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 | PT-ROY-ST-apyUSD-5NOV2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.46% | N/A | 112d |
| Ethereum | USDC | USD0++ | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 631d |
| Ethereum | USDC | msY | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 185d |
| Ethereum | XAUM | N/A | 0% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 638d |
| Polygon | pUSD | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.35% | N/A | 122d |
| Ethereum | USDC | syrupUSDC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 152d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 278d | |
| Polygon | USDC | UNKNOWN | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 194d |
| Ethereum | USDT | cbBTC | 86% | $0 | $0 | 91.0% | 6.76% | 7.47% | N/A | 149d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 278d | |
| Unichain | USDC | WETH | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 472d |
| Ethereum | WETH | sDAI | 86% | $0 | $0 | 90.3% | 2.01% | 2.23% | N/A | 913d |
| Ethereum | AUSD | PT-reUSD-25JUN2026 | 92% | $0 | $0 | 90.3% | 4.08% | 4.53% | N/A | 158d |
| Ethereum | WBTC | PT-LBTC-27MAR2025 | 86% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 673d |
| Polygon | USDC | RYT | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 227d |
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.