Morpho Sector Overview
Aggregate metrics across 14 chains, 28 curators, 2134 markets
Source: Morpho GraphQL API · DefiLlama
Morpho in the lending sector
Deposits, active loans (borrows), and TVL across the overcollateralized lending sector. Toggle the metric. TVL alone understates lending size; deposits and active loans are the truer yardsticks. Source: DefiLlama.
Morpho ranks #2 of 9 overcollateralized lending protocols by deposits. Gap to Aave V3: $15.27B.
Morpho by chain
Share of Morpho's selected metric across chains over time. Top 10 chains; rest aggregated as Other.
By chain. Top 8 by TVL
Net supply flows
Net change in deposit base over the period · inflows ▲ left, outflows ▼ right, components in the middle.
Collateral mix
Deposit base by asset. Top 7 shown individually; rest as Other.
Deposit base by asset
| USDC | 61.1% |
| USR | 9.6% |
| cbBTC | 9.5% |
| USDe | 1.6% |
| wstETH | 1.6% |
| USDT | 1.5% |
| PYUSD | 1.5% |
| Other | 13.5% |
Borrow mix
Debt by asset. Top 7 shown individually; rest as Other.
Debt by asset
| USDC | 79.9% |
| USR | 12.7% |
| USDT | 1.9% |
| PYUSD | 1.8% |
| USDG | 1.4% |
| RLUSD | 0.9% |
| WETH | 0.6% |
| Other | 0.7% |
Asset class asymmetry. Deposits vs borrow interest
Where capital sits versus where economic activity concentrates. Stablecoins are 48% of deposits but 98% of borrow interest; BTC is 33% of deposits but 0.1% as a borrowed asset. As of 2026-09-07.
Top markets across Morpho
Period / view / sort toggles. Supply & borrow APY clamped at 100% (saturated-util IRM artifacts shown as . ). Click a row to copy its market key.
| # | Asset | Chain | Total Supply | Available Liq. | Borrowed | Util | Supply APY | Borrow APY | Supply |
|---|---|---|---|---|---|---|---|---|---|
| 1 | K / USDC | Arbitrum | $7.6B | $0 | $7.6B | 100.0% | N/A | N/A | |
| 2 | PAXG / USDC | Ethereum | $7.06B | $0 | $7.06B | 100.0% | N/A | N/A | |
| 3 | sdeUSD / USDC | Ethereum | $4.67B | $0 | $4.67B | 100.0% | N/A | N/A | |
| 4 | BONDUSD / USR | Ethereum | $3.87B | $0 | $3.87B | 100.0% | N/A | N/A | |
| 5 | cbBTC / USDC | Base | $1.55B | $160.11M | $1.39B | 89.7% | 4.27% | 4.78% | |
| 6 | USDe / USDC | Base | $337.68M | $33.71M | $303.97M | 90.0% | 3.61% | 4.02% | |
| 7 | cbBTC / USDC | Ethereum | $336.04M | $32.83M | $303.21M | 90.2% | 4.27% | 4.75% | |
| 8 | USDe / USDG | Robinhood Chain | $310.52M | $30.01M | $280.5M | 90.3% | 3.84% | 4.26% | |
| 9 | USDT / USDT | Ethereum | $228.19M | $0 | $228.19M | 100.0% | N/A | N/A | |
| 10 | RSS / USDC | Base | $200.88M | $0 | $200.88M | 100.0% | 23.25% | 23.25% |
Morpho vs sector supply APY
Depositor yield on Morpho vs the lending sector (Aave V3, Compound V3, Fluid, Euler V2), by asset. Positive spread = Morpho is the more efficient venue for lenders. Toggle chain.
| Asset | Morpho | Aave V3 | Compound V3 | Fluid | Euler V2 | Sector Avg | Spread vs Sector |
|---|---|---|---|---|---|---|---|
| USDC | 5.18% | 3.58% | 5.53% | 5.14% | 3.14% | 4.44% | +74 bps |
| USDT | 2.83% | 3.54% | 3.00% | 4.49% | 0.31% | 3.83% | −99 bps |
| DAI | 5.61% | 3.04% | N/A | N/A | N/A | 3.04% | +257 bps |
| WETH | 2.04% | 1.42% | 0.00% | 1.94% | 1.30% | 1.28% | +77 bps |
Supply APY on Morpho (supply-USD-weighted across markets) vs the lending sector (supply-USD-weighted across Aave V3, Compound V3, Fluid, Euler V2). Positive spread = Morpho pays depositors more. Competitor columns show “. ” until the competitor-rates backfill runs in prod.
Risk pulse
Bad debt is Morpho's stored unrealized figure. Stressed = utilization > 90%. LLTV is supply-weighted (stored as a fraction).
Data sources: Morpho GraphQL API · DefiLlama. Updated every 6 hours.
TVL definition matches Morpho's published dashboard: deposits − active loans.
Saturated-utilization IRM blow-ups (supply APY ≥ 100%) are excluded from every aggregate as data artifacts.
Full methodology: /methodology
Datum Labs. (2026). Morpho Research Terminal: Morpho Sector Overview. Retrieved September 7, 2026 from /.