Morpho

MORPHO#59DeFi Lending Ethereum Solana Arbitrum

Confirm official data

$2.22

+36.2%past year

Code is moving, $25.5M in fees this month, sources differ by ×1.31.

Code

357+ commits in 90 days from 16 people

Human commits in the five most recently pushed repos.

Nov 9Nov 1

Last push: Nov 4, 2026
Last release: Oct 12, 2026

morpho-org · official site, DefiLlama, CoinGecko, CoinMarketCap

Usage

$25.5M in fees over 30 days

Fees include what users pay to everyone, not just the protocol. Source: DefiLlama.

Nov 4Nov 3

TVL: $11.5B

Numbers

Market cap: $1.58B or $1.2B

CGCMC

Price$2.25$2.25Agree

Supply704M536M×1.31

Mcap$1.58B$1.2B×1.31

Volume$23.4M$25.3M×1.081

The gap comes from supply. Prices match within <0.1%, so the two sources count different amounts of the token as circulating. We show both and don’t say which is right. CoinGecko, CoinMarketCap

Paper → real

About $1.45B of $2.25B is real

Selling everything at 2% a day would take 408 days.

Paper (all tokens)$2.25B

Market cap$1.58B

Real$1.45B

Real is the market cap scaled down when its order-book depth is below what is typical for a token of its size. An estimate, not a price.

Where it lives

6 tokens under its ticker that no list knows

Home contract: Ethereum 0x58d9…c2b23 official deployments

OfficialBaseMorpho Token 0xBAa5…0842$2.46M

HomeEthereumMorpho Token 0x58D9…c2B2$358K

UnknownSolanaMorpho Morpho…XYyP$206Kcan mint

UnknownSolanaMorpho Gcjh6Z…V4ck$24.1claims $2.73B

UnknownBaseMorpho Token (MORPHO) 0x1e6e…8721$5.02claims $102K

UnknownEthereumMorpho Token 0x6223…90e7$3.93claims $1.1B

Copies are what DEX search finds under the same ticker. Liquidity counts only pools against real assets; a pool against a made-up token can claim any figure.

Leverage

$27.8M in open futures, 1.8% of the market cap

Closing them all by force would take 7.2 days of 2% sell depth.

Funding, 8h: +0.0062% · longs pay shorts
Futures volume: $14.6M · 0.6× the spot volume · open interest turned over 0.5×
Liquidated, 24h: longs $19.6 · shorts $0
Venues: Bybit, OKX, Hyperliquid, Binance

Perpetual futures on Binance, Bybit, OKX and Hyperliquid, read hourly; CME and other venues are not counted. Liquidations from Bybit (every one), Binance (the largest per second) and OKX (its latest orders each hour): a lower bound.

Where Hyperliquid positions get liquidated

longs, closed below the priceshorts, closed above

within 5%: longs $0 below · shorts $0 above

2 open positions of the largest accounts and busiest traders, whose liquidation prices Hyperliquid publishes. Exact, not a model, but Hyperliquid only.

On-chain