Rewards
Tenor rewards lenders with MORPHO tokens. Rewards may also be issued by third parties as part of liquidity incentive programs.
How rewards work
Only lenders earn rewards. Each market's weekly MORPHO is split among lenders in proportion to how much they lend and for how long, weighted by a multiplier:
| Lending activity | Multiplier |
|---|---|
| Matched lend position | 2X |
| Qualifying resting lend offer | 1X |
A resting lend offer qualifies only if it has Earn while you wait enabled and its rate is at or below its market's maximum eligible rate:
| Market | Maximum eligible rate |
|---|---|
| cbBTC/USDC | 5% |
| WETH/USDC | 5% |
| cbETH/WETH | 2.00% |
Example
Suppose a market receives 2,000 MORPHO for the week, and 100,000 USDC is matched in it for the entire week. A 1,000 USDC amount held the whole week is 1% of the market's lending:
- Matched (2X): earns the full 1% share — 20 MORPHO.
- Resting (1X): the same amount as a qualifying resting offer earns half the rate — about 10 MORPHO.
Weekly allocation
Tenor incentivizes markets with 2,000 MORPHO for the week starting July 20, 2026, scaling to 4,000 MORPHO per week by August 3, 2026. Rewards are allocated across markets as follows, in MORPHO tokens.
| Week starting on | cbBTC/USDC | WETH/USDC | cbETH/WETH | Total (MORPHO) |
|---|---|---|---|---|
| July 20, 2026 | 1,000 | 500 | 500 | 2,000 |
| July 27, 2026 | 1,500 | 750 | 750 | 3,000 |
| August 3, 2026 | 2,000 | 1,000 | 1,000 | 4,000 |
| August 10, 2026 | 2,000 | 1,000 | 1,000 | 4,000 |
| August 17, 2026 | 2,000 | 1,000 | 1,000 | 4,000 |
| August 24, 2026 | 2,000 | 1,000 | 1,000 | 4,000 |
| August 31, 2026 | 2,000 | 1,000 | 1,000 | 4,000 |
Tenor reserves the right to reduce or nullify the reward allocation of any account whose activity is intended to manipulate the metrics rewards are based on, such as matching lend and borrow positions against oneself across multiple accounts to inflate volume.
Claiming rewards
Rewards are distributed through Merkl, a reward distribution protocol, and are added weekly rather than in real time, so your claimable balance may not immediately reflect your most recent activity.
You can claim rewards directly from the Tenor interface or through Merkl. For step-by-step instructions, see Claim Rewards.