Markets
1,655 active markets across 14 chains · $5.08B active loans · $283.38M 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 | vFED2CUT26YES | 77% | $199.98 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Polygon | USDC | vFED2CUT26NO | 77% | $199.98 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Polygon | USDC | vGREENLAND26N | 77% | $199.98 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Polygon | USDC | vSEAHAWKS27NO | 77% | $199.98 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Polygon | USDC | vTAIWAN26YES | 77% | $199.98 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Polygon | USDC | vLEPEN27YES | 77% | $199.98 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Polygon | USDC | vXI26NO | 77% | $199.98 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Polygon | USDC | vETH150026NO | 77% | $199.98 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Polygon | USDC | vIRANREGIME26NO | 77% | $199.98 | $0 | 0.0% | 0.00% | 0.27% | N/A | 54d |
| Ethereum | USDC | CTOKEN | 86% | $194.98 | $159.98 | 82.1% | 0.00% | 0.00% | N/A | 176d |
| HyperEVM | USD₮0 | PT-hbUSDT-18DEC2025 | 92% | $194.05 | $1.1 | 0.6% | 0.26% | 58.51% | $0.64 | 405d |
| Ethereum | USDC | PT-USD0++-31OCT2024 | 86% | $191.28 | $0 | 0.0% | 0.00% | 0.03% | $0 | 713d |
| Katana | vbWBTC | LBTC | 92% | $185.49 | $185.49 | 100.0% | 3.06% | 3.06% | $5.67 | 437d |
| Ethereum | USDC | nOPAL | 86% | $185.11 | $93.9 | 50.7% | 0.56% | 1.12% | $1.05 | 14d |
| Ethereum | USDC | PT-AIDaUSDT-14AUG2025 | 92% | $181.55 | $181.5 | 100.0% | N/A | N/A | N/A | 456d |
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.