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 | EURC | WETH | 86% | $0 | $0 | 89.6% | 1.36% | 1.51% | N/A | 144d |
| Ethereum | USDC | PT-USDS-14AUG2025 | 92% | $0 | $0 | 0.1% | 0.00% | 5.55% | N/A | 475d |
| Polygon | USDC | DAI | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 473d |
| Monad | USDT0 | AA_FalconXUSDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.83% | N/A | 96d |
| Ethereum | USDC | PT-tUSDe-18DEC2025 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 360d |
| Polygon | USDC | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.15% | N/A | 136d |
| Ethereum | USDC | USDT | 98% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 181d |
| Ethereum | USDf | sUSDf | 92% | $0 | $0 | 0.0% | 0.00% | 1.66% | N/A | 472d |
| Ethereum | USDCV | wstETH | 86% | $0 | $0 | 89.2% | 2.99% | 3.37% | N/A | 340d |
| Ethereum | PT-corn-eBTC-27MAR2025 | WBTC | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 629d |
| Ethereum | RLUSD | syrupUSDC | 92% | $0 | $0 | 31.8% | 1.07% | 3.40% | N/A | 140d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 304d | |
| Ethereum | USDC | sUSDf | 92% | $0 | $0 | 64.5% | 0.58% | 0.90% | N/A | 501d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 275d | |
| Ethereum | EURCV | WBTC | 86% | $0 | $0 | 89.3% | 1.04% | 1.17% | N/A | 798d |
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.