Pubfi morpho v2 conservative leaderboard

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.