Markets
1,669 active markets across 14 chains · $5.17B active loans · $283.1M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-14
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: 2,159 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 | USDT | PT-USDG-24SEP2026 | 92% | $818.45K | $741.39K | 90.6% | 4.05% | 4.48% | $33.23K | 80d |
| Base | USDC | cbADA | 77% | $845.76K | $724.3K | 85.6% | 4.28% | 5.02% | $36.36K | 338d |
| Katana | vbUSDT | yvvbUSDC | 86% | $870.17K | $784.28K | 90.1% | 3.63% | 4.03% | $31.63K | 412d |
| Polygon | USDC | WBTC | 86% | $873.23K | $739.29K | 84.7% | 2.94% | 3.48% | $25.73K | 571d |
| Base | USDC | cbLTC | 63% | $873.63K | $768.31K | 87.9% | 5.51% | 6.29% | $48.33K | 338d |
| Arbitrum | USDT0 | WBTC | 86% | $882.84K | $812.17K | 92.0% | 5.57% | 6.07% | $49.29K | 424d |
| Ethereum | USDC | deUSD | 86% | $887.69K | $887.69K | 100.0% | N/A | N/A | N/A | 737d |
| Ethereum | USDT | cbBTC | 86% | $920.64K | $786.2K | 85.4% | 2.49% | 2.92% | $22.95K | 323d |
| Ethereum | msETH | N/A | 0% | $925.7K | $0 | 0.0% | 0.00% | 0.00% | N/A | 712d |
| Ethereum | USDC | sUSDat | 92% | $936.48K | $847.51K | 90.5% | 7.33% | 8.13% | $68.86K | 68d |
| Ethereum | WETH | rETH | 95% | $937.79K | $838.37K | 89.4% | 2.01% | 2.25% | $18.9K | 123d |
| Ethereum | USDC | etrUSD | 86% | $1.01M | $920.9K | 91.2% | 6.79% | 7.47% | $68.84K | 23d |
| Ethereum | USDS | stUSDS | 86% | $1.03M | $846.63K | 82.1% | 3.66% | 4.47% | $37.88K | 235d |
| Robinhood Chain | USDG | wsNET | 63% | $1.13M | $627.89K | 55.6% | 5.94% | 10.93% | $68.65K | 53d |
| Arbitrum | USDC | wstETH | 86% | $1.13M | $1.01M | 89.4% | 3.92% | 4.40% | $44.49K | 424d |
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 14, 2026 from /markets.