Markets
1,649 active markets across 14 chains · $5.06B active loans · $296.61M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-09
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: 2,139 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-cUSDO-28MAY2026 | 92% | $0 | $0 | 90.4% | 12.57% | 14.06% | N/A | 294d |
| Ethereum | USDT | wUSDM | 97% | $0 | $0 | 89.5% | 1.92% | 2.15% | N/A | 764d |
| Ethereum | WETH | LsETH | 92% | $0 | $0 | 83.6% | 2.79% | 3.35% | N/A | 265d |
| Ethereum | reUSD | PT-reUSD-25JUN2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 154d |
| Polygon | pUSD | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.35% | N/A | 118d |
| Ethereum | USDe | PT-jrUSDe-15JAN2026 | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 316d |
| Polygon | BRLA | USDC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 303d |
| Monad | WETH | weETH | 95% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 185d |
| Ethereum | fwUSDT | fwWETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 159d |
| Ethereum | USDe | PT-tUSDe-18DEC2025 | 92% | $0 | $0 | 99.5% | N/A | N/A | N/A | 362d |
| Stable | USDT0 | thBILL | 95% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 280d |
| Ethereum | tBTC | wstETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 746d |
| Ethereum | RLUSD | WBTC | 86% | $0 | $0 | 40.0% | 1.43% | 3.61% | N/A | 140d |
| Ethereum | USDC | PT-PendleInfiniFi-siUSD-9OCT2025 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 376d |
| Ethereum | AUSD | PT-srUSDe-15JAN2026 | 92% | $0 | $0 | 100.0% | N/A | N/A | N/A | 265d |
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 9, 2026 from /markets.