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 | apxUSD | ROY-ST-apyUSD | 92% | $79.16K | $69.39K | 87.7% | 2.20% | 2.51% | $1.74K | 135d |
| Polygon | USDC | N/A | 0% | $80.13K | $0 | 0.0% | 0.00% | 0.00% | N/A | 584d |
| Ethereum | USDC | srUSD | 92% | $80.27K | $56.43K | 70.3% | 0.06% | 0.08% | $47.18 | 591d |
| Ethereum | LBTC | WBTC | 95% | $81.44K | $49.54K | 60.8% | 0.05% | 0.09% | $44.69 | 588d |
| Ethereum | AUSD | sUSDS | 95% | $81.61K | $51.92K | 63.6% | 4.23% | 6.72% | $3.49K | 234d |
| Ethereum | USDC | cbBTC | 86% | $83.2K | $53.46K | 64.2% | 2.01% | 3.15% | $1.68K | 149d |
| Base | USDC | GRO | 63% | $84.11K | $75.77K | 90.1% | 5.20% | 5.79% | $4.39K | 67d |
| Ethereum | tGBP | XAUt | 77% | $84.26K | $75.84K | 90.0% | 1.00% | 1.11% | $842.61 | 149d |
| Unichain | USDC | PT-cUSD-23JUL2026-(ETH) | 92% | $85.58K | $10.35 | 0.0% | 0.00% | 2.97% | $0.31 | 233d |
| Base | jEUR | cbETH | 86% | $87.54K | $79.66K | 91.0% | 2.29% | 2.52% | $2.01K | 672d |
| Ethereum | USDC | bdUSD | 86% | $87.74K | $77.27K | 88.1% | 4.14% | 4.72% | $3.65K | 129d |
| Base | eUSD | cbBTC | 86% | $90.21K | $76.96K | 85.3% | 16.84% | 20.02% | $15.41K | 699d |
| Ethereum | tGBP | wstETH | 86% | $90.38K | $9.3K | 10.3% | 0.01% | 0.14% | $12.69 | 149d |
| Worldchain | wARS | N/A | 0% | $93.91K | $0 | 0.0% | 0.00% | 0.00% | N/A | 278d |
| Arbitrum | USDC | XAUt0 | 77% | $95.78K | $87.11K | 90.9% | 5.03% | 5.55% | $4.83K | 246d |
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.