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 | WBTC | 86% | $4.2 | $0 | 0.0% | 0.00% | 0.03% | $0 | 581d |
| Polygon | WPOL | WETH | 77% | $4.56 | $4.08 | 89.5% | 1.07% | 1.19% | $0.05 | 490d |
| Polygon | USDT0 | WETH | 86% | $5 | $1.01 | 20.3% | 0.09% | 0.45% | $0 | 266d |
| Polygon | USDT0 | WETH | 86% | $5.17 | $0 | 0.0% | 0.00% | 0.03% | N/A | 265d |
| Polygon | USDC | 77% | $7.26 | $0 | 0.0% | 0.00% | 0.03% | N/A | 198d | |
| Polygon | USDC | AAVE | 77% | $9.2 | $0.09 | 0.9% | 0.00% | 0.03% | $0 | 581d |
| Ethereum | USDC | K | 63% | $10.47 | $9.47 | 90.4% | 4.77% | 5.30% | $0.5 | 495d |
| Polygon | USDC | 77% | $10.55 | $0 | 0.0% | 0.00% | 0.03% | N/A | 275d | |
| Base | USDC | AERO | 77% | $10.56 | $0 | 0.0% | 0.00% | 0.03% | N/A | 602d |
| Base | USDC | cbBTC | 86% | $10.65 | $0.02 | 0.2% | 0.01% | 3.86% | $0 | 363d |
| Base | LBTC | PT-LBTC-scaled18-25SEP2025 | 95% | $10.76 | $1.14 | 10.6% | 0.00% | 0.03% | $0 | 466d |
| Ethereum | USDC | PT-AIDaUSDC-30OCT2025 | 86% | $10.87 | $0.01 | 0.1% | 0.00% | 0.03% | $0 | 373d |
| Base | USDC | DEGEN | 39% | $10.87 | $10.87 | 100.0% | 2.38% | 2.38% | $0.26 | 814d |
| Ethereum | WETH | rETH | 95% | $10.89 | $5.38 | 49.4% | 0.19% | 0.39% | $0.02 | 945d |
| Base | USDC | wstUSR | 92% | $10.92 | $10.92 | 100.0% | N/A | N/A | N/A | 221d |
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.