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 | apxUSD | PT-apyUSD-5NOV2026 | 92% | $7M | $6.44M | 91.9% | 12.02% | 13.15% | $846.45K | 109d |
| Base | WETH | wstETH | 95% | $7.02M | $6.31M | 89.9% | 1.54% | 1.71% | $108.15K | 825d |
| Ethereum | USDC | savUSD | 92% | $7.07M | $5.78M | 81.8% | 5.82% | 7.16% | $413.83K | 240d |
| Ethereum | msUSD | sUSDv | 97% | $7.16M | $6.43M | 89.8% | 2.47% | 2.75% | $176.97K | 63d |
| Ethereum | USDC | siUSD | 92% | $7.26M | $6.56M | 90.4% | 6.79% | 7.55% | $494.68K | 430d |
| Monad | USDC | PT-AUSD-8OCT2026 | 92% | $7.5M | $6.77M | 90.3% | 4.36% | 4.84% | $327.32K | 80d |
| Ethereum | USDC | PT-sUSDE-26NOV2026 | 92% | $7.56M | $6.83M | 90.4% | 3.27% | 3.62% | $247.52K | 25d |
| Monad | USDC | PT-earnAUSD-8OCT2026 | 92% | $7.6M | $6.88M | 90.5% | 7.39% | 8.20% | $564.03K | 28d |
| Ethereum | USDT | PT-reUSD-10DEC2026 | 92% | $7.66M | $6.84M | 89.2% | 6.92% | 7.79% | $532.44K | 90d |
| Ethereum | USDC | USR | 92% | $8.16M | $8.16M | 100.0% | N/A | N/A | N/A | 621d |
| Ethereum | AUSD | PST | 86% | $8.3M | $7.52M | 90.6% | 4.28% | 4.73% | $355.89K | 107d |
| HyperEVM | USDC | kHYPE | 63% | $8.39M | $7.48M | 89.2% | 6.27% | 7.06% | $528.05K | 366d |
| Ethereum | USDT | PT-sUSDS-26NOV2026 | 92% | $8.61M | $7.55M | 87.7% | 3.65% | 4.18% | $315.25K | 44d |
| Ethereum | USDC | mM1-USD | 86% | $8.69M | $7.73M | 89.0% | 8.17% | 9.23% | $713.25K | 87d |
| Base | WETH | cbETH | 95% | $9.13M | $8.21M | 90.0% | 1.50% | 1.67% | $136.81K | 834d |
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.