Markets
1,660 active markets across 14 chains · $5.07B active loans · $284.41M 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: 2,150 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Polygon | USDC | vSEAHAWKS27NO | 77% | $199.97 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Polygon | USDC | vTAIWAN26YES | 77% | $199.97 | $0 | 0.0% | 0.00% | 0.27% | N/A | 55d |
| Polygon | USDC | vLEPEN27YES | 77% | $199.97 | $0 | 0.0% | 0.00% | 0.27% | N/A | 55d |
| Polygon | USDC | vXI26NO | 77% | $199.97 | $0 | 0.0% | 0.00% | 0.27% | N/A | 55d |
| Polygon | USDC | vETH150026NO | 77% | $199.97 | $0 | 0.0% | 0.00% | 0.27% | N/A | 55d |
| Polygon | USDC | vIRANREGIME26NO | 77% | $199.97 | $0 | 0.0% | 0.00% | 0.27% | N/A | 55d |
| Unichain | WETH | ezETH | 95% | $201.06 | $201.05 | 100.0% | N/A | N/A | N/A | 469d |
| Base | USDC | USDe | 98% | $201.15 | $101.17 | 50.3% | 82.14% | N/A | N/A | 48d |
| Ethereum | USDC | stGLD | 77% | $201.75 | $106.33 | 52.7% | 0.15% | 0.29% | $0.31 | 94d |
| Ethereum | PYUSD | sUSDS | 95% | $203.18 | $0.96 | 0.5% | 0.01% | 2.37% | $0.02 | 270d |
| Arbitrum | USDC | PT-USDai-20NOV2025 | 92% | $203.27 | $186.93 | 92.0% | 13.08% | 14.31% | $26.74 | 366d |
| Katana | vbUSDT | KAT | 63% | $204.77 | $0.23 | 0.1% | 0.00% | 0.07% | $0 | 166d |
| Ethereum | lvlUSD | slvlUSD | 92% | $206.61 | $206.61 | 100.0% | N/A | N/A | N/A | 489d |
| Ethereum | USDC | PT-eUSDE-14AUG2025 | 92% | $208.54 | $208.54 | 100.0% | N/A | N/A | N/A | 478d |
| Ethereum | USDC | slvlUSD | 92% | $211.41 | $4.33 | 2.0% | 0.11% | 5.29% | $0.23 | 517d |
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.