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 | USDC | SPYon | 63% | $0 | $0 | 0.0% | 0.00% | 13.39% | N/A | 400d |
| Ethereum | WBTC | sBTCD | 77% | $0 | $0 | 62.5% | 0.05% | 0.08% | N/A | 207d |
| Ethereum | JPYC | USDT | 92% | $0 | $0 | 0.0% | 0.00% | 0.09% | N/A | 187d |
| Ethereum | USDC | LINK | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 153d |
| Ethereum | USDCV | USTBL | 97% | $0 | $0 | 48.1% | 3.93% | 8.34% | N/A | 344d |
| Ethereum | bbqUSDT | PT-cUSDO-20NOV2025 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 431d |
| Ethereum | apxUSD | USDC | 97% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 173d |
| Polygon | pUSD | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.35% | N/A | 122d |
| Ethereum | USDC | USCC | 97% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 681d |
| Ethereum | WBTC | PT-corn-eBTC-27MAR2025 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 579d |
| Ethereum | USDT | sUSN | 86% | $0 | $0 | 90.7% | 8.96% | 10.00% | N/A | 379d |
| Ethereum | WETH | cbBTC | 92% | $0 | $0 | 91.1% | 7.24% | 7.98% | N/A | 149d |
| Ethereum | PYUSD | wUSDL | 98% | $0 | $0 | 0.0% | 0.00% | 0.17% | N/A | 705d |
| Ethereum | crvUSD | ysUSDS | 95% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 608d |
| Ethereum | EURC | cbBTC | 86% | $0 | $0 | 40.9% | 0.19% | 0.46% | N/A | 222d |
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.