Markets
1,668 active markets across 14 chains · $5.14B active loans · $282.48M 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: 2,158 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 | USDC | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.04% | N/A | 158d |
| Polygon | USDC | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.36% | N/A | 158d |
| Worldchain | USDC | deUSD | 92% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 341d |
| Ethereum | wstETH | MT | 98% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 877d |
| Ethereum | USDC | splDXY-BULL | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 212d |
| Ethereum | USDT | reUSD | 97% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 158d |
| Ethereum | cbBTC | PT-LBTC-27MAR2025 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 676d |
| Ethereum | fwUSDT | fwWBTC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 163d |
| Ethereum | USDC | wUTXO | 86% | $0 | $0 | 0.0% | 0.00% | 0.28% | N/A | 138d |
| Ethereum | USDC | srRoyUSDC | 86% | $0 | $0 | 0.0% | 0.00% | 2.56% | N/A | 211d |
| Ethereum | AUSD | wstUSR | 92% | $0 | $0 | 100.0% | N/A | N/A | N/A | 225d |
| Ethereum | AUSD | WBTC | 86% | $0 | $0 | 91.0% | 6.76% | 7.46% | N/A | 149d |
| Ethereum | PYUSD | PT-USDe-5FEB2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.26% | N/A | 281d |
| Ethereum | WBTC | mBTC | 92% | $0 | $0 | 45.8% | 0.03% | 0.06% | N/A | 666d |
| Ethereum | wstETH | rsETH | 95% | $0 | $0 | 29.9% | 0.01% | 0.05% | N/A | 618d |
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.