Upbit listed Morpho's MORPHO token in its Korean won market on July 25, 2026, with trading from 18:00 KST, five weeks after adding BTC and USDT pairs on June 19. We found no delisting or new exchange event since. MORPHO traded near $2.54 on Binance on October 7.
Correction, October 7 A September 6 update on this page said MORPHO, at about $2.53, traded well below its listing-week levels. Binance closes for July 24 to 26 were $1.93 to $1.98, so the token was higher, not lower.
Where it stands
Upbit first added MORPHO on June 19, in a nine-token batch that also included Kamino, Lido DAO and Pax Gold. Crypto.news noted that the notice covered BTC and USDT markets, not won pairs. The won market opened on July 25, Crypto Briefing reported, and Euler's EUL joined it a day later. The 18:00 KST start (Korea Standard Time, UTC+9) is 09:00 UTC. We track the Euler side separately.
| Date | Venue | Event | Source |
|---|---|---|---|
| June 19, 2026 | Upbit | MORPHO opens against BTC and USDT in a nine-token batch | crypto.news |
| July 25, 2026 | Upbit | KRW market opens at 18:00 KST | Crypto Briefing, Upbit candle data |
| July 26, 2026 | Upbit | Euler (EUL) opens in the KRW market | Crypto Briefing, Upbit candle data |
The announcement alone lifted MORPHO about 4.8 percent, Crypto Briefing said. After that the price effect was small. MORPHO closed July 25 at $1.98 on Binance, 2.4 percent above the July 24 close of $1.93, after touching $2.18 during the day. It closed at $1.96 the next day.
Upbit was also not the first Korean venue. Bithumb's public data shows a MORPHO/KRW market with history back to at least March 22, 2026, which is as far as its API reaches, so the exact Bithumb listing date is unknown to us.
We pulled the volume and price figures from Upbit's, Binance's and Bithumb's public data on October 7. Upbit's own listing notice, which would give the deposit network and any opening-hour limits, was not available to us, so we do not state those terms here.
How it traded
Upbit's own candle data shows how fast the won demand faded. Trading value on the first day came to about 29.9 billion won, covering only the 15 hours from the 18:00 KST open. It fell to about 7.0 billion on July 26 and 0.17 billion by August 1. The seven complete days to October 6 averaged about 1.8 billion won, in a range of 0.8 billion to 2.5 billion.
Supply moved off exchanges as well. Crypto Briefing counted 4.35 million MORPHO leaving exchanges on July 26 and 5.59 million on August 13, the largest daily net outflow since the token became transferable on November 21, 2024. The price then rose. The Crypto Times put MORPHO at $2.11 on August 18, up 9.84 percent in seven days, and tied the move to Morpho's open-source Quoter Bot release on GitHub. It closed at $2.61 on Binance on September 6.
Usage kept growing in parallel. CoinMarketCap's project feed lists Coinbase Lend, which routes USDC deposits into Steakhouse Financial vaults on Morpho via Base, passing $500 million in deposits on September 3. It also lists a record of about $14 billion in total Morpho deposits on September 4. Its newest entries are Standard Chartered naming Morpho among four tokens it expects to gain from tokenization (October 4) and Ledger launching bitcoin-backed loans powered by Morpho (October 7).
Risks and what to watch
A won listing widens access to a token. It does not create demand. The Upbit data fits that reading: order flow peaked on the first day and settled at a fraction of it, while the later price gains arrived with product news and record deposits. We treat the listing as a distribution event, as our exchange listings guide explains, not as a verdict on the protocol.
Morpho itself is a lending protocol that lets anyone deploy isolated markets, which is why larger players build products on it. Since the listing, usage records and the token price have both risen, and no source we read ties the price to the listing. Three checks are open:
- Volume. Whether Upbit's won volume holds near 1 billion to 2 billion won a day or slides back toward the 0.2 billion to 0.7 billion of the first weeks.
- Outflows. Whether the large exchange outflows continue, which Crypto Briefing read as holders moving coins into self-custody.
- New events. Whether a new venue lists or an existing one delists MORPHO. This page records any such event.
Nothing here is trading advice.
Not financial advice Listings often spike and then fade once the first wave of buyers is done. Nothing here is a suggestion to buy this token. Check dates on the exchange's own announcement page before trading: schedules slip. Our listing reaction data shows how new listings have typically traded.
