Move your Morpho variable rate position to a fixed rate. Get up to 1,000 USDC.
Move an eligible Morpho variable rate USDC position on Ethereum, Base or Arc to a fixed rate and roll once to earn up to 1,000 USDC.
How it works
- Connect your wallet in the Tenor app to see whether it is eligible, which Morpho variable rate markets qualify, your assigned reward and the minimum you need to migrate.
- Migrate your eligible Morpho variable rate position to a fixed rate with auto-roll on, and keep at least your minimum borrowed. Market and limit migrations qualify; a resting limit order reserves nothing.
- Let the position complete its first automatic roll to earn the reward. Claims are scheduled for 2 Nov 2026 through Merkl on Base, once the distribution is available.
The rules
| Reward | 10 to 1,000 USDC, assigned in advance to each eligible wallet. One reward per wallet; migrating more does not increase it. |
|---|---|
| Eligibility | Selected wallets and their listed Morpho variable rate USDC markets, from a fixed snapshot allowlist. Check your eligibility in the app. |
| Chain | Positions on Ethereum, Base and Arc qualify. Rewards are paid on Base. |
| Claim | Scheduled for 2 Nov 2026, through Merkl on Base. |
| Condition | Keep auto-roll on until the first automatic roll, and keep at least your minimum borrowed until then. Rolling by hand before that roll forfeits the reward. Liquidation does not itself forfeit the reward. |
| Window | Scheduled from 28 Sep 2026 at 00:00 UTC until 28 Oct 2026 at 00:00 UTC. New reservations close sooner if the pool runs out. |
Example
Suppose the app shows a 50 USDC reward for your wallet. On 30 Sep, you migrate an eligible Morpho variable rate position into the 30 Oct 2026 term with auto-roll on and keep at least your wallet’s minimum borrowed. If pool funds remain, 50 USDC is reserved. Your first automatic roll on 30 Oct earns that reward. Claims are scheduled for 2 Nov on Base. Migrating more would still earn 50 USDC.
Questions
What counts as a migration?
Using the Migrate action on a Morpho variable rate position in the Tenor app. Repaying manually and borrowing fresh does not count.
How do I know whether my position qualifies?
Check the promotion page in the app. Both your wallet and the Morpho variable rate market you migrate from must be on the allowlist, and the migration must meet your assigned minimum during the campaign window.
Does it have to be USDC?
Yes. Only eligible Morpho variable rate USDC positions qualify, on Ethereum, Base or Arc. Rewards are paid in USDC on Base.
Can I migrate part of a bigger position?
Yes, if you migrate at least your wallet’s minimum. Separate Morpho variable rate positions are not added together. Your reward is assigned in advance, so moving extra debt does not increase it.
Can a limit migration fill in parts?
Yes. Executed fills from the same Morpho variable rate position into the same fixed market can reach your minimum over time. Your place in the pool is set when that minimum is reached. Repayments between fills still count against the minimum.
Can I repay or close the position?
Before the first automatic roll, keep at least your minimum borrowed: a repayment that goes below it forfeits the reward. After the first completed roll, you can repay or close without losing the earned reward. No additional holding period is required.
What if I turn auto-roll off or roll by hand?
Before the first roll, the reward shows as forfeited while auto-roll is off. Turning it back on restores the reservation if the other conditions are still met. Rolling the position by hand before its first automatic roll forfeits the reward.
Where do I see my status?
Portfolio, the promotion page and the Rewards menu in the Tenor app all show the same status. Reserved means pool funds are set aside. A completed first roll earns the reward; claiming opens once the Merkl distribution is available.
Terms
Tenor may determine eligibility, change or cancel reservations, and adjust, withhold or forfeit rewards at its sole discretion. Tenor may change, suspend or end the promotion at any time.