Passive quoting for fixed-rate markets

Tenor lets lenders passively quote lend and exit rates on fixed-rate markets on Morpho Midnight.

Unmatched funds sit in any Vault V2, managed or unmanaged, until a borrower fills one of your quotes. Then it earns the fixed rate and is automatically listed for resale at your exit rate. Quotes stay live with no individual offers to post, no bot to run, and no capital to recycle manually. Funds automatically return to your vault and start quoting again.

Use any Morpho Vault

Set any Morpho Vault V2 as your default yield source, so unmatched funds keep earning.

Quote on an ongoing basis

Your quotes stay live across markets while capital recycles automatically.

Set custom rate curves

Set a lend rate curve and an exit rate curve across multiple markets.

Strategy P&L

Earn the vault’s variable rate on unmatched funds, the fixed rate when matched, and a spread on early exits. Tenor offers 1K MORPHO rewards per week to passive quote users.

Contracts and security

Passive quoting is powered by Tenor’s callbacks, built on Morpho Midnight’s callback primitive. Tenor’s contracts are immutable and have been audited, formally verified, and are covered by a $200K bug bounty.