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 | PT-srUSDat-14JAN2027 | 92% | $95.81K | $1.76K | 1.8% | 0.01% | 0.53% | $9.34 | 22d |
| Ethereum | USDC | WOUSD | 92% | $96.26K | $87K | 90.4% | 5.08% | 5.63% | $4.9K | 219d |
| Ethereum | tGBP | cbBTC | 86% | $96.28K | $86.68K | 90.0% | 0.82% | 0.91% | $787.89 | 156d |
| Ethereum | RLUSD | PT-sUSDE-13AUG2026 | 92% | $99.29K | $6.37 | 0.0% | 0.00% | 0.64% | $0.04 | 103d |
| Ethereum | USDC | PEPE | 63% | $99.99K | $16.5K | 16.5% | 0.01% | 0.04% | $6.4 | 108d |
| Ethereum | USDC | PT-fxSAVE-29OCT2026 | 92% | $99.99K | $84.03K | 84.0% | 2.16% | 2.58% | $2.17K | 12d |
| Ethereum | USDC | SPX | 63% | $99.99K | $39.94K | 39.9% | 0.02% | 0.06% | $23.29 | 108d |
| Ethereum | cbBTC | N/A | 0% | $100.72K | $0 | 0.0% | 0.00% | 0.00% | N/A | 717d |
| Worldchain | EURC | USDC | 77% | $102.74K | $1.21K | 1.2% | 0.00% | 0.03% | $0.32 | 278d |
| Ethereum | USDT | syrupUSDT | 92% | $103K | $86.37K | 83.9% | 2.86% | 3.42% | $2.95K | 253d |
| Ethereum | PYUSD | WBTC | 86% | $108.04K | $86.51K | 80.1% | 3.21% | 4.03% | $3.48K | 166d |
| OP Mainnet | WETH | wstETH | 95% | $108.19K | $97.47K | 90.1% | 1.83% | 2.03% | $1.98K | 147d |
| Ethereum | USDT | PT-srUSDe-25JUN2026 | 92% | $111.13K | $100.17K | 90.1% | 4.16% | 4.63% | $4.64K | 169d |
| Robinhood Chain | USDG | GOOGL | 63% | $111.16K | $106.58K | 95.9% | 12.08% | 12.63% | $13.46K | 3d |
| Arbitrum | USDC | sUSDS | 95% | $114.27K | $102.85K | 90.0% | 2.48% | 2.76% | $2.84K | 423d |
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.