Markets
1,661 active markets across 14 chains · $5.07B active loans · $290.23M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-11
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: 2,151 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Robinhood Chain | USDG | WETH | 86% | $35.54 | $31.98 | 90.0% | 3.34% | 3.72% | $1.19 | 43d |
| Polygon | USDC | 77% | $35.08 | $5.05 | 14.4% | 0.01% | 0.04% | $0 | 266d | |
| Unichain | USDT0 | WBTC | 86% | $34.72 | $0 | 0.0% | 0.00% | 0.03% | $0 | 477d |
| Ethereum | LBTC | PT-corn-eBTC-27MAR2025 | 92% | $34.01 | $0.01 | 0.0% | 0.00% | 11.81% | $0 | 630d |
| Ethereum | DAI | PT-sUSDE-24OCT2024 | 86% | $33.6 | $28.84 | 85.8% | N/A | N/A | N/A | 783d |
| Ethereum | USDC | ynRWAx | 77% | $33.1 | $2.08 | 6.3% | 2.23% | 42.33% | $0.88 | 265d |
| Base | USR | PT-USR-25SEP2025 | 92% | $32.17 | $1.31 | 4.1% | 0.15% | 3.87% | $0.05 | 513d |
| Katana | vbUSDC | POL | 77% | $31.95 | $31.95 | 100.0% | N/A | N/A | N/A | 343d |
| Base | USDC | efixDI | 77% | $31.86 | $29.61 | 92.9% | 17.26% | 18.71% | $5.54 | 218d |
| Katana | vbUSDC | wstETH | 86% | $31.75 | $1.43 | 4.5% | 0.05% | 1.04% | $0.01 | 439d |
| Ethereum | sUSDS | N/A | 0% | $31.68 | $0 | 0.0% | 0.00% | 0.00% | N/A | 556d |
| Ethereum | USDC | PT-wstUSR-27MAR2025 | 92% | $31.42 | $8.08 | 25.7% | 5.27% | 24.84% | $2.01 | 611d |
| Polygon | USDC | 77% | $31.21 | $31.21 | 100.0% | N/A | N/A | N/A | 378d | |
| Ethereum | USDS | IMF | 77% | $30.56 | $30.42 | 99.5% | 15.38% | 15.46% | $4.7 | 428d |
| Polygon | USDC | 77% | $30.3 | $0 | 0.0% | 0.00% | 0.03% | N/A | 266d |
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 11, 2026 from /markets.