Markets
1,667 active markets across 14 chains · $5.14B active loans · $280.52M 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: 2,157 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Polygon | tGBP | WBTC | 86% | $0.99 | $0.89 | 89.1% | 0.09% | 0.10% | $0 | 261d |
| Polygon | tGBP | WETH | 86% | $0.99 | $0.89 | 89.1% | 0.14% | 0.15% | $0 | 260d |
| Polygon | JPYC | WPOL | 77% | $0.99 | $0.89 | 90.2% | 3.48% | 3.87% | $0.03 | 260d |
| Unichain | USDC | PT-USDai-19FEB2026-(ARB) | 92% | $0.94 | $0.76 | 80.9% | 1.02% | 1.26% | $0.01 | 281d |
| Monad | WETH | weETH | 95% | $0.82 | $0.73 | 89.1% | 1.04% | 1.17% | $0.01 | 189d |
| Unichain | wstETH | rsETH | 95% | $0.65 | $0.58 | 90.1% | 0.11% | 0.12% | $0 | 470d |
| Unichain | wstETH | ezETH | 95% | $0.65 | $0.58 | 90.1% | 0.11% | 0.12% | $0 | 470d |
| Polygon | USDC | RYT | 92% | $0.61 | $0.16 | 26.8% | 0.20% | 0.74% | $0 | 355d |
| Unichain | USDC | sUSDC | 95% | $0.6 | $0.45 | 76.1% | 0.93% | 1.22% | $0.01 | 276d |
| Polygon | USDC | 77% | $0.57 | $0 | 0.0% | 0.00% | 0.03% | $0 | 430d | |
| Polygon | USDC | 77% | $0.5 | $0 | 0.1% | 0.00% | 0.03% | $0 | 405d | |
| Polygon | BRLA | USDC | 95% | $0.3 | $0.28 | 93.3% | 35.17% | 38.27% | $0.11 | 153d |
| Polygon | USDC | JPYC | 86% | $0.21 | $0.1 | 47.5% | 0.33% | 0.70% | $0 | 285d |
| Worldchain | EURC | WBTC | 86% | $0.2 | $0 | 0.0% | 0.00% | 0.27% | N/A | 178d |
| Stable | USDT0 | thBILL | 95% | $0.16 | $0.16 | 99.8% | N/A | N/A | N/A | 283d |
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.