Markets
1,649 active markets across 14 chains · $5.05B active loans · $286.8M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-08
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: 2,139 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | USDC | K | 63% | $7.8B | $7.8B | 100.0% | N/A | N/A | N/A | 488d |
| Ethereum | USDC | PAXG | 92% | $7.26B | $7.26B | 100.0% | N/A | N/A | N/A | 739d |
| Ethereum | USDC | sdeUSD | 92% | $4.8B | $4.8B | 100.0% | N/A | N/A | N/A | 580d |
| Ethereum | USR | BONDUSD | 95% | $4.02B | $4.02B | 100.0% | N/A | N/A | N/A | 525d |
| Base | USDC | cbBTC | 86% | $1.55B | $1.39B | 90.0% | 4.30% | 4.79% | $66.65M | 734d |
| Base | USDC | USDe | 92% | $338.24M | $304.41M | 90.0% | 3.60% | 4.01% | $12.19M | 104d |
| Ethereum | USDC | cbBTC | 86% | $336.16M | $303.27M | 90.2% | 4.27% | 4.75% | $14.4M | 734d |
| Robinhood Chain | USDG | USDe | 92% | $315.86M | $284.79M | 90.2% | 3.68% | 4.09% | $11.63M | 91d |
| Ethereum | USDT | USDT | 98% | $231.23M | $231.23M | 100.0% | N/A | N/A | N/A | 185d |
| Base | USDC | RSS | 77% | $200.88M | $200.88M | 100.0% | 23.25% | 23.25% | $46.71M | 35d |
| Ethereum | PYUSD | PRIME | 86% | $197.29M | $174.86M | 88.6% | 4.39% | 4.96% | $8.68M | 123d |
| Ethereum | RLUSD | kBTC | 86% | $189.16M | $165.41M | 87.4% | 2.65% | 3.03% | $5.02M | 143d |
| Ethereum | USDC | wstUSR | 92% | $154.79M | $154.79M | 100.0% | N/A | N/A | N/A | 615d |
| Ethereum | PYUSD | kBTC | 86% | $134.34M | $118.75M | 88.4% | 3.03% | 3.43% | $4.08M | 144d |
| Ethereum | USDC | WBTC | 86% | $123.54M | $111.41M | 90.2% | 4.25% | 4.72% | $5.26M | 965d |
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 8, 2026 from /markets.