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 | WETH | hgETH | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 443d |
| Ethereum | USDC | AAVE | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 149d |
| Ethereum | USD0 | sUSDe | 86% | $0 | $0 | 0.0% | 0.00% | 13.34% | N/A | 813d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 275d | |
| Ethereum | DAI | LDO | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 913d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 275d | |
| Ethereum | USDC | PT-mAPOLLO-30APR2026 | 86% | $0 | $0 | 0.0% | 0.00% | 0.12% | N/A | 231d |
| Ethereum | JPYC | WETH | 63% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 282d |
| Ethereum | USDC | stakedao-crvUSDUSDC-f | 95% | $0 | $0 | 90.2% | 3.67% | 4.08% | N/A | 275d |
| Unichain | WETH | wstETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 470d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 305d | |
| Worldchain | wARS | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.24% | N/A | 274d |
| Monad | WETH | weETH | 95% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 186d |
| Polygon | BRZ | TESOURO | 95% | $0 | $0 | 0.0% | 0.00% | 0.17% | N/A | 178d |
| Polygon | pUSD | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.35% | N/A | 119d |
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.