MORPHO: Price to Fees Ratio
Included with Plus.
MORPHO's market cap divided by the fees Morpho earns on Ethereum in a year.
Why use it. The multiple investors pay for each dollar of the protocol's fees, the way company shares are compared on price to sales. It lets tokens of different sizes be set side by side. How to read it. Lower means more fees for each dollar of token value; the ratio falls when fees grow or the price drops. The 30-day line reacts faster; the 365-day line is steadier.
Calculation. Price to fees = market cap / annualised fees. Annualised: the last 30 whole days of fees (or revenue) x 365 / 30 (in the first month of the record, the whole days it has, from the 7th, x 365 / days), and the trailing 365 days as they are, each day against that day's closing market cap (price x supply, from CryptoKeyhole's market data and coin supply figures). The free-float lines use the market cap of the supply outside the project's own disclosed wallets. For this token the whole supply already exists, so its fully diluted value equals its market cap. The 365-day line starts once a whole year of fees exists. Fees are Ethereum's only, so the ratios are higher than they would be with the protocol's other networks. Lending (Aave, Spark, Compound v3, Morpho, Sky): each hour's interest accrues on the market state at the end of the hour before, at that state's rates, as each protocol accrues it: borrowers pay debt x ((1 + borrow APY)^(1 hour / 1 year) - 1); lenders on Aave, Spark and Compound earn supplied x the per-second supply rate x 3,600; on Morpho Blue lenders earn the borrowers' interest less the market's fee; Sky's vaults have no lenders, so their stability fees are all revenue. Every reserve and market of these protocols counts, read on CryptoKeyhole's own Ethereum archive node each hour; dollar stablecoins count one dollar, ether and wrapped bitcoin at CryptoKeyhole's hourly prices, other tokens at the protocol's own oracle price that hour; Morpho Blue markets with bad debt and tokens without a price are left out. Interest only: flash-loan and liquidation fees and reward tokens are not included. History begins on 19 October 2026, 15:00 UTC, the first hour after every market's size has been kept.