Markets
1,668 active markets across 14 chains · $5.15B active loans · $286.32M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-13
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 | lvlUSD | PT-lvlUSD-29MAY2025 | 92% | $0 | $0 | 0.1% | 0.00% | 0.03% | N/A | 528d |
| Polygon | pUSD | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.35% | N/A | 122d |
| Monad | AUSD | YZM | 95% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 157d |
| Ethereum | USDA | N/A | 0% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 885d |
| Polygon | USDC | UNKNOWN | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 308d |
| Ethereum | USDS | APU | 63% | $0 | $0 | 100.0% | N/A | N/A | N/A | 321d |
| Ethereum | LBTC | USDC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 591d |
| Ethereum | EURC | wstETH | 86% | $0 | $0 | 91.0% | 6.69% | 7.38% | N/A | 149d |
| Polygon | pUSD | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.35% | N/A | 122d |
| Ethereum | AUSD | PT-stcUSD-29JAN2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.31% | N/A | 246d |
| Ethereum | BOLD | cbETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.41% | N/A | 454d |
| Ethereum | USDS | JOE | 63% | $0 | $0 | 62.7% | 17.40% | 29.36% | N/A | 321d |
| Ethereum | USDC | MT | 77% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 861d |
| Ethereum | USDC | mTBILL | 95% | $0 | $0 | 89.9% | 15.18% | 17.16% | N/A | 590d |
| Ethereum | DAI | MT | 77% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 861d |
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 13, 2026 from /markets.