Markets
1,649 active markets across 14 chains · $5.06B active loans · $286.28M 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 | USDS | cbBTC | 86% | $0 | $0 | 0.7% | 0.03% | 4.96% | N/A | 362d |
| Ethereum | USDS | SPX | 63% | $0 | $0 | 2.4% | 0.03% | 1.28% | N/A | 317d |
| Ethereum | USDC | MORPHO | 39% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 252d |
| Polygon | USDC | vALIENSNO | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 142d |
| Ethereum | USDC | splDXY-BULL | 92% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 194d |
| Ethereum | fwUSDC | fwWETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 159d |
| Ethereum | USDC | PT-USD3-29JAN2026 | 92% | $0 | $0 | 0.0% | 0.00% | 13.53% | N/A | 243d |
| Ethereum | WBTC | PT-SolvBTC.BBN-27MAR2025 | 92% | $0 | $0 | 79.2% | 0.15% | 0.19% | N/A | 628d |
| Ethereum | WETH | USDS | 86% | $0 | $0 | 3.9% | 0.01% | 0.30% | N/A | 324d |
| Ethereum | EURCV | WETH | 86% | $0 | $0 | 91.1% | 7.23% | 7.98% | N/A | 145d |
| Ethereum | crvUSD | yvCurve-yYB-f | 77% | $0 | $0 | 0.0% | 0.00% | 0.05% | N/A | 156d |
| Ethereum | USR | PT-sw-RLP-1750896023 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 547d |
| Ethereum | WETH | rswETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 852d |
| Ethereum | waEthUSDC | steakUSDC | 95% | $0 | $0 | 0.0% | 0.00% | 0.78% | N/A | 97d |
| Ethereum | USDT | cbBTC | 86% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 716d |
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.