Markets
1,661 active markets across 14 chains · $5.07B active loans · $290.23M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-11
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: 2,151 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 | 63% | $500.01 | $0 | 0.0% | 0.00% | 0.20% | N/A | 31d | |
| Polygon | USDC | vRUBIONO | 77% | $500.03 | $449.12 | 89.8% | 0.09% | 0.10% | $0.45 | 93d |
| Base | jEUR | USDC | 86% | $500.15 | $2.8 | 0.6% | 0.00% | 0.03% | $0 | 707d |
| Polygon | USDC | vVANCEYES | 77% | $500.22 | $386.55 | 77.3% | 0.13% | 0.17% | $0.64 | 98d |
| Robinhood Chain | USDG | pSPY-MAR27 | 63% | $500.27 | $100.29 | 20.0% | 0.60% | 3.05% | $3.06 | 5d |
| Ethereum | USDC | WETH | 63% | $500.3 | $500.3 | 100.0% | 20.98% | 20.98% | $104.97 | 86d |
| Base | USDC | cbZEC | 63% | $501.45 | $5.7 | 1.1% | 0.01% | 0.89% | $0.05 | 2d |
| Base | USDC | cbHYPE | 63% | $501.45 | $1.36 | 0.3% | 0.00% | 0.87% | $0.01 | 2d |
| Ethereum | waEthUSDC | steakUSDC | 95% | $507.56 | $0.57 | 0.1% | 0.00% | 0.06% | $0 | 97d |
| Ethereum | waEthUSDC | gtusdcp | 95% | $507.56 | $0.41 | 0.1% | 0.00% | 0.22% | $0 | 99d |
| HyperEVM | USDH | WHYPE | 63% | $510.43 | $470.54 | 92.2% | N/A | N/A | N/A | 344d |
| Polygon | USDC | 77% | $514.14 | $0 | 0.0% | 0.00% | 0.03% | N/A | 276d | |
| Polygon | USDC | vDEMKAMALANO | 77% | $514.36 | $493.83 | 96.0% | 16.99% | 17.78% | $87.82 | 93d |
| Ethereum | USDCV | wstETH | 86% | $528.21 | $427.93 | 81.0% | 25.03% | 31.98% | $136.86 | 342d |
| Katana | dUSD | weETH | 77% | $535.09 | $502.76 | 94.0% | N/A | N/A | N/A | 318d |
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 11, 2026 from /markets.