Passive quoting rewards
Wallets that lend through passive quoting with the Quote 1 month option can receive a fixed amount of MORPHO each month, for 3 months. The amount depends on how much the wallet quotes. Rewards are distributed monthly through Merkl.
The program has a budget of 15,000 MORPHO in total, and each market has a limited number of rewards. The Tenor app shows whether rewards are still available and whether your passive quoting qualifies.
Rewards
| Amount quoted | Reward |
|---|---|
| At least 10,000 USD | 25 MORPHO per month, at most 75 MORPHO over 3 months |
| At least 100,000 USD | 125 MORPHO per month, at most 375 MORPHO over 3 months |
| At least 1,000,000 USD | 500 MORPHO per month, at most 1,500 MORPHO over 3 months |
The amount quoted is your total across all markets. Separate funds add up: quoting 5,000 USD in one market and another 5,000 USD in a second market makes 10,000 USD, which qualifies for 25 MORPHO per month. The same funds count only once: a source that quotes several markets adds its funds once. Each wallet holds one reward, for its total amount.
How to qualify
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Quote with the Quote 1 month option. Set up passive quoting and choose Quote 1 month: one lend rate for every maturity up to about a month out. Funds that come back at maturity, after an early repayment or after an early exit are quoted again.
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Keep your lend rate below the market's limit.
Market Lend rate below USDC / ETH or BTC 5% USDC looping markets 7.5% WETH / wstETH, weETH, cbETH 1.85% WETH / savETH 3% -
Quote at least 10,000 USD in total. Your amount is the USD value of your funds in passive quoting: the funds in each source, plus the funds lent from it through your curves.
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The reward is reserved automatically. Once your passive quoting qualifies, the reward is reserved for you for 3 months, for the amount your passive quoting reaches at that time. You do not need to activate the reward.
Distribution
- The reward is distributed monthly through Merkl, for 3 months from the date the reward is reserved.
- You can change your rates or the terms you quote, or cancel passive quoting, at any time. A monthly reward is distributed only if your passive quoting stays qualified, at or above your reward's amount, for the whole month.
- Claim from the rewards menu (the gift icon) in the Tenor app, or on Merkl. See Claim rewards.
Example
You quote 60,000 USDC from a managed vault in two markets, USDC / cbBTC and USDC / wstETH, with a 4.5% lend rate. You also quote 50,000 USDC from Open Term in the USDC / WETH market, with a 4.8% lend rate. Both rates are below the 5% limit for these markets.
- The vault counts once, so your amount is 110,000 USD.
- The amount reaches 100,000 USD, so 125 MORPHO per month is reserved for you automatically, at most 375 MORPHO over 3 months.
- Each monthly reward is distributed if your amount stays at or above 100,000 USD, and your lend rates stay below 5%, for the whole month.
Terms
Tenor may determine eligibility, change or cancel reservations, and adjust, withhold or forfeit rewards at its sole discretion, including for activity intended to manipulate the program, such as splitting funds across wallets. Tenor may change, suspend or end the program at any time.
The previous MORPHO rewards program for lenders ended in November 2026.