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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Polygon | USDC | 77% | $24.01 | $2.01 | 8.4% | 0.00% | 0.03% | $0 | 272d | |
| Ethereum | USDR | wstETH | 86% | $23.76 | $23.76 | 100.0% | N/A | N/A | N/A | 581d |
| Katana | AUSD | weETH | 77% | $23.57 | $0.55 | 2.3% | 0.00% | 0.15% | $0 | 399d |
| Ethereum | USDC | PT-fxSAVE-30OCT2025 | 92% | $23.48 | $3.5 | 14.9% | 2.83% | 21.29% | $0.75 | 461d |
| Monad | USDC | N/A | 0% | $23.25 | $0 | 0.0% | 0.00% | 0.00% | N/A | 294d |
| Polygon | USDC | 77% | $22.96 | $0 | 0.0% | 0.00% | 0.03% | N/A | 272d | |
| Polygon | USDC | 77% | $22.87 | $1.44 | 6.3% | 0.00% | 0.03% | $0 | 276d | |
| Base | MXNB | cbBTC | 86% | $22.53 | $0.06 | 0.3% | 0.00% | 0.55% | $0 | 111d |
| Polygon | USDC | 77% | $22.45 | $0 | 0.0% | 0.00% | 0.03% | N/A | 266d | |
| Base | USDC | cUSDO | 92% | $22.31 | $22.31 | 100.0% | 23.53% | 23.53% | $5.25 | 548d |
| Ethereum | crvUSD | stkcvxcrvUSDCWBTCWETH-morpho | 86% | $22.2 | $0 | 0.0% | 0.00% | 13.57% | N/A | 882d |
| Ethereum | USDC | waCoreWETH | 77% | $22.18 | $18.18 | 82.0% | 8.65% | 10.66% | $1.94 | 55d |
| Ethereum | USDC | ePYUSD-6 | 92% | $22 | $21 | 95.5% | 3.90% | 4.08% | $0.86 | 54d |
| Ethereum | USDC | fUSDC | 92% | $22 | $21 | 95.5% | 3.90% | 4.08% | $0.86 | 54d |
| Ethereum | USDC | UNI-V2 | 98% | $22 | $21 | 95.5% | 3.65% | 3.82% | $0.8 | 55d |
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.