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 | rETH | 86% | $2.55M | $2.31M | 90.4% | 4.17% | 4.62% | $106.63K | 162d |
| Ethereum | USDC | PT-trUSD-26NOV2026 | 95% | $2.52M | $2.28M | 90.3% | 5.89% | 6.54% | $148.96K | 40d |
| Ethereum | EURCV | cbBTC | 86% | $2.49M | $2.25M | 90.3% | 1.82% | 2.02% | $45.54K | 145d |
| Worldchain | WETH | WBTC | 92% | $2.49M | $56.94K | 2.3% | 0.00% | 0.03% | $15.32 | 514d |
| Ethereum | USDS | PT-sUSDS-26NOV2026 | 92% | $2.48M | $2.25M | 90.8% | 4.00% | 4.42% | $99.58K | 60d |
| Ethereum | USDT | v-wmtUSDT | 86% | $2.45M | $2.23M | 91.1% | 5.90% | 6.50% | $145.07K | 15d |
| Ethereum | AUSD | sUSDai | 86% | $2.41M | $2.27M | 94.0% | 3.26% | 3.47% | $78.72K | 20d |
| Arbitrum | USDC | PT-USDai-15OCT2026 | 92% | $2.34M | $2.09M | 89.3% | 5.06% | 5.68% | $118.91K | 75d |
| Monad | USDC | cbBTC | 77% | $2.34M | $2.29M | 97.9% | 8.02% | 8.20% | $187.95K | 179d |
| Base | USDC | JitoSOL | 63% | $2.24M | $1.97M | 87.7% | 5.26% | 6.01% | $118.4K | 116d |
| Base | USDC | cbADA | 63% | $2.22M | $1.93M | 87.1% | 5.22% | 6.01% | $116.25K | 236d |
| Base | USDC | wstETH | 86% | $2.15M | $1.91M | 89.0% | 4.14% | 4.66% | $88.94K | 770d |
| Ethereum | EURCV | wstETH | 86% | $2.14M | $1.94M | 90.3% | 1.82% | 2.02% | $39.12K | 798d |
| Katana | vbUSDC | yvvbETH | 77% | $2.11M | $1.69M | 80.3% | 2.84% | 3.55% | $60.03K | 384d |
| Ethereum | USDC | LBTC | 86% | $2.04M | $1.87M | 91.5% | 7.81% | 8.57% | $160.01K | 587d |
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.