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Two primitives, one network
Morpho Blue and Morpho Midnight complement each other — variable vs fixed term structure.
Morpho Blue
Variable · open-term · IRM
Morpho Midnight
Fixed · maturity · orderbook
Blue / Vault
Midnight
Tenor / router
Maker
Signs lend/borrow offer
Rate · size · expiry · optional callback
Orderbook layer
Mempool + router
Offers indexed offchain · Tenor finds executable quotes
On-chain fill
Taker executes offer
Fixed economics locked · credit/debt units minted
Position
Credit / debt units
Zero-coupon payoff at market maturity
Settlement
Repay & redeem at maturity
Or roll via callback to a new maturity market
Trade units
Exit before maturity on secondary market
Callback
Source funds from Blue/Vault at fill only
Auto-roll
Renew into next maturity atomically