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 | USDC | sNUSD | 92% | $1.75M | $1.75M | 100.0% | N/A | N/A | N/A | 237d |
| Ethereum | USDtb | sUSDe | 92% | $1.79M | $996.95K | 55.8% | 1.62% | 2.93% | $29.18K | 488d |
| Arbitrum | USDC | WBTC | 86% | $1.83M | $1.65M | 90.1% | 4.00% | 4.45% | $73.3K | 425d |
| Ethereum | msUSD | siUSD | 92% | $1.86M | $1.67M | 90.0% | 1.69% | 1.88% | $31.51K | 213d |
| Katana | vbUSDC | yvvbETH | 77% | $1.88M | $1.69M | 90.0% | 3.24% | 3.60% | $60.93K | 389d |
| Ethereum | EURCV | WBTC | 86% | $1.89M | $1.7M | 90.2% | 1.79% | 1.99% | $33.85K | 150d |
| Ethereum | EURCV | wstETH | 86% | $1.91M | $1.72M | 90.2% | 1.82% | 2.02% | $34.79K | 150d |
| Ethereum | USDC | WBTC | 86% | $2M | $1.8M | 90.2% | 4.29% | 4.77% | $85.89K | 147d |
| Ethereum | LINK | wstLINK | 92% | $2M | $1.63M | 81.2% | 14.75% | 18.46% | $300.01K | 233d |
| Ethereum | msETH | ynETHx | 92% | $2.02M | $1.85M | 91.7% | 9.91% | 10.87% | $201.09K | 509d |
| Ethereum | USDC | LBTC | 86% | $2.03M | $1.7M | 83.9% | 4.88% | 5.84% | $99.62K | 592d |
| Ethereum | PYUSD | cbBTC | 86% | $2.06M | $1.77M | 85.8% | 3.57% | 4.17% | $73.75K | 273d |
| Ethereum | EURCV | wstETH | 86% | $2.13M | $1.93M | 90.2% | 1.82% | 2.02% | $38.88K | 803d |
| Ethereum | USDT | wstETH | 86% | $2.18M | $1.78M | 81.7% | 2.44% | 3.00% | $53.48K | 150d |
| Base | USDC | wstETH | 86% | $2.21M | $1.98M | 89.7% | 4.20% | 4.70% | $93.13K | 775d |
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.