Markets
1,668 active markets across 14 chains · $5.14B active loans · $282.48M 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: 2,158 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 | USYC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 153d |
| Ethereum | USDC | PWrUSDC-tac | 98% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 510d |
| Ethereum | USDT | FLHYon | 86% | $0 | $0 | 90.9% | 3.86% | 4.26% | N/A | 102d |
| Ethereum | USDC | cbBTC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 153d |
| Ethereum | USDC | PT-sUSDE-27NOV2025 | 92% | $0 | $0 | 100.0% | N/A | N/A | N/A | 379d |
| Ethereum | USDC | ACS | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 310d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 278d | |
| Ethereum | AUSD | wNVDAx | 86% | $0 | $0 | 0.0% | 0.00% | 1.13% | N/A | 131d |
| Ethereum | USDT | SyStUSD | 95% | $0 | $0 | 0.0% | 0.00% | 0.37% | N/A | 552d |
| Ethereum | USDC | AA_idle_Fasanara | 98% | $0 | $0 | 90.3% | 4.36% | 4.85% | N/A | 480d |
| Ethereum | DAI | WBTC | 86% | $0 | $0 | 92.5% | 18.52% | 20.72% | N/A | 893d |
| Ethereum | USDf | PT-sUSDf-25SEP2025 | 92% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 494d |
| Ethereum | USDC | sDAI | 97% | $0 | $0 | 90.7% | 7.51% | 8.35% | N/A | 967d |
| Ethereum | USR | PT-wstUSR-25SEP2025 | 92% | $0 | $0 | 90.2% | 0.15% | 0.16% | N/A | 536d |
| Ethereum | USDC | mTBILL | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 589d |
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.