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 | cbBTC | N/A | 0% | $103.41K | $0 | 0.0% | 0.00% | 0.00% | N/A | 714d |
| Worldchain | EURC | USDC | 77% | $101.82K | $1.22K | 1.2% | 0.00% | 0.03% | $0.32 | 274d |
| Ethereum | USDC | SPX | 63% | $99.99K | $39.13K | 39.1% | 0.02% | 0.06% | $22.55 | 104d |
| Ethereum | USDC | PT-fxSAVE-29OCT2026 | 92% | $99.99K | $84.02K | 84.0% | 2.23% | 2.66% | $2.23K | 9d |
| Ethereum | USDC | PEPE | 63% | $99.99K | $14.51K | 14.5% | 0.01% | 0.04% | $5.39 | 104d |
| Ethereum | RLUSD | PT-sUSDE-13AUG2026 | 92% | $99.29K | $6.37 | 0.0% | 0.00% | 0.64% | $0.04 | 100d |
| Base | XSGD | cbBTC | 86% | $97.16K | $76.61K | 78.9% | 0.60% | 0.76% | $579.08 | 294d |
| Ethereum | tGBP | cbBTC | 86% | $96.51K | $86.89K | 90.0% | 0.82% | 0.91% | $789.82 | 153d |
| Ethereum | USDC | WOUSD | 92% | $96.21K | $86.96K | 90.4% | 5.00% | 5.55% | $4.82K | 216d |
| Arbitrum | USDC | XAUt0 | 77% | $95.62K | $86.96K | 90.9% | 4.86% | 5.36% | $4.66K | 242d |
| Worldchain | wARS | N/A | 0% | $93.24K | $0 | 0.0% | 0.00% | 0.00% | N/A | 274d |
| Monad | USDC | FUSDLP | 97% | $93.01K | $83.85K | 90.1% | 2.87% | 3.19% | $2.68K | 147d |
| Ethereum | tGBP | wstETH | 86% | $91.29K | $10K | 11.0% | 0.02% | 0.19% | $18.72 | 145d |
| Base | eUSD | cbBTC | 86% | $89.99K | $76.76K | 85.3% | 17.06% | 20.28% | $15.57K | 696d |
| Ethereum | USDC | bdUSD | 86% | $87.72K | $77.25K | 88.1% | 4.16% | 4.75% | $3.67K | 125d |
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.