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 | USDC | N/A | 0% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 225d |
| Ethereum | AUSD | PT-cUSD-29JAN2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.31% | N/A | 242d |
| Ethereum | USDC | PT-alUSD-11DEC2025 | 86% | $0 | $0 | 88.5% | 1.71% | 1.94% | N/A | 327d |
| Ethereum | CANA | WBTC | 77% | $0 | $0 | 14.3% | 0.06% | 0.40% | N/A | 394d |
| Polygon | USDC | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.16% | N/A | 136d |
| Ethereum | USDC | sd-llamalend-sreusd-crvusd | 95% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 316d |
| Ethereum | BOLD | cbBTC | 86% | $0 | $0 | 100.0% | 0.75% | 0.75% | N/A | 451d |
| Ethereum | USDtb | PT-USDe-25SEP2025 | 92% | $0 | $0 | 38.6% | 4.90% | 13.91% | N/A | 422d |
| Ethereum | EURC | steakUSDC | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 197d |
| Ethereum | USDS | APU | 77% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 337d |
| Ethereum | USDC | PT-ysUSDC-1745107210 | 92% | $0 | $0 | 40.1% | 0.02% | 0.06% | N/A | 551d |
| Ethereum | USDC | CANA | 86% | $0 | $0 | 50.0% | 0.03% | 0.07% | N/A | 394d |
| Ethereum | cbBTC | pumpBTC | 95% | $0 | $0 | 0.0% | 0.00% | 0.08% | N/A | 680d |
| Ethereum | USDC | PT-stcUSD-23JUL2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 230d |
| Ethereum | PYUSD | WBTC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 936d |
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.