Markets
1,668 active markets across 14 chains · $5.14B active loans · $287.77M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-13
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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Monad | AUSD | WBTC | 86% | $136.33K | $88.47K | 64.9% | 0.98% | 1.51% | $1.34K | 295d |
| Ethereum | PYUSD | wstETH | 86% | $138.68K | $130.61K | 94.2% | 13.41% | 14.30% | $18.68K | 951d |
| Polygon | USDT0 | N/A | 0% | $140.42K | $0 | 0.0% | 0.00% | 0.00% | N/A | 571d |
| Worldchain | EURC | N/A | 0% | $140.44K | $0 | 0.0% | 0.00% | 0.00% | N/A | 278d |
| Monad | USDC | syrupUSDC | 92% | $142.08K | $0.91 | 0.0% | 0.00% | 0.74% | $0.01 | 78d |
| Base | WETH | rETH | 95% | $142.53K | $128.35K | 90.0% | 1.88% | 2.10% | $2.69K | 823d |
| Ethereum | PYUSD | PAXG | 77% | $144.62K | $135.44K | 93.6% | 12.31% | 13.19% | $17.87K | 716d |
| Ethereum | USDC | stBRL | 86% | $149.99K | $0.92 | 0.0% | 0.00% | 0.42% | $0 | 65d |
| Ethereum | USDC | stMXN | 86% | $149.99K | $0.92 | 0.0% | 0.00% | 0.42% | $0 | 65d |
| HyperEVM | UETH | N/A | 0% | $150.18K | $0 | 0.0% | 0.00% | 0.00% | N/A | 493d |
| Katana | vbUSDC | stcUSD | 86% | $151.81K | $82.11K | 54.1% | 1.05% | 1.95% | $1.6K | 92d |
| Ethereum | USDC | reUSDe | 77% | $152.29K | $131.6K | 86.4% | 8.80% | 10.25% | $13.49K | 102d |
| Ethereum | tGBP | WBTC | 86% | $160.83K | $79.74K | 49.6% | 0.29% | 0.59% | $466.78 | 156d |
| Arbitrum | USDT0 | sUSDS | 95% | $164.87K | $151.07K | 91.6% | 4.83% | 5.28% | $7.98K | 269d |
| Ethereum | USDC | PT-sUSDat-14JAN2027 | 92% | $169.27K | $155.73K | 92.0% | 5.13% | 5.59% | $8.71K | 31d |
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 13, 2026 from /markets.