Markets
1,660 active markets across 14 chains · $5.07B active loans · $284.41M 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: 2,150 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | MAI | cbETH | 86% | $49.01 | $0.18 | 0.4% | 0.18% | 65.85% | $0.12 | 811d |
| Polygon | USDC | 77% | $49 | $0 | 0.0% | 0.00% | 20.26% | N/A | 276d | |
| Ethereum | USDC | synUSD | 86% | $48.26 | $0 | 0.0% | 0.00% | 0.05% | N/A | 337d |
| Ethereum | USDT | PT-sUSDE-31JUL2025 | 95% | $47.98 | $43.97 | 91.6% | N/A | N/A | N/A | 504d |
| Ethereum | USDC | sUSDf | 92% | $47.57 | $23.77 | 50.0% | 0.03% | 0.07% | $0.02 | 524d |
| Ethereum | USDC | PT-cUSD-23JUL2026 | 92% | $47.52 | $20.11 | 42.3% | 12.90% | 33.22% | $6.68 | 227d |
| Base | WETH | bsdETH | 92% | $46.91 | $14.89 | 31.7% | 0.02% | 0.07% | $0.01 | 695d |
| Ethereum | USDC | oBTC | 86% | $46.55 | $0 | 0.0% | 0.00% | 0.03% | N/A | 349d |
| Ethereum | tGBP | sUSDS | 92% | $46.11 | $0.9 | 2.0% | 0.01% | 0.34% | $0 | 147d |
| Unichain | USDC | PT-cUSD-29JAN2026-(ETH) | 92% | $45.8 | $0.48 | 1.1% | 0.01% | 1.28% | $0.01 | 280d |
| Polygon | USDC | 77% | $45.31 | $0 | 0.0% | 0.00% | 0.03% | N/A | 276d | |
| Ethereum | WETH | ynETHx | 92% | $45.18 | $0 | 0.0% | 0.00% | 58.47% | N/A | 548d |
| Ethereum | tGBP | steakUSDC | 92% | $44.96 | $0.91 | 2.0% | 0.01% | 0.33% | $0 | 146d |
| Ethereum | tGBP | weETH | 86% | $44.65 | $0.9 | 2.0% | 0.01% | 0.33% | $0 | 147d |
| Ethereum | tGBP | USDC | 92% | $44.48 | $0.9 | 2.0% | 0.01% | 0.33% | $0 | 147d |
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.