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 | USDC | vRUBIOYES | 77% | $499.89 | $42.04 | 8.4% | 0.00% | 0.03% | $0.01 | 98d |
| Polygon | USDC | vNEWSOMNO | 77% | $499.89 | $14.49 | 2.9% | 0.00% | 0.06% | $0.01 | 93d |
| Polygon | USDC | vNEWSOMYES | 77% | $499.89 | $24.58 | 4.9% | 0.00% | 0.03% | $0.01 | 98d |
| Base | USDC | PAXG | 77% | $499.89 | $0 | 0.0% | 0.00% | 0.97% | N/A | 0d |
| Polygon | USDC | vDEMNEWSOMNO | 77% | $499.89 | $2 | 0.4% | 0.00% | 0.06% | $0 | 93d |
| Polygon | USDC | vDEMAOCNO | 77% | $499.89 | $0 | 0.0% | 0.00% | 0.27% | N/A | 93d |
| Base | USDC | vUV3RWA | 63% | $499.77 | $0 | 0.0% | 0.00% | 0.03% | N/A | 96d |
| Robinhood Chain | USDG | STONKBROKER | 39% | $496.15 | $496.15 | 100.0% | 0.77% | 0.77% | $3.84 | 29d |
| Base | USDC | RST0001-UAE-DUBAI-BAYZ BY DANUBE-01 | 63% | $478.29 | $11.02 | 2.3% | 0.00% | 0.03% | $0 | 428d |
| Ethereum | WBTC | wstETH | 92% | $476.75 | $0.09 | 0.0% | 0.00% | 6.52% | $0.01 | 748d |
| Ethereum | USDT | Wrapped-LP-sUSDE-31JUL2025 | 92% | $476.16 | $2.62 | 0.6% | 0.10% | 20.66% | $0.54 | 442d |
| Ethereum | USDR | XAUt | 77% | $474.79 | $474.77 | 100.0% | N/A | N/A | N/A | 580d |
| Ethereum | USDR | N/A | 0% | $469.26 | $0 | 0.0% | 0.00% | 0.00% | N/A | 589d |
| Worldchain | USDC | rXAUt | 77% | $454.03 | $3 | 0.7% | 0.00% | 0.03% | $0 | 107d |
| Base | wUSDM | N/A | 0% | $447.63 | $0 | 0.0% | 0.00% | 0.00% | N/A | 800d |
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.