python scripts/morpho_v2_conservative_leaderboard.py

Output Format

# Morpho Protocol Leaderboard (Conservative)

> Top Vaults by Net APY
> Chains: Ethereum, Base, Arbitrum | Updated: 2026-02-05 14:00 UTC
> Filters: Liquidity >$10M USD | whitelisted only | no warnings

---

## Top Vaults

| Rank | Vault | Deposit Asset | Chain | Net APY | Liquidity | Exposure | Link |
|------|-------|---------------|-------|---------|-----------|----------|------|
| 1 | Example Vault A | USDC | Ethereum | 4.75% | $43.4M | USDT, sUSDS | https://app.morpho.org/ethereum/vault/0x... |
| 2 | Example Vault B | ETH | Base | 3.92% | $32.1M | WETH, wstETH | https://app.morpho.org/base/vault/0x... |

---

### Summary

- Total Vaults: 2
- Average APY: 4.33%
- Highest APY: 4.75% (Example Vault A)

---

*Generated by Morpho Protocol Leaderboard*
*Data Source: Morpho GraphQL API*

Error Handling

Error	Action
GraphQL error	Return error payload and stop
API Timeout / 5xx	Retry once with backoff
Invalid Chain	Return valid options: ethereum, base, arbitrum, all
Vault list 5xx	Reduce page size and restart chain pagination
Unknown adapter type	Exclude vault (conservative)
No Vaults Found	Return table with a single row: No vaults matched filters

Notes

• Exposure assets are enforced via V2 adapters. MorphoMarketV1Adapter uses loan/collateral asset addresses, MetaMorphoAdapter is resolved recursively via nested vault adapters.
• If a MetaMorpho nested vault cannot be queried, the script falls back to the nested vault asset address with a warning.
• Vault list queries auto-downgrade page size on 5xx responses to improve stability.
• Set REQUEST_DELAY_MS to throttle requests if 5xx persists.
• netApy is a decimal rate; multiply by 100 for percentage output.
• Prefer totalAssetsUsd; fallback to totalAssets / 10^decimals for USDC/USDT only.
• ETH/BTC are represented via their wrapped tokens (WETH/WBTC/cbBTC) in address-based filters.
• Arbitrum uses the USD₮0 (USDT) token contract address for USDT allowlisting.
• USDS/sUSDS are only included for Ethereum and Base (per Sky deployments tracker).
• Exposure query failures are logged and treated as unknown, which excludes the vault.