Markets
1,649 active markets across 14 chains · $5.06B active loans · $296.61M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-09
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: 2,139 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 | crvUSD | stkcvxcrvUSDTWBTCWETH-morpho | 86% | $0 | $0 | 80.0% | 17.53% | 22.38% | N/A | 893d |
| Ethereum | USDC | deUSD | 92% | $0 | $0 | 90.5% | 4.52% | 5.01% | N/A | 581d |
| Ethereum | USDC | PT-mHYPER-20NOV2025 | 86% | $0 | $0 | 100.0% | N/A | N/A | N/A | 376d |
| Ethereum | USDT | sDAI | 95% | $0 | $0 | 82.4% | 0.08% | 0.09% | N/A | 909d |
| Ethereum | AUSD | sUSDat | 86% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 151d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 275d | |
| Ethereum | cbBTC | LBTC | 86% | $0 | $0 | 1.7% | 0.20% | 14.07% | N/A | 714d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 275d | |
| Ethereum | USR | PT-wstUSR-27MAR2025 | 92% | $0 | $0 | 0.1% | 0.00% | 0.03% | N/A | 593d |
| Ethereum | wstETH | weETH | 95% | $0 | $0 | 26.7% | 0.01% | 0.05% | N/A | 614d |
| Ethereum | USDT | PT-USDG-28MAY2026 | 95% | $0 | $0 | 63.0% | 0.97% | 1.55% | N/A | 186d |
| Ethereum | USDC | n-st-mHYPER | 86% | $0 | $0 | 0.0% | 0.00% | 0.51% | N/A | 237d |
| Ethereum | JPYR | USDT | 92% | $0 | $0 | 23.2% | 0.01% | 0.04% | N/A | 175d |
| Ethereum | rUSD | PT-wsrUSD-26FEB2026 | 92% | $0 | $0 | 0.0% | 0.00% | 13.34% | N/A | 309d |
| Ethereum | USDT | weETH | 77% | $0 | $0 | 91.0% | 5.95% | 6.56% | N/A | 127d |
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 9, 2026 from /markets.