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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Stable | USDT0 | thBILL | 95% | $43.9K | $43.9K | 100.0% | 1.66% | 1.66% | $729.67 | 155d |
| Ethereum | USDC | edgeUSDx | 92% | $43.89K | $39.95K | 91.0% | 7.32% | 8.07% | $3.23K | 72d |
| Ethereum | PYUSD | WBTC | 86% | $41.67K | $37.65K | 90.3% | 5.57% | 6.18% | $2.33K | 936d |
| Ethereum | USDC | PT-stcUSD-23JUL2026 | 92% | $41.35K | $1.03 | 0.0% | 0.00% | 0.04% | $0 | 226d |
| Base | WETH | USDC | 86% | $40.69K | $35.42K | 87.0% | 0.39% | 0.45% | $158.91 | 811d |
| Unichain | USDC | N/A | 0% | $40.46K | $0 | 0.0% | 0.00% | 0.00% | N/A | 476d |
| Polygon | USDT0 | WPOL | 77% | $40.46K | $29.65K | 73.3% | 2.87% | 3.93% | $1.17K | 566d |
| HyperEVM | USD₮0 | UETH | 77% | $40.02K | $33.54K | 83.8% | 5.19% | 6.23% | $2.09K | 408d |
| Ethereum | USDC | SHIB | 63% | $40K | $344.9 | 0.9% | 0.00% | 0.03% | $0.09 | 57d |
| Robinhood Chain | USDG | CASHCAT | 39% | $40K | $12.38K | 31.0% | 0.02% | 0.05% | $6.29 | 61d |
| Katana | vbUSDC | KAT | 63% | $39.76K | $2.28K | 5.7% | 0.01% | 0.15% | $3.46 | 165d |
| Ethereum | WETH | wstETH | 95% | $39.32K | $35.16K | 89.4% | 1.71% | 1.91% | $672.87 | 981d |
| Arbitrum | USDC | N/A | 0% | $39.28K | $0 | 0.0% | 0.00% | 0.00% | N/A | 421d |
| Ethereum | tGBP | PAXG | 77% | $38.4K | $34.46K | 89.7% | 1.00% | 1.11% | $382.86 | 145d |
| Polygon | USDT0 | WBTC | 86% | $38.24K | $33.22K | 86.9% | 10.60% | 12.30% | $4.09K | 566d |
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.