Markets
1,667 active markets across 14 chains · $5.14B active loans · $280.52M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-12
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: 2,157 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | sUSDe | MUX3LP-sUSDe-5 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 492d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-8 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 492d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-4 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 492d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-3 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 492d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-7 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 492d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-6 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 492d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-1 | 63% | $10.49K | $0 | 0.0% | 0.00% | 0.03% | N/A | 492d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-2 | 63% | $10.55K | $22.87 | 0.2% | 0.00% | 0.03% | $0.01 | 492d |
| Polygon | WPOL | WBTC | 77% | $10.68K | $8.69K | 81.4% | 8.17% | 10.13% | $880.9 | 492d |
| Polygon | WPOL | N/A | 0% | $10.72K | $0 | 0.0% | 0.00% | 0.00% | N/A | 570d |
| Ethereum | frxUSD | sDOLA | 92% | $10.78K | $9.16K | 85.0% | 0.83% | 0.98% | $90 | 148d |
| Base | USDC | PT-sjEUR(jEURx)-2026/10/13 | 77% | $11.01K | $11.01K | 100.0% | 2.71% | 2.71% | $298.74 | 53d |
| HyperEVM | USDC | hbUSDT | 92% | $11.27K | $9.09K | 80.6% | 14.86% | 18.74% | $1.7K | 339d |
| Arbitrum | USDC | GM:ETH/USD[WETH-USDC] | 77% | $11.45K | $10.08K | 88.1% | 6.73% | 7.67% | $773.49 | 408d |
| Ethereum | EUROP | cbBTC | 86% | $11.6K | $2.33 | 0.0% | 0.00% | 0.75% | $0.02 | 61d |
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 September 12, 2026 from /markets.