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 | cbBTC | mHyperBTC | 86% | $315.83 | $0 | 0.0% | 0.00% | 26.41% | N/A | 300d |
| Arbitrum | USDC | PT-sUSDai-18JUN2026 | 86% | $313.3 | $122.1 | 39.0% | 16.87% | 49.26% | $60.15 | 209d |
| Base | USDC | CADC | 77% | $309.86 | $5 | 1.6% | 0.01% | 0.77% | $0.04 | 108d |
| Base | USDC | PERP | 63% | $309.39 | $309.39 | 100.0% | N/A | N/A | N/A | 569d |
| Ethereum | USDC | Wrapped-LP-jrUSDe-15JAN2026 | 86% | $307.61 | $5.23 | 1.7% | 0.00% | 0.03% | $0 | 332d |
| Base | USDC | CADC | 86% | $307 | $254.14 | 82.8% | 0.08% | 0.10% | $0.24 | 104d |
| Base | WETH | MDLP | 86% | $300.95 | $0 | 0.0% | 0.00% | 0.03% | N/A | 263d |
| Polygon | USDC | vALIENSNO | 77% | $299.93 | $0 | 0.0% | 0.00% | 0.03% | N/A | 143d |
| Ethereum | USDT | PT-USDe-25SEP2025 | 92% | $299.32 | $9.35 | 3.1% | 0.00% | 0.03% | $0 | 411d |
| Ethereum | USDC | PT-srNUSD-28MAY2026 | 92% | $294.5 | $0.1 | 0.0% | 0.00% | 7.87% | $0.01 | 208d |
| Ethereum | EURe | WBTC | 86% | $291.65 | $2.37 | 0.8% | 0.01% | 0.78% | $0.02 | 59d |
| Polygon | USDC | vJDGNOM28N | 77% | $286.52 | $286.52 | 100.0% | N/A | N/A | N/A | 54d |
| Ethereum | wUSDL | PAXG | 77% | $277.57 | $277.57 | 100.0% | N/A | N/A | N/A | 503d |
| HyperEVM | USDHL | WHLP | 77% | $275.44 | $267.52 | 97.1% | 19.61% | 20.25% | $54.17 | 421d |
| Ethereum | USDC | GHO | 86% | $270.56 | $270.56 | 100.0% | N/A | N/A | N/A | 150d |
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.