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 | USDC | IDLE | 0% | $21.68 | $0 | 0.0% | 0.00% | 0.03% | N/A | 283d |
| Polygon | USDC | 77% | $21.97 | $2.98 | 13.5% | 0.00% | 0.04% | $0 | 276d | |
| Ethereum | USDC | senPYUSDmain | 98% | $22 | $21 | 95.5% | 3.54% | 3.71% | $0.78 | 54d |
| Base | USDC | MDLP | 86% | $22 | $9.99 | 45.4% | 0.03% | 0.06% | $0.01 | 263d |
| Ethereum | USDC | gtusdcp | 98% | $22 | $21 | 95.5% | 3.61% | 3.78% | $0.79 | 54d |
| Ethereum | USDC | armUSDCs | 98% | $22 | $21 | 95.5% | 3.62% | 3.79% | $0.8 | 54d |
| Ethereum | USDC | UNI-V2 | 98% | $22 | $21 | 95.5% | 3.65% | 3.82% | $0.8 | 54d |
| Ethereum | USDC | fUSDC | 92% | $22 | $21 | 95.5% | 3.90% | 4.08% | $0.86 | 53d |
| Ethereum | USDC | ePYUSD-6 | 92% | $22 | $21 | 95.5% | 3.90% | 4.08% | $0.86 | 53d |
| Ethereum | USDC | waCoreWETH | 77% | $22.18 | $18.18 | 82.0% | 8.65% | 10.66% | $1.94 | 54d |
| Ethereum | crvUSD | stkcvxcrvUSDCWBTCWETH-morpho | 86% | $22.2 | $0 | 0.0% | 0.00% | 13.57% | N/A | 881d |
| Base | USDC | cUSDO | 92% | $22.31 | $22.31 | 100.0% | 23.53% | 23.53% | $5.25 | 548d |
| Polygon | USDC | 77% | $22.45 | $0 | 0.0% | 0.00% | 0.03% | N/A | 265d | |
| Base | MXNB | cbBTC | 86% | $22.53 | $0.06 | 0.3% | 0.00% | 0.55% | $0 | 111d |
| Polygon | USDC | 77% | $22.87 | $1.44 | 6.3% | 0.00% | 0.03% | $0 | 276d |
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.