Markets
1,655 active markets across 14 chains · $5.07B active loans · $291.04M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-10
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: 2,145 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Monad | USDC | FUSDLP | 92% | $7.82K | $7.05K | 90.2% | 3.05% | 3.39% | $238.88 | 149d |
| Arbitrum | USDC | GLV [WETH-USDC] | 77% | $7.72K | $6.72K | 87.0% | 6.57% | 7.59% | $510.05 | 336d |
| Polygon | USDC | WPOL | 77% | $7.48K | $6.58K | 88.0% | 7.82% | 8.93% | $587.75 | 567d |
| Ethereum | USDC | iUSD | 92% | $7.47K | $6.49K | 86.8% | 5.61% | 6.49% | $420.78 | 425d |
| Base | WETH | wstETH | 95% | $7.23K | $0.91 | 0.0% | 0.00% | 0.03% | $0 | 779d |
| Polygon | WPOL | MaticX | 92% | $7.09K | $1.6K | 22.5% | 0.72% | 3.25% | $51.94 | 530d |
| Ethereum | WETH | WBTC | 92% | $7.03K | $1 | 0.0% | 0.00% | 0.35% | $0 | 146d |
| Polygon | USDC | vREPVANCEYES | 98% | $7.02K | $5.57K | 79.4% | 1.45% | 1.83% | $101.83 | 71d |
| Unichain | USDT0 | N/A | 0% | $6.73K | $0 | 0.0% | 0.00% | 0.00% | N/A | 476d |
| Unichain | USDT0 | wstETH | 86% | $6.71K | $6.62K | 98.7% | 20.72% | 21.03% | $1.39K | 476d |
| Polygon | USDC | compWETH | 86% | $6.58K | $6.05K | 91.9% | 21.36% | 23.44% | $1.42K | 506d |
| Ethereum | USDT | stcUSD | 92% | $6.52K | $8.14 | 0.1% | 0.00% | 1.46% | $0.12 | 245d |
| Ethereum | USDC | PT-sUSDD-27AUG2026 | 92% | $6.49K | $5.98K | 92.2% | 6.34% | 6.90% | $412.89 | 100d |
| Ethereum | ZCHF | xCVX | 63% | $6.41K | $4.14K | 64.5% | 6.42% | 10.13% | $419 | 551d |
| Ethereum | USDC | jrUSDe | 92% | $6.38K | $5.35K | 83.8% | 17.95% | 21.77% | $1.16K | 333d |
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 10, 2026 from /markets.