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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | USDC | fxSAVE | 86% | $60.51K | $56.16K | 92.8% | 11.50% | 12.44% | $6.99K | 512d |
| Ethereum | USDC | PT-apyUSD-27AUG2026 | 86% | $61.19K | $51.3K | 83.8% | 3.45% | 4.13% | $2.12K | 74d |
| Ethereum | wUSDL | N/A | 0% | $61.86K | $0 | 0.0% | 0.00% | 0.00% | N/A | 705d |
| Base | WETH | MORPHO | 77% | $63.16K | $0.12 | 0.0% | 0.00% | 0.03% | $0 | 44d |
| Base | WETH | VIRTUAL | 77% | $63.16K | $1.1K | 1.7% | 0.00% | 0.03% | $0.29 | 44d |
| Base | WETH | AERO | 77% | $63.16K | $9.45K | 15.0% | 0.01% | 0.04% | $3.54 | 44d |
| Katana | vbUSDC | weETH | 77% | $65.72K | $345.33 | 0.5% | 0.00% | 0.06% | $0.2 | 401d |
| Ethereum | frxUSD | savUSD | 92% | $65.84K | $19.9K | 30.2% | 0.17% | 0.56% | $112.24 | 208d |
| Monad | USDC | WMON | 77% | $65.87K | $59.7K | 90.6% | 4.85% | 5.37% | $3.21K | 295d |
| Ethereum | AUSD | PT-USDat-27AUG2026 | 92% | $66.3K | $65.3K | 98.5% | 35.03% | 35.65% | $23.28K | 135d |
| Base | jEUR | cbBTC | 86% | $66.51K | $45.35K | 68.2% | 1.12% | 1.65% | $748.72 | 672d |
| Ethereum | WETH | cbBTC | 92% | $66.59K | $55.93K | 84.0% | 1.54% | 1.84% | $1.03K | 149d |
| Base | USDC | yUSD | 92% | $68.27K | $68.27K | 100.0% | N/A | N/A | N/A | 381d |
| Ethereum | USDC | AVLT | 86% | $68.31K | $68.31K | 100.0% | N/A | N/A | N/A | 99d |
| Ethereum | WETH | ezETH | 95% | $73.2K | $65.29K | 89.2% | 7.70% | 8.68% | $5.66K | 765d |
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.