Markets
1,655 active markets across 14 chains · $5.07B active loans · $281.52M 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 | pUSD | ylopwCTF | 63% | $15.07 | $0 | 0.0% | 0.00% | 0.29% | N/A | 93d |
| Polygon | pUSD | ylopwCTF | 63% | $15.07 | $0 | 0.0% | 0.00% | 0.29% | N/A | 93d |
| Polygon | pUSD | ylopwCTF | 63% | $15.07 | $0 | 0.0% | 0.00% | 0.29% | N/A | 93d |
| Polygon | pUSD | ylopwCTF | 63% | $15.07 | $0 | 0.0% | 0.00% | 0.29% | N/A | 93d |
| Base | WETH | LsETH | 92% | $15.22 | $15.22 | 100.0% | N/A | N/A | N/A | 531d |
| Ethereum | USDS | CULT | 77% | $15.32 | $14.51 | 94.7% | N/A | N/A | N/A | 392d |
| Arbitrum | USDC | PT-USDai-19FEB2026 | 92% | $15.52 | $0.57 | 3.7% | 0.00% | 0.03% | $0 | 275d |
| Polygon | USDC | 77% | $15.55 | $0 | 0.0% | 0.00% | 0.03% | N/A | 276d | |
| Ethereum | DAI | PT-USDe-27MAR2025 | 92% | $15.55 | $8.01 | 51.5% | 0.11% | 0.21% | $0.02 | 659d |
| Ethereum | AUSD | stcUSD | 92% | $16.1 | $16.1 | 100.0% | N/A | N/A | N/A | 245d |
| Base | WETH | MDLP | 86% | $16.18 | $0 | 0.0% | 0.00% | 0.03% | N/A | 263d |
| Ethereum | USDC | PT-srUSDe-2APR2026 | 92% | $16.22 | $16.22 | 100.0% | N/A | N/A | N/A | 245d |
| Base | USDC | satUSD | 92% | $16.25 | $0.27 | 1.6% | 0.00% | 0.03% | $0 | 369d |
| Ethereum | AUSD | AA_FalconXUSDC | 92% | $16.38 | $0 | 0.0% | 0.00% | 0.36% | N/A | 70d |
| Base | verUSDC | mTBILL | 97% | $16.71 | $15.84 | 94.8% | N/A | N/A | N/A | 678d |
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.