Markets
1,649 active markets across 14 chains · $5.07B active loans · $290.17M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-09
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: 2,139 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 | frxUSD | stakedao-crvfrxUSD | 92% | $129.15K | $84.7K | 65.6% | 2.63% | 4.04% | $3.42K | 85d |
| Arbitrum | USDC | sUSDS | 95% | $128.83K | $115.94K | 90.0% | 2.48% | 2.76% | $3.2K | 419d |
| Ethereum | DAI | USDe | 86% | $126.26K | $115.49K | 91.5% | 7.17% | 7.87% | $9.08K | 908d |
| Base | WETH | VVV | 63% | $125.09K | $78.79K | 63.0% | 0.12% | 0.19% | $150.64 | 41d |
| Base | EURC | rETH | 86% | $124.13K | $91.29K | 73.5% | 2.43% | 3.32% | $3.03K | 729d |
| Ethereum | WBTC | cbBTC | 95% | $124.02K | $0.82 | 0.0% | 0.00% | 0.07% | $0 | 132d |
| Arbitrum | USDC | WETH | 86% | $121.53K | $106.53K | 87.7% | 3.25% | 3.71% | $3.95K | 419d |
| Ethereum | USDC | USP | 86% | $121.48K | $103.69K | 85.4% | 17.73% | 21.08% | $21.85K | 198d |
| Ethereum | USDC | fxSAVE | 86% | $121.08K | $56.09K | 46.3% | 1.49% | 3.25% | $1.82K | 509d |
| Base | EURC | N/A | 0% | $120.19K | $0 | 0.0% | 0.00% | 0.00% | N/A | 729d |
| Monad | USDC | XAUt0 | 77% | $119.81K | $109.45K | 91.4% | 5.78% | 6.34% | $6.94K | 292d |
| Katana | vbUSDC | yvvbWBTC | 77% | $119.78K | $96.12K | 80.3% | 2.42% | 3.02% | $2.9K | 373d |
| Katana | vbUSDT | vbETH | 86% | $118.27K | $108.81K | 92.0% | 7.09% | 7.73% | $8.41K | 441d |
| Ethereum | USDT | PT-srUSDe-25JUN2026 | 92% | $111.13K | $100.17K | 90.1% | 4.16% | 4.63% | $4.64K | 165d |
| OP Mainnet | WETH | wstETH | 95% | $108.19K | $97.47K | 90.1% | 1.83% | 2.03% | $1.98K | 144d |
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 9, 2026 from /markets.