Markets
1,272 active markets across 12 chains · $3.43B active loans · $163.16M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-06-10
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: 1,777 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 | USR | BONDUSD | 95% | $2.56B | $2.56B | 100.0% | N/A | N/A | N/A | 435d |
| Base | USDC | cbBTC | 86% | $1.35B | $1.19B | 88.2% | 4.00% | 4.55% | $54.11M | 644d |
| Ethereum | USDC | PAXG | 92% | $1.16B | $1.16B | 100.0% | N/A | N/A | N/A | 649d |
| Arbitrum | USDC | K | 63% | $1.14B | $1.14B | 100.0% | N/A | N/A | N/A | 398d |
| Ethereum | USDC | sdeUSD | 92% | $683.74M | $683.74M | 100.0% | N/A | N/A | N/A | 490d |
| Ethereum | USDC | cbBTC | 86% | $266.78M | $236.19M | 88.5% | 3.63% | 4.11% | $9.71M | 643d |
| Ethereum | USDT | wstETH | 86% | $164.13M | $140.58M | 85.7% | 3.62% | 4.24% | $5.95M | 861d |
| Ethereum | USDC | WBTC | 86% | $140.9M | $124.42M | 88.3% | 3.63% | 4.12% | $5.13M | 875d |
| Ethereum | USDtb | sUSDe | 92% | $100.32M | $100.17M | 99.8% | 9.17% | 9.19% | $9.2M | 392d |
| Ethereum | RLUSD | kBTC | 86% | $79.99M | $59.6M | 74.5% | 1.00% | 1.35% | $802.63K | 53d |
| Ethereum | PYUSD | PRIME | 86% | $79.97M | $73.24M | 91.6% | 4.82% | 5.28% | $3.86M | 32d |
| Ethereum | USDT | USDT | 98% | $76M | $76M | 100.0% | N/A | N/A | N/A | 95d |
| Ethereum | PYUSD | syrupUSDC | 92% | $75.04M | $67.37M | 89.8% | 3.71% | 4.15% | $2.79M | 178d |
| Ethereum | USDT | sUSDS | 97% | $72.26M | $62.8M | 86.9% | 2.84% | 3.27% | $2.05M | 574d |
| Base | USDC | WETH | 86% | $69.33M | $61.16M | 88.2% | 4.01% | 4.55% | $2.78M | 732d |
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 June 10, 2026 from /markets.