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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | USDC | armUSDCs | 98% | $22 | $21 | 95.5% | 3.62% | 3.79% | $0.8 | 55d |
| Ethereum | USDC | gtusdcp | 98% | $22 | $21 | 95.5% | 3.61% | 3.78% | $0.79 | 55d |
| Base | USDC | MDLP | 86% | $22 | $9.99 | 45.4% | 0.03% | 0.06% | $0.01 | 264d |
| Ethereum | USDC | senPYUSDmain | 98% | $22 | $21 | 95.5% | 3.54% | 3.71% | $0.78 | 55d |
| Polygon | USDC | 77% | $21.97 | $2.98 | 13.5% | 0.00% | 0.04% | $0 | 276d | |
| Polygon | USDC | IDLE | 0% | $21.68 | $0 | 0.0% | 0.00% | 0.03% | N/A | 284d |
| Ethereum | USDC | USDCUSDU | 95% | $21.6 | $21.6 | 100.0% | N/A | N/A | N/A | 307d |
| Monad | mUSD | cbBTC | 77% | $21.28 | $0.91 | 4.3% | 0.02% | 0.49% | $0 | 66d |
| Polygon | USDC | 77% | $21.23 | $1.44 | 6.8% | 0.00% | 0.03% | $0 | 266d | |
| Ethereum | USDC | PT-jrUSDe-2APR2026 | 86% | $20.77 | $1.38 | 6.7% | 0.00% | 0.03% | $0 | 246d |
| Ethereum | frxUSD | USP | 86% | $20.58 | $15.34 | 74.6% | 77.72% | N/A | N/A | 112d |
| Ethereum | USDC | wbrUSDC | 86% | $20.57 | $20.57 | 100.0% | N/A | N/A | N/A | 349d |
| Base | USDC | HP | 77% | $20.54 | $20.54 | 100.0% | N/A | N/A | N/A | 134d |
| Polygon | USDC | 77% | $20.49 | $0.5 | 2.4% | 0.00% | 0.03% | $0 | 276d | |
| Arbitrum | USDC | vyUSD | 92% | $20.49 | $20.48 | 100.0% | N/A | N/A | N/A | 320d |
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.