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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | USDC | lvlUSD | 92% | $739.91 | $482.89 | 65.3% | 0.05% | 0.08% | $0.38 | 610d |
| Ethereum | USR | mMEV | 92% | $737.58 | $2.14 | 0.3% | 0.01% | 1.88% | $0.04 | 524d |
| Ethereum | USDC | sDOLA | 92% | $721.55 | $46.65 | 6.5% | 0.12% | 1.80% | $0.84 | 98d |
| Polygon | USDC | vVANCENO | 77% | $720.59 | $720.59 | 100.0% | N/A | N/A | N/A | 93d |
| Base | USDC | USDS | 98% | $715.19 | $630.71 | 88.2% | 42.43% | 49.36% | $311.3 | 68d |
| Base | sUSDS | cbBTC | 86% | $694.53 | $617.15 | 88.9% | 0.15% | 0.16% | $1.01 | 564d |
| Monad | USD1 | N/A | 0% | $691.25 | $0 | 0.0% | 0.00% | 0.00% | N/A | 183d |
| Monad | mUSD | WBTC | 86% | $686.54 | $0.92 | 0.1% | 0.00% | 0.19% | $0 | 128d |
| Monad | mUSD | wstETH | 86% | $684.54 | $0.92 | 0.1% | 0.00% | 0.19% | $0 | 128d |
| Polygon | BRZ | TESOURO | 86% | $678.55 | $581.52 | 85.7% | 7.05% | 8.27% | $48.1 | 63d |
| Monad | USDT0 | wstETH | 86% | $669.04 | $230.97 | 34.5% | 0.60% | 1.75% | $4.03 | 293d |
| Base | sUSDS | N/A | 0% | $667.84 | $0 | 0.0% | 0.00% | 0.00% | N/A | 567d |
| Ethereum | USDC | USD0++ | 86% | $661.3 | $278.1 | 42.1% | 0.03% | 0.06% | $0.17 | 778d |
| Ethereum | WBTC | cbBTC | 95% | $656.94 | $0.71 | 0.1% | 0.00% | 0.03% | $0 | 121d |
| Base | USDC | vANELOUV | 63% | $656.65 | $0 | 0.0% | 0.00% | 0.09% | N/A | 104d |
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.