Markets
1,655 active markets across 14 chains · $5.07B active loans · $291.04M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-10
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: 2,145 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Polygon | USDC | 77% | $1 | $0 | 0.0% | 0.00% | 0.03% | N/A | 344d | |
| Polygon | USDC | 77% | $1 | $0 | 0.0% | 0.00% | 0.03% | N/A | 402d | |
| Unichain | USDC | gtwethc | 86% | $1 | $0 | 0.0% | 0.00% | 0.03% | N/A | 441d |
| Polygon | tGBP | WPOL | 77% | $1.01 | $0.91 | 90.2% | 3.48% | 3.87% | $0.04 | 258d |
| Monad | USDC | mHYPER | 86% | $1.01 | $0 | 0.0% | 0.00% | 0.28% | N/A | 236d |
| Monad | USDT0 | SOL | 86% | $1.02 | $0 | 0.0% | 0.00% | 0.96% | N/A | 293d |
| Monad | USDT0 | WETH | 86% | $1.02 | $0.16 | 15.6% | 0.21% | 1.37% | $0 | 293d |
| Monad | AUSD | SOL | 86% | $1.02 | $0.08 | 8.3% | 0.06% | 0.76% | $0 | 292d |
| Polygon | USDC | 77% | $1.04 | $0 | 0.0% | 0.00% | 0.03% | $0 | 413d | |
| Stable | USDT0 | weETH | 86% | $1.08 | $1.08 | 99.9% | N/A | N/A | N/A | 281d |
| Worldchain | USDC | wsrUSD | 92% | $1.24 | $1.03 | 83.5% | 14.43% | 17.52% | $0.18 | 224d |
| Monad | cbBTC | LBTC | 86% | $1.25 | $0 | 0.0% | 0.00% | 0.21% | N/A | 163d |
| Monad | cbBTC | WBTC | 86% | $1.25 | $0.88 | 70.0% | 0.83% | 1.19% | $0.01 | 163d |
| Monad | cbBTC | LBTC | 92% | $1.5 | $0.7 | 46.5% | 0.03% | 0.06% | $0 | 180d |
| Unichain | USDC | PT-srUSDe-2APR2026-(ETH) | 92% | $1.51 | $0.53 | 35.4% | 0.57% | 1.62% | $0.01 | 240d |
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 10, 2026 from /markets.