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 | xSolvBTC | N/A | 0% | $81.36 | $0 | 0.0% | 0.00% | 0.00% | N/A | 593d |
| Katana | vbETH | wstETH | 95% | $81.49 | $10.26 | 12.6% | 2.10% | 18.00% | $1.85 | 437d |
| Ethereum | MUSD | tBTC | 86% | $82.16 | $0.03 | 0.0% | 0.00% | 0.03% | $0 | 357d |
| Ethereum | USDC | n-st-liUSD4w | 86% | $82.52 | $31.02 | 37.6% | 0.96% | 2.58% | $0.8 | 176d |
| Ethereum | USDC | stcUSD | 92% | $82.62 | $2.52 | 3.1% | 0.00% | 0.10% | $0 | 378d |
| Ethereum | USDC | weETH | 77% | $82.65 | $82.65 | 100.0% | N/A | N/A | N/A | 837d |
| Base | USDC | DEGEN | 77% | $82.73 | $0.04 | 0.1% | 0.00% | 0.03% | $0 | 385d |
| Ethereum | USDC | TSLAon | 63% | $84.18 | $76.05 | 90.3% | 4.54% | 5.04% | $3.83 | 41d |
| Katana | vbUSDT | PT-yvvbUSDC(vbUSDC)-2026/08/02 | 86% | $85.2 | $84.77 | 99.5% | 38.53% | 38.75% | $32.85 | 202d |
| Robinhood Chain | USDG | WETH | 86% | $85.63 | $77.08 | 90.0% | 3.17% | 3.53% | $2.72 | 40d |
| Arbitrum | eeUSDC | N/A | 0% | $89.6 | $0 | 0.0% | 0.00% | 0.00% | N/A | 327d |
| Ethereum | USDC | PT-savUSD-14MAY2026 | 92% | $89.65 | $0.11 | 0.1% | 0.02% | 20.53% | $0.02 | 233d |
| Ethereum | USDC | stcUSD | 86% | $89.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 378d |
| Ethereum | USDC | sBTCD | 77% | $90.12 | $0 | 0.0% | 0.00% | 0.52% | N/A | 113d |
| Ethereum | AUSD | cbBTC | 86% | $90.27 | $1.02 | 1.1% | 0.01% | 0.87% | $0.01 | 267d |
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.