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Vault dashboards lead with size and yield. This measures what appears withdrawable at the current state: per market, the smaller of what the vault supplied and what that market has left unlent, summed, read from Euler, Morpho and Lista.
50 days of the register, recorded daily, from 18 August 2026. That is short, and it is short because we started recording it then rather than because nothing happened before. This is a reading we took and stored rather than an event a chain kept, so the series itself begins when we began; the underlying activity may well be reconstructable from an archive node or the venue’s own history, and we have not done it.
An hour is not a scenario: it is what the register says is free now, with no model behind it. A day and a week add how fast each vault\u2019s own free liquidity has actually come back, taken from its own history in this register and never from a market-wide rate.
Waiting buys less than it sounds. The median vault\u2019s free liquidity grew by <0.01% a day over the register, and for half of all vault-days nothing came back at all. Over 481 vaults holding $8.33B, each with at least 14 days of its own history. A further 148 vaults holding $39.81M free are NOT in these figures: they have too little history here for a rate of their own, and the market median is not their history.
What is not here. Of 3,649 open vaults holding $11.34B, 2,809 holding $728.25M have no exit reading at all, neither what can be withdrawn nor what sits unlent. That is 6% of the capital on this site, and the figures above say nothing about it. The venues behind most of it are Concrete, Hyperliquid, ether.fi Liquid, Lagoon and Veda, where withdrawal is asynchronous or on a timer and the reading we have elsewhere does not apply.
All at once is less. Across the $7.51B we read market by market (Morpho and Lista), each vault on its own could take out $2.72B; if every one of them left together, the 232 markets they share would give up at most $965.54M, because $1.76B of free cash is counted once per vault that could claim it. Queue order, reallocation and withdrawal caps are not modelled: this is the free-cash ceiling, not a forecast.
A lending vault’s size and its liquidity are different facts. Venues show both for their own vaults; this page puts the liquidity side by side across every lending vault we read, which no single venue does. Utilisation here is computed from the two halves of one reading, lent out over lent out plus left, never against a capital figure written by another job at another time, which is a wrong number built from two right ones.
A vault absent from this list is one whose liquidity we do not read, never one with nothing locked. Where the reading is missing the site says so rather than showing a zero.
Concentration
Every input is public; the sum across curators is ours. From inside any one vault a market at full utilisation looks like a position; added up across curators who cannot see each other's books it is a single exposure. The tail is a slice rather than a rounding error, because dropping the smaller collaterals would overstate the largest by whatever they weigh.
The panel below groups by collateral asset. This is one level finer, and it is where the constraint actually lives: a market is a pool of cash, and every vault supplying into it draws on the same pool. Curators who cannot see each other’s books can be one queue.
| Market | Vaults | They supply | It has free | Could be routed in |
|---|
| If they all left |
|---|
| cbBTC / USDCmorpho | 35 | $1.62B | $168.81M | $3.51M | 10% |
| sdeUSD / USDCmorpho | 2 | $728.54M | $0.00 | $0.00 | 0.0% |
| USDe / USDCmorpho | 2 | $390.72M | $38.92M | $0.00 | 10.0% |
| USDe / USDGmorpho | 2 | $356.77M | $39.46M | not published | 11% |
| cbBTC / USDCmorpho | 42 | $324.25M | $33.03M | $317.2k | 10% |
| cirBTC / USDCmorpho | 4 | $169.78M | $138.8k | not published | 0.1% |
| wstETH / USDTmorpho | 23 | $157.34M | $32.75M | $0.00 | 21% |
| WBTC / USDCmorpho | 24 | $119.08M | $12.66M | $1.74 | 11% |
| WETH / USDCmorpho | 22 | $100.36M | $10.40M | $172.99M | 10% |
| WBTC / USDTmorpho | 21 | $99.77M | $20.99M | $0.25 | 21% |
| wstETH / WETHmorpho | 20 | $89.10M | $17.33M | $4.56M | 19% |
| PT-reUSD-10DEC2026 / USDCmorpho | 14 | $88.99M | $14.57M | $0.00 | 16% |
| slisBNB / BNBlista | 3 | $64.96M | $6.06M | not published | 9.3% |
| sUSDS / USDTmorpho | 7 | $63.22M | $8.10M | $0.00 | 13% |
| cbXRP / USDCmorpho | 11 | $57.70M | $6.35M | $422.1k | 11% |
The last column is what the market could return if every vault in it withdrew at once, which is arithmetic rather than a scenario: the cash is there or it is not, and it is not a prediction that they will. The routable column is liquidity the venue’s own allocator could move in, read rather than assumed. A market at full utilisation has nothing to route, which is the case that decides whether a vault is stuck: nothing can be routed into a market nobody can take anything out of.
Every input is public; the sum across curators is ours. From inside any one vault a market at full utilisation looks like a position; added up across curators who cannot see each other’s books it is a single exposure, and the curators are not the ones who would notice.
Two different totals, and this table is the first. It counts capital supplied into markets with nothing free in every lending vault, including vaults that can still leave through their other markets. The register counts $1.05B in vaults that cannot be exited as a whole; of that, $1.03B sits in markets we can name here.
Of the $1.05B in vaults that cannot be exited, $11.24M is not named here. Most of it is on Euler, where a vault accepts many collaterals at once, the list says what it is permitted to lend against, not what borrowers actually pledged, and publishing the first as though it were the second would be a guess wearing the clothes of a measurement. Morpho markets carry exactly one collateral, which is the only reason the figures above are exact.
| Collateral | Capital that cannot be withdrawn | Share of all of it | Vaults | Separate firms | Longest unmoved |
|---|---|---|---|---|---|
| sdeUSD | $728.54M | 67.4% | 2 | 0 +2? | ≥50d |
| cirBTC | $164.70M | 15.2% | 4 | 3 | 11d |
| xUSD | $22.27M | 2.1% | 3 | 1 +2? | ≥50d |
| msY | $19.28M | 1.8% | 2 | 0 +2? | ≥18d |
| EURC | $16.34M | 1.5% | 2 | 1 | ≥50d |
| WETH | $12.49M | 1.2% | 51 | 16 +5? | ≥50d |
| USDT | $11.36M | 1.1% | 12 | 7 | ≥50d |
| cbETH | $9.82M | 0.9% | 24 | 9 +2? | 12d |
| gAUSD | $9.05M | 0.8% | 1 | 1 | moved |
| USDC | $8.80M | 0.8% | 24 | 7 +1? | ≥50d |
Read per market from each vault’s allocation. A market whose free liquidity we could not read is left out rather than counted as stuck.