Markets
1,270 active markets across 12 chains · $3.43B active loans · $160.11M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-06-10
Top 10 markets by active loans
Bars colored by collateral asset class · hover for utilization.
Utilization × borrow APY
Each dot a market. Bubble size = supply USD, color = collateral asset class. APY clamped at 100% (degenerate IRMs excluded).
LLTV distribution
Supply-USD-weighted. Where Morpho's risk concentrates. Bars colored by the bracket's dominant collateral class.
Market directory: 1,775 matches
Click a header to sort, a row to copy its unique key. Supply/Borrow APY clamped at 100% (degenerate IRMs show "N/A").
| Chain· | Loan· | Collateral· | LLTV· | Supply↓ | Active Loans· | Util· | Supply APY· | Borrow APY· | Borrow Int.· | Age· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | USR | BONDUSD | 95% | $2.48B | $2.48B | 100.0% | N/A | N/A | N/A | 435d |
| Base | USDC | cbBTC | 86% | $1.35B | $1.19B | 88.2% | 4.00% | 4.55% | $54.07M | 644d |
| Ethereum | USDC | PAXG | 92% | $1.16B | $1.16B | 100.0% | N/A | N/A | N/A | 649d |
| Arbitrum | USDC | K | 63% | $1.13B | $1.13B | 100.0% | N/A | N/A | N/A | 398d |
| Ethereum | USDC | sdeUSD | 92% | $679.92M | $679.92M | 100.0% | N/A | N/A | N/A | 490d |
| Ethereum | USDC | cbBTC | 86% | $270.67M | $235.68M | 87.1% | 3.53% | 4.06% | $9.58M | 643d |
| Ethereum | USDT | wstETH | 86% | $171.72M | $140.73M | 82.0% | 3.35% | 4.11% | $5.78M | 860d |
| Ethereum | USDC | WBTC | 86% | $143.05M | $124.24M | 86.9% | 3.53% | 4.07% | $5.06M | 875d |
| Ethereum | USDtb | sUSDe | 92% | $110.33M | $100.09M | 90.7% | 2.45% | 2.71% | $2.71M | 392d |
| Ethereum | PYUSD | PRIME | 86% | $79.99M | $73.26M | 91.6% | 4.79% | 5.25% | $3.84M | 32d |
| Ethereum | RLUSD | kBTC | 86% | $79.99M | $59.61M | 74.5% | 1.00% | 1.35% | $805.04K | 53d |
| Ethereum | USDT | USDT | 98% | $75.74M | $75.74M | 100.0% | N/A | N/A | N/A | 95d |
| Ethereum | PYUSD | syrupUSDC | 92% | $75.06M | $67.39M | 89.8% | 3.71% | 4.15% | $2.79M | 177d |
| Ethereum | USDT | sUSDS | 97% | $72.05M | $62.81M | 87.2% | 2.86% | 3.28% | $2.06M | 574d |
| Base | USDC | WETH | 86% | $69.28M | $61.01M | 88.1% | 4.00% | 4.55% | $2.78M | 732d |
Morpho markets are isolated lending positions: one loan asset, one collateral asset, one fixed LLTV, one IRM. Each market is independent. No shared liquidity, no cross-market contagion. Supply USD is what lenders have deposited; Active Loans is what borrowers have drawn. Utilization is loans ÷ supply. LLTV is the maximum loan-to-value at which a position can be opened without liquidation risk. Borrow interest = active loans × borrow APY (clamped at 100%).
Supply/borrow APY ≥ 100% are saturated-utilization IRM blow-ups (BONDUSD/USR, K/USDC on Arbitrum, the HERMES family on Base). Those rows show ". " and are excluded from weighted KPIs, the histogram and the scatter. Bad debt is Morpho's stored unrealized figure.
Datum Labs. (2026). Morpho Research Terminal: Market directory. Retrieved June 10, 2026 from /markets.