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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Stable | USDT0 | XAUt0 | 77% | $0.14 | $0.13 | 94.0% | 3.37% | 3.58% | $0 | 283d |
| Stable | USDT0 | LBTC | 86% | $0.14 | $0.13 | 93.6% | 1.88% | 2.01% | $0 | 283d |
| Stable | USDT0 | BTC.b | 86% | $0.13 | $0.12 | 91.5% | 0.29% | 0.32% | $0 | 283d |
| Stable | USDT0 | sfrxUSD | 86% | $0.12 | $0.11 | 92.0% | 0.45% | 0.49% | $0 | 283d |
| Tempo | pathUSD | PT-USDai-15OCT2026-(ARB) | 92% | $0.1 | $0.09 | 89.1% | 3.39% | 3.81% | $0 | 126d |
| Worldchain | EURC | WETH | 86% | $0.1 | $0 | 0.0% | 0.00% | 0.03% | N/A | 178d |
| Polygon | USDC | 77% | $0.03 | $0 | 0.0% | 0.00% | 13.87% | $0 | 379d | |
| Monad | WMON | N/A | 0% | $0.02 | $0 | 0.0% | 0.00% | 0.00% | N/A | 303d |
| Polygon | USDC | 77% | $0.02 | $0 | 0.0% | 0.00% | 0.03% | N/A | 380d | |
| Unichain | WETH | ezETH | 92% | $0.02 | $0.01 | 90.1% | 0.13% | 0.14% | $0 | 478d |
| Polygon | USDC | 77% | $0.01 | $0 | 0.0% | 0.00% | 0.19% | N/A | 278d | |
| Polygon | USDC | 77% | $0.01 | $0 | 0.0% | 0.01% | 13.88% | $0 | 379d | |
| Polygon | USDC | 77% | $0 | $0 | 6.0% | 0.00% | 0.03% | $0 | 379d | |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 379d | |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 379d |
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.