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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Robinhood Chain | USDG | CASHCAT | 39% | $40K | $10K | 25.0% | 0.01% | 0.05% | $4.58 | 64d |
| Unichain | USDC | N/A | 0% | $40.46K | $0 | 0.0% | 0.00% | 0.00% | N/A | 479d |
| Polygon | USDT0 | WPOL | 77% | $40.47K | $29.66K | 73.3% | 2.75% | 3.77% | $1.12K | 569d |
| Ethereum | WETH | wstETH | 95% | $40.82K | $35.51K | 87.0% | 1.62% | 1.87% | $662.56 | 984d |
| Base | WETH | USDC | 86% | $41.09K | $35.6K | 86.6% | 0.38% | 0.44% | $156.31 | 814d |
| Ethereum | USDC | PT-stcUSD-23JUL2026 | 92% | $41.35K | $1.03 | 0.0% | 0.00% | 0.04% | $0 | 229d |
| Unichain | USDC | WETH | 86% | $41.43K | $37.49K | 90.5% | 6.80% | 7.54% | $2.83K | 479d |
| Ethereum | PYUSD | WBTC | 86% | $41.75K | $37.67K | 90.2% | 5.44% | 6.04% | $2.28K | 939d |
| Ethereum | EURC | WETH | 86% | $43.04K | $25.48K | 59.2% | 1.14% | 1.93% | $492.93 | 435d |
| Stable | USDT0 | thBILL | 95% | $43.9K | $43.9K | 100.0% | 1.66% | 1.66% | $729.67 | 158d |
| Ethereum | USDC | edgeUSDx | 92% | $44.12K | $39.98K | 90.6% | 7.29% | 8.07% | $3.23K | 75d |
| Unichain | USDC | WBTC | 86% | $44.59K | $32.75K | 73.4% | 6.27% | 8.63% | $2.83K | 479d |
| Base | USDC | LBTC | 86% | $44.88K | $40.49K | 90.2% | 4.73% | 5.26% | $2.13K | 638d |
| Ethereum | USDC | Ultra_USD | 92% | $44.91K | $40.42K | 90.0% | 6.59% | 7.35% | $2.97K | 81d |
| Ethereum | tGBP | WETH | 86% | $45.16K | $40.65K | 90.0% | 1.00% | 1.11% | $451.63 | 148d |
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.