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% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 272d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 271d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 271d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 271d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 272d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 272d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 266d | |
| Polygon | USDC | 77% | $19.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 266d | |
| Ethereum | USDC | PT-wstUSR-1750896030 | 92% | $19.84 | $0.04 | 0.2% | 0.00% | 0.03% | $0 | 512d |
| Polygon | USDC | 77% | $19.66 | $9.94 | 50.6% | 0.03% | 0.07% | $0.01 | 277d | |
| Polygon | USDC | 77% | $19.59 | $9.82 | 50.1% | 0.03% | 0.07% | $0.01 | 277d | |
| Polygon | WETH | WBTC | 86% | $19.2 | $0.21 | 1.1% | 0.00% | 0.03% | $0 | 569d |
| Ethereum | wstETH | USDS | 86% | $19.14 | $10.82 | 56.5% | 0.40% | 0.72% | $0.08 | 337d |
| Ethereum | AUSD | upGAMMAusdc | 92% | $18.87 | $0 | 0.0% | 0.00% | 0.03% | N/A | 225d |
| Ethereum | USDCV | USDC | 95% | $18.4 | $1.35 | 7.4% | 0.00% | 0.03% | $0 | 358d |
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.