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 | AUSD | syrupUSDC | 92% | $2.25M | $2.1M | 93.6% | 10.51% | 11.27% | $236.87K | 234d |
| Base | USDC | cbADA | 63% | $2.27M | $2.02M | 89.1% | 5.39% | 6.07% | $122.63K | 241d |
| Ethereum | USDC | PT-trUSD-26NOV2026 | 95% | $2.29M | $2.08M | 90.7% | 6.72% | 7.44% | $154.61K | 46d |
| OP Mainnet | WETH | wstETH | 95% | $2.3M | $2.1M | 91.3% | 1.20% | 1.32% | $27.68K | 101d |
| Arbitrum | USDC | PT-USDai-15OCT2026 | 92% | $2.32M | $2.09M | 90.0% | 5.12% | 5.71% | $119.44K | 80d |
| Ethereum | USDC | PT-apxUSD-5NOV2026 | 86% | $2.37M | $2.12M | 89.5% | 4.56% | 5.11% | $108.25K | 109d |
| Base | USDC | JitoSOL | 63% | $2.4M | $2.12M | 88.6% | 5.31% | 6.02% | $127.74K | 121d |
| Ethereum | USDS | PT-sUSDS-26NOV2026 | 92% | $2.48M | $2.25M | 90.8% | 4.12% | 4.55% | $102.57K | 65d |
| Ethereum | EURCV | cbBTC | 86% | $2.48M | $2.24M | 90.3% | 1.82% | 2.02% | $45.28K | 150d |
| Worldchain | WETH | WBTC | 92% | $2.51M | $57.53K | 2.3% | 0.00% | 0.03% | $15.48 | 519d |
| Ethereum | USDC | CarryTradeUSDTRYLeverage | 63% | $2.52M | $2.24M | 89.2% | 15.17% | 17.15% | $384.83K | 89d |
| Ethereum | USDC | rETH | 86% | $2.56M | $2.31M | 90.3% | 4.22% | 4.68% | $108.01K | 167d |
| Ethereum | wstETH | ynETHx | 92% | $2.62M | $2.62M | 100.0% | N/A | N/A | N/A | 569d |
| Base | USDC | cbDOGE | 63% | $2.65M | $2.34M | 88.3% | 5.39% | 6.13% | $143.18K | 338d |
| Monad | cbBTC | aHyperBTC | 77% | $2.77M | $2.63M | 95.1% | 1.65% | 1.74% | $45.85K | 150d |
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.