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· |
|---|---|---|---|---|---|---|---|---|---|---|
| HyperEVM | USD₮0 | sUSDe | 92% | $16.71 | $9.88 | 59.1% | 0.04% | 0.07% | $0.01 | 485d |
| Ethereum | MUSD | cbBTC | 86% | $17.17 | $0 | 0.0% | 0.00% | 0.03% | $0 | 368d |
| Polygon | USDC | 77% | $17.46 | $0 | 0.0% | 0.00% | 0.03% | N/A | 276d | |
| Polygon | USDC | UNKNOWN | 77% | $18.04 | $18.01 | 99.8% | 4.92% | 4.93% | $0.89 | 191d |
| Ethereum | USDC | USD0++ | 86% | $18.1 | $5.73 | 31.6% | 0.02% | 0.05% | $0 | 628d |
| Ethereum | USDC | eBTC | 86% | $18.22 | $18.12 | 99.5% | N/A | N/A | N/A | 601d |
| Ethereum | USDCV | USDC | 95% | $18.4 | $1.35 | 7.4% | 0.00% | 0.03% | $0 | 357d |
| Ethereum | AUSD | upGAMMAusdc | 92% | $18.87 | $0 | 0.0% | 0.00% | 0.03% | N/A | 224d |
| Ethereum | wstETH | USDS | 86% | $19.14 | $10.82 | 56.5% | 0.40% | 0.72% | $0.08 | 336d |
| Polygon | WETH | WBTC | 86% | $19.2 | $0.21 | 1.1% | 0.00% | 0.03% | $0 | 568d |
| Polygon | USDC | 77% | $19.59 | $9.82 | 50.1% | 0.03% | 0.07% | $0.01 | 276d | |
| Polygon | USDC | 77% | $19.66 | $9.94 | 50.6% | 0.03% | 0.07% | $0.01 | 276d | |
| Ethereum | USDC | PT-wstUSR-1750896030 | 92% | $19.84 | $0.04 | 0.2% | 0.00% | 0.03% | $0 | 511d |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 270d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 265d |
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.