Markets
1,668 active markets across 14 chains · $5.14B active loans · $282.48M 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: 2,158 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | VCHF | cbBTC | 77% | $29.55K | $27.45K | 92.9% | 1.48% | 1.59% | $437.67 | 360d |
| Worldchain | WBTC | N/A | 0% | $29.74K | $0 | 0.0% | 0.00% | 0.00% | N/A | 527d |
| Monad | AUSD | XAUt0 | 77% | $29.81K | $4.28K | 14.4% | 0.21% | 1.46% | $62.62 | 294d |
| Polygon | JPYC | WETH | 86% | $30.32K | $30.32K | 100.0% | 6.19% | 6.19% | $1.88K | 261d |
| Base | VCHF | N/A | 0% | $30.4K | $0 | 0.0% | 0.00% | 0.00% | N/A | 360d |
| Ethereum | USDT | PT-sUSDD-27AUG2026 | 92% | $30.84K | $28.08K | 91.1% | 7.26% | 8.00% | $2.25K | 102d |
| Ethereum | USDC | syrupUSDC | 92% | $31.21K | $24.05K | 77.1% | 2.75% | 3.58% | $860.22 | 551d |
| HyperEVM | WHYPE | PT-kHYPE-13NOV2025 | 86% | $31.24K | $28.82K | 92.2% | 6.00% | 6.52% | $1.88K | 407d |
| Base | USDC | PT-apxUSD-18JUN2026 | 92% | $31.38K | $28.07K | 89.4% | 8.64% | 9.71% | $2.73K | 147d |
| Katana | AUSD | BTC.b | 77% | $31.57K | $31.57K | 100.0% | 23.23% | 23.23% | $7.33K | 440d |
| Base | cbBTC | RSS | 77% | $32.08K | $32.07K | 100.0% | 21.99% | 21.99% | $7.05K | 52d |
| Ethereum | WETH | ARM-WETH-eETH | 86% | $33.06K | $1.14 | 0.0% | 0.00% | 0.34% | $0 | 179d |
| Ethereum | USDC | csUSDL | 97% | $33.1K | $33.1K | 100.0% | N/A | N/A | N/A | 600d |
| Ethereum | USDC | NGI+ | 63% | $33.38K | $30.04K | 90.0% | 5.39% | 6.01% | $1.8K | 87d |
| Polygon | JPYC | WBTC | 86% | $33.63K | $33.63K | 100.0% | 6.28% | 6.28% | $2.11K | 261d |
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.