Markets
1,649 active markets across 14 chains · $5.06B active loans · $296.61M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-09
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: 2,139 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 | PT-RUSD-31JUL2025 | 92% | $0 | $0 | 0.0% | 0.00% | 13.34% | N/A | 509d |
| Ethereum | BOLD | sBOLD | 92% | $0 | $0 | 90.7% | 9.02% | 10.04% | N/A | 439d |
| Ethereum | USDC | PT-sUSDE-5FEB2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 288d |
| Polygon | USDC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 269d | |
| Ethereum | WETH | PT-agETH-26JUN2025 | 92% | $0 | $0 | 90.7% | 4.69% | 5.19% | N/A | 643d |
| Ethereum | tBTC | PT-LBTC-26JUN2025 | 92% | $0 | $0 | 0.0% | 0.00% | 13.34% | N/A | 554d |
| Ethereum | AUSD | SPYx | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 202d |
| Polygon | USDC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 275d | |
| Ethereum | USDT | Wrapped-LP-sUSDE-25SEP2025 | 92% | $0 | $0 | 100.0% | N/A | N/A | N/A | 440d |
| Ethereum | tBTC | eBTC | 92% | $0 | $0 | 96.1% | N/A | N/A | N/A | 592d |
| Ethereum | USDe | N/A | 0% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 539d |
| Ethereum | sUSDS | RLP | 86% | $0 | $0 | 90.1% | 2.93% | 3.26% | N/A | 405d |
| Ethereum | fwDAI | fwWBTC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 159d |
| Ethereum | USDC | PT-USD0++-27MAR2025 | 92% | $0 | $0 | 20.4% | 0.01% | 0.04% | N/A | 606d |
| Polygon | pUSD | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.35% | N/A | 118d |
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 9, 2026 from /markets.