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 | tBTC | N/A | 0% | $20.3 | $0 | 0.0% | 0.00% | 0.00% | N/A | 750d |
| Ethereum | WETH | rsETH | 95% | $20.23 | $0.69 | 3.4% | 0.38% | 11.66% | $0.08 | 714d |
| Arbitrum | USDT0 | wstETH | 86% | $20.22 | $1.82 | 9.0% | 1.02% | 12.07% | $0.22 | 421d |
| Ethereum | WETH | apxETH | 86% | $20.2 | $2.32 | 11.5% | 0.00% | 0.04% | $0 | 911d |
| Base | USDC | PART | 86% | $20.1 | $10 | 49.8% | 1.27% | 2.57% | $0.26 | 65d |
| Ethereum | WETH | PT-tETH-25SEP2025 | 92% | $20.07 | $0 | 0.0% | 0.00% | 13.34% | N/A | 416d |
| HyperEVM | USH | UFART | 39% | $20.06 | $0 | 0.0% | 0.00% | 0.03% | N/A | 414d |
| Robinhood Chain | USDG | 63% | $20.03 | $0 | 0.0% | 0.00% | 0.49% | N/A | 70d | |
| Polygon | USDC | UNKNOWN | 77% | $20 | $1.7 | 8.5% | 0.00% | 0.03% | $0 | 164d |
| Polygon | USDC | 77% | $20 | $0 | 0.0% | 0.00% | 0.03% | N/A | 266d | |
| Polygon | USDC | 77% | $20 | $3.15 | 15.7% | 0.01% | 0.04% | $0 | 276d | |
| Polygon | USDC | 77% | $20 | $1.9 | 9.5% | 0.00% | 0.03% | $0 | 276d | |
| Polygon | USDC | 77% | $20 | $1.77 | 8.9% | 0.00% | 0.03% | $0 | 276d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 276d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 276d |
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.