Markets
1,649 active markets across 14 chains · $5.06B active loans · $296.61M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-09
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: 2,139 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 | cbBTC | 86% | $3.35M | $3.04M | 90.6% | 3.69% | 4.08% | $123.86K | 440d |
| Ethereum | USDT | reUSD | 92% | $3.34M | $3M | 90.0% | 4.77% | 5.31% | $159.37K | 154d |
| Ethereum | WETH | amphrETH | 86% | $3.16M | $3.16M | 100.0% | N/A | N/A | N/A | 679d |
| Ethereum | EURCV | EUTBL | 97% | $3.05M | $2.75M | 90.1% | 1.59% | 1.77% | $48.65K | 355d |
| Ethereum | USDC | PT-apxUSD-5NOV2026 | 86% | $3.02M | $2.32M | 76.6% | 3.68% | 4.83% | $111.91K | 103d |
| Ethereum | PYUSD | wstETH | 86% | $2.99M | $2.8M | 93.4% | 8.83% | 9.48% | $265.1K | 268d |
| Ethereum | AUSD | PRIME | 86% | $2.95M | $2.78M | 94.3% | 4.09% | 4.35% | $120.94K | 20d |
| Ethereum | USDC | rRLP | 86% | $2.91M | $2.91M | 100.0% | N/A | N/A | N/A | 103d |
| Ethereum | RLUSD | WBTC | 86% | $2.78M | $2.51M | 90.1% | 3.51% | 3.90% | $97.75K | 131d |
| Ethereum | USDT | XAUt | 77% | $2.76M | $2.49M | 90.3% | 4.45% | 4.95% | $123.14K | 589d |
| Ethereum | USDC | mHyperBTC | 77% | $2.74M | $2.47M | 90.1% | 8.72% | 9.73% | $240.17K | 236d |
| Base | USDC | cbDOGE | 63% | $2.72M | $2.29M | 84.3% | 5.00% | 5.96% | $136.48K | 333d |
| Ethereum | WETH | N/A | 0% | $2.67M | $0 | 0.0% | 0.00% | 0.00% | N/A | 980d |
| Ethereum | wstETH | ynETHx | 92% | $2.62M | $2.62M | 100.0% | N/A | N/A | N/A | 564d |
| Ethereum | USDT | WBTC | 86% | $2.56M | $2.31M | 90.2% | 3.25% | 3.60% | $83.12K | 144d |
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 9, 2026 from /markets.