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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | sUSDS | N/A | 0% | $667.74 | $0 | 0.0% | 0.00% | 0.00% | N/A | 568d |
| Monad | USDT0 | wstETH | 86% | $669.04 | $230.97 | 34.5% | 0.60% | 1.75% | $4.03 | 294d |
| Polygon | BRZ | TESOURO | 86% | $680.51 | $583.22 | 85.7% | 7.03% | 8.25% | $48.12 | 64d |
| Monad | mUSD | wstETH | 86% | $684.54 | $0.92 | 0.1% | 0.00% | 0.19% | $0 | 129d |
| Monad | mUSD | WBTC | 86% | $686.54 | $0.92 | 0.1% | 0.00% | 0.19% | $0 | 129d |
| Monad | USD1 | N/A | 0% | $691.25 | $0 | 0.0% | 0.00% | 0.00% | N/A | 184d |
| Base | sUSDS | cbBTC | 86% | $694.42 | $617.05 | 88.9% | 0.15% | 0.16% | $1.01 | 565d |
| Base | USDC | USDS | 98% | $715.8 | $631.32 | 88.2% | 42.38% | 49.30% | $311.21 | 69d |
| Ethereum | USDC | sDOLA | 92% | $721.65 | $46.66 | 6.5% | 0.11% | 1.72% | $0.8 | 99d |
| Polygon | USDC | vVANCENO | 77% | $724.79 | $724.79 | 100.0% | N/A | N/A | N/A | 93d |
| Ethereum | USR | mMEV | 92% | $737.58 | $2.14 | 0.3% | 0.01% | 1.88% | $0.04 | 524d |
| Ethereum | USDC | lvlUSD | 92% | $740.01 | $482.95 | 65.3% | 0.05% | 0.08% | $0.38 | 611d |
| Polygon | WETH | wstETH | 92% | $742.63 | $680.54 | 91.6% | 1.93% | 2.11% | $14.36 | 569d |
| Ethereum | rUSD | srUSD | 98% | $743.48 | $743.48 | 100.0% | N/A | N/A | N/A | 677d |
| Tempo | pathUSD | siUSD | 92% | $745.92 | $0.1 | 0.0% | 0.00% | 0.03% | $0 | 129d |
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.