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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | USDC | sPINTO | 77% | $25.39 | $0 | 0.0% | 0.00% | 0.03% | $0 | 477d |
| Robinhood Chain | USDG | 63% | $25.54 | $16.03 | 62.8% | 1.75% | 2.80% | $0.45 | 60d | |
| Polygon | USDC | 77% | $25.7 | $0 | 0.0% | 0.00% | 0.03% | N/A | 265d | |
| Polygon | USDC | 77% | $25.84 | $0 | 0.0% | 0.00% | 0.03% | $0 | 276d | |
| Ethereum | AUSD | PT-USDG-28MAY2026 | 95% | $26.2 | $26.2 | 100.0% | N/A | N/A | N/A | 187d |
| Ethereum | DAI | PT-sUSDE-31JUL2025 | 92% | $26.32 | $14.91 | 56.7% | 2.73% | 4.87% | $0.73 | 519d |
| Arbitrum | USDT0 | PT-syrupUSDC-29JAN2026 | 92% | $26.36 | $26.35 | 100.0% | N/A | N/A | N/A | 261d |
| Arbitrum | USDC | PT-sUSDai-19FEB2026 | 86% | $27.12 | $0.43 | 1.6% | 0.83% | 67.83% | $0.29 | 293d |
| Ethereum | PYUSD | PT-sUSDE-7MAY2026 | 92% | $27.12 | $0.94 | 3.5% | 0.44% | 13.58% | $0.13 | 182d |
| Ethereum | USDC | AA_GauntletTestUSDC | 77% | $27.27 | $6.35 | 23.3% | 0.01% | 0.04% | $0 | 407d |
| Polygon | USDC | 77% | $27.41 | $3.71 | 13.5% | 0.00% | 0.04% | $0 | 271d | |
| Monad | USDT0 | wsrUSD | 86% | $28.32 | $28.32 | 100.0% | 23.16% | 23.16% | $6.56 | 281d |
| HyperEVM | USH | BUDDY | 39% | $28.38 | $0 | 0.0% | 0.00% | 0.03% | $0 | 407d |
| Ethereum | USDe | PT-USDe-25SEP2025 | 92% | $29.11 | $0.02 | 0.1% | 0.01% | 12.78% | $0 | 476d |
| Unichain | USDC | wstETH | 86% | $29.14 | $1.17 | 4.0% | 0.00% | 0.03% | $0 | 477d |
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.