The risk layer DeFi lending is missing

Risk intelligence tools that detect circular leverage, phantom TVL, and liquidation cascades across Morpho. Plug them into Claude, your backend, or use the dashboard.

Total TVL
$3.50B
Avg Net APY
3.6%
Looping
$929.4M
Vaults Tracked
197
Free & Public

Start with the explorer

Every Morpho vault ranked by TVL. Click any vault for allocations, depositors, and concentration analysis.

Vault Explorer

Morpho vaults ranked by TVL across all chains

Open
# Vault TVL APY Conc. Looping
1
Gauntlet USDC PrimeBase · USDC · Gauntlet
$329.3M
3.89%
58.5%
0.3%
2
Steakhouse USDCEthereum · USDC · Steakhouse Financial
$318.6M
2.96%
28.6%
17.4%
3
Steakhouse Prime USDCBase · USDC · Steakhouse Financial
$314.6M
3.89%
47.8%
0.2%
4
Steakhouse USDCBase · USDC · Steakhouse Financial
$293.0M
2.90%
1.8%
0.3%
5
Sentora PYUSDEthereum · PYUSD · Sentora
$210.4M
1.29%
100.0%
31.0%
6
Gauntlet USDC PrimeEthereum · USDC · Gauntlet
$210.2M
2.96%
31.2%
0.0%
Access

Three ways to plug in

The same tools, delivered through whichever surface fits your workflow. All powered by a shared risk engine.

REST API

Integrate risk data into your own applications, dashboards, or alert systems. JSON responses, typed schemas, sub-second latency.

Available now
GET /api/v1/vaults
GET /api/v1/markets
GET /api/v1/risk/position
GET /api/v1/risk/liquidations
// ... 22 more endpoints

Dashboard

Eight tabs of real-time intelligence. Markets, vaults, positions, trends, liquidation scanner, wallet analysis. Bloomberg-terminal aesthetics, keyboard shortcuts, URL-shareable state.

Private beta
// 8 analysis views
Markets · Vaults · Risk
Trends · Scanner · Wallets
Liquidations · Dashboard
Intelligence

What Circular detects

From phantom TVL to liquidation cascades. Every metric is designed to surface risk that headline numbers hide.

Core Analysis

Circular leverage & phantom TVL

Every Morpho market classified by loop type. See which markets enable circular borrowing and how much TVL is inflated by recursive leverage. Headline numbers can be 2–3× actual depositor capital — Circular strips away the phantom supply.

Recursive LST Loop PT Strategy Clean
Reported
$247M
Phantom
$156M
Real
$91M
Vaults

Vault X-Ray

Where each vault's capital is deployed, what percentage sits in loopable markets, depositor concentration, and real withdrawal liquidity.

Positions

Borrower risk

Per-address leverage, health factors, distance to liquidation. Cross-market loop detection on any borrower address.

Tools

Built for depth, not dashboards

Every tool returns structured, typed data. Ask questions in Claude, query via API, or use the dashboard. Same engine, same answers.

Loop Detection

Classify every market by loop type and estimate phantom TVL

Vault Analysis

Full allocation breakdown, curator performance, withdrawal capacity

Position Scanner

Health factors, leverage ratios, distance to liquidation per address

Market Risk

Utilization, concentration, supply/borrow dynamics for every market

Liquidation Monitor

Track positions approaching liquidation thresholds in real time

Concentration Analysis

Depositor and whale concentration across vaults and markets

Yield Decomposition

Break down APY into native, reward, and leverage-dependent components

Cross-Market Loops

Detect addresses running leverage loops across multiple markets

Protocol Overview

Aggregate TVL, volumes, risk scores, and trend data per chain

Get access to the full platform

The vault explorer is free and public. For MCP server access, API keys, and the full dashboard, reach out to us directly.

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