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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | USDA | wstETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 913d |
| Ethereum | USDT | MUSD | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 238d |
| Ethereum | USDC | sYUSD | 92% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 394d |
| Ethereum | USD0 | WBTC | 86% | $0 | $0 | 100.0% | N/A | N/A | N/A | 558d |
| Polygon | USDC | UNKNOWN | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 347d |
| Ethereum | tBTC | LBTC | 92% | $0 | $0 | 97.2% | N/A | N/A | N/A | 604d |
| Ethereum | USDC | wbIB01 | 97% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 983d |
| Ethereum | AUSD | wsrUSD | 92% | $0 | $0 | 90.8% | 4.06% | 4.48% | N/A | 269d |
| Ethereum | FRAX | USDe | 86% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 884d |
| Ethereum | USDC | PT-USDat-27AUG2026 | 86% | $0 | $0 | 0.0% | 0.00% | 0.46% | N/A | 112d |
| Ethereum | ZCHF | xETH | 63% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 554d |
| Ethereum | WETH | ezETH | 77% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 885d |
| Ethereum | RLUSD | sUSDS | 95% | $0 | $0 | 37.3% | 1.43% | 3.86% | N/A | 144d |
| 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% | 0.27% | N/A | 180d |
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.