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 | CTOKEN3 | 86% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 119d |
| Ethereum | USDC | xUSD | 77% | $0 | $0 | 89.9% | 8.83% | 9.92% | N/A | 407d |
| Ethereum | USDC | PT-iUSD-4SEP2025 | 92% | $0 | $0 | 0.8% | 0.11% | 14.60% | N/A | 451d |
| Ethereum | frxUSD | stakedao-av/frxUSD | 95% | $0 | $0 | 90.2% | 9.64% | 10.75% | N/A | 200d |
| Ethereum | EURC | cbBTC | 86% | $0 | $0 | 94.3% | N/A | N/A | N/A | 217d |
| Ethereum | ZCHF | xETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 550d |
| Ethereum | AUSD | SPYx | 63% | $0 | $0 | 0.9% | 0.00% | 0.25% | N/A | 240d |
| Ethereum | USDC | stakedao-PYcrvUSD | 95% | $0 | $0 | 85.9% | 1.18% | 1.38% | N/A | 309d |
| Ethereum | AUSD | PT-stcUSD-29JAN2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 243d |
| Ethereum | USD0 | LBTC | 86% | $0 | $0 | 35.0% | 0.02% | 0.05% | N/A | 718d |
| Ethereum | USDC | PT-savUSD-14MAY2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 232d |
| Ethereum | USDC | sDAI | 95% | $0 | $0 | 47.5% | 0.03% | 0.06% | N/A | 909d |
| Ethereum | USDC | PT-syrupUSDC-28AUG2025 | 92% | $0 | $0 | 23.9% | 0.01% | 0.04% | N/A | 483d |
| Ethereum | PYUSD | weETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 268d |
| Ethereum | FRAX | USDe | 92% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 880d |
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.