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 | eBTC | 86% | $18.22 | $18.12 | 99.5% | N/A | N/A | N/A | 602d |
| Ethereum | USDC | USD0++ | 86% | $18.1 | $5.73 | 31.6% | 0.02% | 0.05% | $0 | 629d |
| Polygon | USDC | UNKNOWN | 77% | $18.04 | $18.01 | 99.8% | 4.92% | 4.93% | $0.89 | 192d |
| Polygon | USDC | 77% | $17.46 | $0 | 0.0% | 0.00% | 0.03% | N/A | 277d | |
| Ethereum | MUSD | cbBTC | 86% | $17.17 | $0 | 0.0% | 0.00% | 0.03% | $0 | 369d |
| HyperEVM | USD₮0 | sUSDe | 92% | $16.71 | $9.88 | 59.1% | 0.04% | 0.07% | $0.01 | 486d |
| Base | verUSDC | mTBILL | 97% | $16.71 | $15.84 | 94.8% | N/A | N/A | N/A | 679d |
| Ethereum | AUSD | AA_FalconXUSDC | 92% | $16.38 | $0 | 0.0% | 0.00% | 0.36% | N/A | 71d |
| Base | USDC | satUSD | 92% | $16.25 | $0.27 | 1.6% | 0.00% | 0.03% | $0 | 370d |
| Ethereum | USDC | PT-srUSDe-2APR2026 | 92% | $16.22 | $16.22 | 100.0% | N/A | N/A | N/A | 246d |
| Base | WETH | MDLP | 86% | $16.18 | $0 | 0.0% | 0.00% | 0.03% | N/A | 264d |
| Ethereum | AUSD | stcUSD | 92% | $16.1 | $16.1 | 100.0% | N/A | N/A | N/A | 246d |
| Ethereum | DAI | PT-USDe-27MAR2025 | 92% | $15.55 | $8.01 | 51.5% | 0.11% | 0.21% | $0.02 | 660d |
| Polygon | USDC | 77% | $15.55 | $0 | 0.0% | 0.00% | 0.03% | N/A | 277d | |
| Arbitrum | USDC | PT-USDai-19FEB2026 | 92% | $15.52 | $0.57 | 3.7% | 0.00% | 0.03% | $0 | 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.