Markets
1,655 active markets across 14 chains · $5.08B active loans · $283.38M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | USDC | ynRWAx | 77% | $33.1 | $2.08 | 6.3% | 2.23% | 42.33% | $0.88 | 265d |
| Ethereum | DAI | PT-sUSDE-24OCT2024 | 86% | $33.6 | $28.84 | 85.8% | N/A | N/A | N/A | 782d |
| Ethereum | LBTC | PT-corn-eBTC-27MAR2025 | 92% | $34.01 | $0.01 | 0.0% | 0.00% | 11.81% | $0 | 629d |
| Unichain | USDT0 | WBTC | 86% | $34.72 | $0 | 0.0% | 0.00% | 0.03% | $0 | 476d |
| Polygon | USDC | 77% | $35.08 | $5.05 | 14.4% | 0.01% | 0.04% | $0 | 265d | |
| Robinhood Chain | USDG | WETH | 86% | $35.54 | $31.98 | 90.0% | 3.34% | 3.72% | $1.19 | 42d |
| Base | USDC | NVDA | 63% | $37 | $0 | 0.0% | 0.00% | 0.15% | N/A | 252d |
| Katana | vbUSDC | wsrUSD | 92% | $37.95 | $17.88 | 47.1% | 8.53% | 18.97% | $3.39 | 364d |
| Arbitrum | USDT0 | sUSDe | 92% | $37.97 | $32.04 | 84.4% | 2.52% | 2.99% | $0.96 | 247d |
| Arbitrum | USDC | VSDT | 95% | $38.36 | $0 | 0.0% | 0.00% | 0.00% | N/A | 190d |
| Arbitrum | WETH | N/A | 0% | $39.37 | $0 | 0.0% | 0.00% | 0.00% | N/A | 422d |
| Ethereum | LBTC | PT-EBTC-26JUN2025 | 92% | $39.98 | $39.98 | 100.0% | N/A | N/A | N/A | 530d |
| Polygon | USDC | 77% | $40.05 | $0.87 | 2.2% | 0.00% | 0.03% | $0 | 265d | |
| Ethereum | USDT | sUSDS | 95% | $40.77 | $29.54 | 72.4% | N/A | N/A | N/A | 721d |
| Ethereum | USDT | XAUE | 77% | $40.97 | $0.91 | 2.2% | 0.02% | 1.12% | $0.01 | 77d |
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.