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Rewards

Tenor markets currently reward lenders with MORPHO tokens. Rewards may also be issued by third parties as part of liquidity incentive programs.

MORPHO lender incentives​

Rewards are split among lenders in proportion to how much they lend and for how long. Both resting lend offers and matched lend positions earn rewards. Resting offers must have Earn while you wait enabled to qualify, and matched positions earn rewards at twice the rate of resting lend offers.

Examples​

Suppose a market receives 2,000 MORPHO for the week, and a total of 100,000 USDC is matched in the market for the entire week:

  • Matched position: Your 1,000 USDC matched position, held for the entire week, is 1% of the market's lending and receives 1% of its weekly rewards: 20 MORPHO.
  • Resting offer: If the same 1,000 USDC is instead a resting offer with Earn while you wait enabled for the entire week, it earns at half the rate of a matched position and receives approximately 10 MORPHO.

Weekly allocation​

Tenor incentivizes markets with 1,000 MORPHO for the week starting July 13, 2026, scaling to 4,000 MORPHO per week by August 3, 2026. Rewards are allocated across markets as follows, in MORPHO tokens.

Week starting oncbBTC/USDCWETH/USDCcbETH/WETHTotal (MORPHO)
July 13, 20265002502501,000
July 20, 20261,0005005002,000
July 27, 20261,5007507503,000
August 3, 20262,0001,0001,0004,000
August 10, 20262,0001,0001,0004,000
August 17, 20262,0001,0001,0004,000
August 24, 20262,0001,0001,0004,000
August 31, 20262,0001,0001,0004,000

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.