Markets
1,649 active markets across 14 chains · $5.05B active loans · $286.8M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-08
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 | LINK | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 149d |
| Ethereum | USDCV | USTBL | 97% | $0 | $0 | 48.1% | 3.93% | 8.34% | N/A | 340d |
| Ethereum | bbqUSDT | PT-cUSDO-20NOV2025 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 427d |
| Ethereum | apxUSD | USDC | 97% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 169d |
| Polygon | pUSD | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.35% | N/A | 118d |
| Ethereum | USDC | USCC | 97% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 677d |
| Ethereum | WBTC | PT-corn-eBTC-27MAR2025 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 575d |
| Ethereum | USDT | sUSN | 86% | $0 | $0 | 90.7% | 8.96% | 10.00% | N/A | 375d |
| Ethereum | WETH | cbBTC | 92% | $0 | $0 | 91.1% | 7.24% | 7.98% | N/A | 145d |
| Ethereum | PYUSD | wUSDL | 98% | $0 | $0 | 0.0% | 0.00% | 0.17% | N/A | 701d |
| Ethereum | crvUSD | ysUSDS | 95% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 604d |
| Ethereum | EURC | cbBTC | 86% | $0 | $0 | 40.9% | 0.19% | 0.46% | N/A | 218d |
| Ethereum | USDC | eBTC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 149d |
| Ethereum | crvUSD | stkcvxcrvCRVUSDTBTCWSTETH-morpho | 86% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 880d |
| Ethereum | WETH | bbqWSTETH | 95% | $0 | $0 | 0.0% | 0.00% | 4.28% | N/A | 524d |
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 8, 2026 from /markets.