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 | USDT | PT-sUSDE-27NOV2025 | 92% | $0 | $0 | 55.6% | 0.09% | 0.17% | N/A | 379d |
| Ethereum | lvlUSD | PT-slvlUSD-25SEP2025 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 488d |
| Ethereum | USDT | zkBTC | 86% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 368d |
| Ethereum | USDC | PT-RUSD-31JUL2025 | 92% | $0 | $0 | 0.0% | 0.00% | 13.34% | N/A | 513d |
| Ethereum | BOLD | sBOLD | 92% | $0 | $0 | 90.7% | 9.02% | 10.04% | N/A | 443d |
| Ethereum | USDC | PT-sUSDE-5FEB2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 292d |
| Polygon | USDC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 273d | |
| Ethereum | WETH | PT-agETH-26JUN2025 | 92% | $0 | $0 | 90.7% | 4.69% | 5.19% | N/A | 646d |
| Ethereum | tBTC | PT-LBTC-26JUN2025 | 92% | $0 | $0 | 0.0% | 0.00% | 13.34% | N/A | 558d |
| Ethereum | AUSD | SPYx | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 206d |
| Polygon | USDC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 279d | |
| Ethereum | USDT | Wrapped-LP-sUSDE-25SEP2025 | 92% | $0 | $0 | 100.0% | N/A | N/A | N/A | 444d |
| Ethereum | tBTC | eBTC | 92% | $0 | $0 | 96.1% | N/A | N/A | N/A | 596d |
| Ethereum | USDe | N/A | 0% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 543d |
| Ethereum | sUSDS | RLP | 86% | $0 | $0 | 90.1% | 2.93% | 3.26% | N/A | 409d |
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.