Markets
1,667 active markets across 14 chains · $5.14B active loans · $280.52M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-12
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: 2,157 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 | UNKNOWN | 77% | $2.59 | $0 | 0.0% | 0.00% | 0.03% | N/A | 165d |
| Unichain | wstETH | N/A | 0% | $2.51 | $0 | 0.0% | 0.00% | 0.00% | N/A | 471d |
| Polygon | USDC | ylopwCTF | 63% | $2.48 | $2.47 | 99.7% | 57.63% | 57.83% | $1.43 | 171d |
| Polygon | tGBP | USDC | 86% | $2.37 | $1 | 42.1% | 0.67% | 1.60% | $0.02 | 260d |
| Tempo | pathUSD | cUSD | 77% | $2.15 | $2.14 | 99.5% | N/A | N/A | N/A | 128d |
| Unichain | USDC | sUSDC | 95% | $2.09 | $0 | 0.0% | 0.00% | 11.64% | $0 | 391d |
| Tempo | pathUSD | cUSD | 77% | $2.06 | $1.8 | 87.6% | 2.48% | 2.83% | $0.05 | 135d |
| Polygon | USDC | 77% | $2 | $0 | 0.0% | 0.00% | 0.03% | N/A | 347d | |
| Stable | USDT0 | N/A | 0% | $1.92 | $0 | 0.0% | 0.00% | 0.00% | N/A | 283d |
| Monad | cbBTC | N/A | 0% | $1.84 | $0 | 0.0% | 0.00% | 0.00% | N/A | 200d |
| Unichain | USDT0 | weETH | 86% | $1.64 | $0 | 0.0% | 0.00% | 0.03% | N/A | 478d |
| Unichain | USDC | PT-USDai-18JUN2026-(ARB) | 92% | $1.52 | $1.27 | 83.9% | 5.90% | 7.08% | $0.09 | 203d |
| Unichain | USDC | PT-srUSDe-2APR2026-(ETH) | 92% | $1.51 | $0.53 | 35.4% | 0.57% | 1.62% | $0.01 | 242d |
| Monad | cbBTC | LBTC | 92% | $1.5 | $0.7 | 46.5% | 0.03% | 0.06% | $0 | 182d |
| Monad | cbBTC | WBTC | 86% | $1.25 | $0.88 | 70.0% | 0.83% | 1.19% | $0.01 | 166d |
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 12, 2026 from /markets.