Markets
1,655 active markets across 14 chains · $5.07B active loans · $281.52M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Polygon | USDT0 | WETH | 86% | $989.18 | $732.89 | 74.1% | 3.56% | 4.83% | $35.43 | 566d |
| Ethereum | USDC | Wrapped-LP-sUSDE-31JUL2025 | 92% | $987.16 | $987.15 | 100.0% | N/A | N/A | N/A | 439d |
| Ethereum | ZCHF | WBTC | 86% | $972.44 | $950.14 | 97.7% | 16.95% | 17.38% | $165.13 | 548d |
| Monad | USD1 | wsrUSD | 92% | $960.77 | $960.77 | 100.0% | 9.33% | 9.33% | $89.65 | 167d |
| Ethereum | FRAX | USDe | 95% | $941.72 | $6.23 | 0.7% | 0.00% | 0.03% | $0 | 881d |
| Ethereum | FRAX | N/A | 0% | $936.86 | $0 | 0.0% | 0.00% | 0.00% | N/A | 100d |
| Ethereum | USDC | jrUSDe | 86% | $913.79 | $4.17 | 0.5% | 0.01% | 1.36% | $0.06 | 285d |
| Base | USDC | WETH | 86% | $899.57 | $0 | 0.0% | 0.00% | 0.03% | N/A | 659d |
| Ethereum | BOLD | N/A | 0% | $897.4 | $0 | 0.0% | 0.00% | 0.00% | N/A | 453d |
| Polygon | BRLA | TESOURO | 92% | $869.9 | $566.61 | 65.1% | 0.11% | 0.17% | $0.96 | 173d |
| Ethereum | DAI | PT-sUSDE-26DEC2024 | 92% | $861.8 | $861.8 | 100.0% | N/A | N/A | N/A | 705d |
| Ethereum | USDC | PT-iUSD-25JUN2026 | 92% | $853.7 | $0.93 | 0.1% | 0.00% | 0.98% | $0.01 | 198d |
| Monad | mUSD | sUSDe | 92% | $839 | $0.91 | 0.1% | 0.00% | 0.49% | $0 | 75d |
| Arbitrum | USDT0 | siUSD | 92% | $836.92 | $1.06 | 0.1% | 0.00% | 1.55% | $0.02 | 236d |
| HyperEVM | USH | sUSDe | 86% | $835.6 | $0 | 0.0% | 0.00% | 0.03% | N/A | 407d |
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.