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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | msUSD | PRIME | 86% | $541.89 | $296.99 | 54.8% | 0.84% | 1.53% | $4.55 | 73d |
| Ethereum | USDC | mMEV | 92% | $543.61 | $175.05 | 32.2% | 0.02% | 0.05% | $0.09 | 546d |
| Ethereum | USDC | mBASIS | 92% | $551.97 | $1.57 | 0.3% | 0.00% | 0.03% | $0 | 588d |
| Ethereum | USDC | PT-iUSD-4DEC2025 | 92% | $564 | $520.78 | 92.3% | 27.27% | 29.85% | $155.48 | 378d |
| Monad | USDC | WETH | 86% | $565.8 | $291.69 | 51.6% | 0.52% | 1.01% | $2.93 | 132d |
| Ethereum | USDC | PT-USD0++-27MAR2025 | 92% | $572.64 | $402.03 | 70.2% | 0.11% | 0.16% | $0.63 | 686d |
| Ethereum | WBTC | wstETH | 86% | $576.48 | $0 | 0.0% | 0.00% | 0.83% | N/A | 1d |
| Base | EURA | WETH | 86% | $581.11 | $420.68 | 72.4% | 63.34% | 99.88% | $420.16 | 812d |
| Ethereum | USDC | PT-sUSDE-27MAR2025 | 92% | $585.02 | $549.6 | 93.9% | N/A | N/A | N/A | 681d |
| Ethereum | USDC | XPC | 98% | $613.99 | $454 | 73.9% | 0.06% | 0.09% | $0.39 | 883d |
| Ethereum | WBTC | cbBTC | 95% | $642.8 | $0.69 | 0.1% | 0.00% | 0.03% | $0 | 122d |
| Monad | mUSD | syrupUSDC | 92% | $645.61 | $0.91 | 0.1% | 0.00% | 0.18% | $0 | 76d |
| Base | USDC | vANELOUV | 63% | $656.42 | $0 | 0.0% | 0.00% | 0.20% | N/A | 86d |
| Base | USDC | vANELOUV | 63% | $656.65 | $0 | 0.0% | 0.00% | 0.09% | N/A | 105d |
| Ethereum | USDC | USD0++ | 86% | $661.39 | $278.13 | 42.1% | 0.03% | 0.06% | $0.17 | 779d |
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.