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 | sUSDf | 92% | $47.57 | $23.77 | 50.0% | 0.03% | 0.07% | $0.02 | 524d |
| Ethereum | USDT | PT-sUSDE-31JUL2025 | 95% | $47.98 | $43.97 | 91.6% | N/A | N/A | N/A | 503d |
| Ethereum | USDC | synUSD | 86% | $48.26 | $0 | 0.0% | 0.00% | 0.05% | N/A | 336d |
| Polygon | USDC | 77% | $49 | $0 | 0.0% | 0.00% | 20.26% | N/A | 276d | |
| Base | MAI | cbETH | 86% | $49.01 | $0.18 | 0.4% | 0.18% | 65.85% | $0.12 | 811d |
| Robinhood Chain | USDG | 63% | $49.08 | $2 | 4.1% | 0.01% | 0.27% | $0.01 | 69d | |
| Polygon | USDC | 77% | $49.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 276d | |
| Arbitrum | USDC | VSDT | 77% | $49.99 | $0 | 0.0% | 0.00% | 0.00% | N/A | 190d |
| Polygon | USDC | 63% | $49.99 | $48.49 | 97.0% | 0.85% | 0.88% | $0.43 | 31d | |
| Polygon | USDC | 63% | $50 | $48.5 | 97.0% | 0.82% | 0.85% | $0.41 | 31d | |
| Polygon | USDC | 63% | $50 | $48.5 | 97.0% | 0.82% | 0.85% | $0.41 | 31d | |
| Base | USDC | wstETH | 86% | $50.09 | $32.22 | 64.3% | 0.05% | 0.08% | $0.03 | 830d |
| Ethereum | WETH | tETH | 92% | $50.58 | $2.51 | 5.0% | 0.01% | 0.15% | $0 | 155d |
| Ethereum | USDS | IMF | 63% | $54.96 | $54.96 | 100.0% | N/A | N/A | N/A | 318d |
| Base | cbBTC | wstETH | 92% | $55.27 | $0.01 | 0.0% | 0.00% | 6.82% | $0 | 567d |
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.