Markets
1,663 active markets across 14 chains · $5.13B active loans · $280.08M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-12
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: 2,153 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 | USDC | PT-AIDaUSDT-30OCT2025 | 86% | $12.27 | $0 | 0.0% | 0.00% | 5.19% | $0 | 382d |
| Polygon | USDC | vALIENSYES | 77% | $12 | $0.46 | 3.8% | 0.00% | 0.03% | $0 | 145d |
| Ethereum | USDC | mEDGE | 86% | $11.21 | $0 | 0.0% | 0.00% | 13.32% | $0 | 579d |
| Base | FXUSD | wstETH | 86% | $11.18 | $2.59 | 23.2% | 0.03% | 0.14% | $0 | 187d |
| Base | USR | PT-USR-24APR2025 | 92% | $11.17 | $0 | 0.0% | 0.00% | 0.03% | N/A | 568d |
| Unichain | USDT0 | UNI | 63% | $11.14 | $0 | 0.0% | 0.00% | 0.03% | $0 | 478d |
| Ethereum | USDT | PT-wsrUSD-30OCT2025 | 92% | $11.07 | $1.03 | 9.3% | 0.03% | 0.36% | $0 | 413d |
| Ethereum | USDC | Wrapped-LP-sUSDE-25SEP2025 | 92% | $11.02 | $1.02 | 9.3% | 0.00% | 0.03% | $0 | 442d |
| Base | USDC | wstUSR | 92% | $10.92 | $10.92 | 100.0% | N/A | N/A | N/A | 223d |
| Ethereum | WETH | rETH | 95% | $10.89 | $5.38 | 49.4% | 0.19% | 0.39% | $0.02 | 947d |
| Base | USDC | DEGEN | 39% | $10.87 | $10.87 | 100.0% | 2.38% | 2.38% | $0.26 | 816d |
| Ethereum | USDC | PT-AIDaUSDC-30OCT2025 | 86% | $10.87 | $0.01 | 0.1% | 0.00% | 0.03% | $0 | 376d |
| Base | LBTC | PT-LBTC-scaled18-25SEP2025 | 95% | $10.76 | $1.14 | 10.6% | 0.00% | 0.03% | $0 | 469d |
| Base | USDC | cbBTC | 86% | $10.65 | $0.02 | 0.2% | 0.01% | 3.86% | $0 | 365d |
| Base | USDC | AERO | 77% | $10.56 | $0 | 0.0% | 0.00% | 0.03% | N/A | 604d |
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 12, 2026 from /markets.