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-USD0++-26JUN2025 | 92% | $0 | $0 | 51.3% | 0.03% | 0.07% | N/A | 610d |
| Ethereum | USDC | SAND | 63% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 767d |
| Ethereum | WETH | PT-DETH-29JAN2026 | 92% | $0 | $0 | 88.0% | 2.82% | 3.22% | N/A | 283d |
| Ethereum | USDC | SKY | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 493d |
| Ethereum | USDT | weETH | 77% | $0 | $0 | 91.0% | 4.04% | 4.45% | N/A | 130d |
| Ethereum | WETH | WBTC | 92% | $0 | $0 | 91.1% | 7.27% | 8.01% | N/A | 149d |
| Ethereum | wM | WBTC | 86% | $0 | $0 | 77.7% | 1.47% | 1.90% | N/A | 690d |
| Ethereum | USDC | bbqUSDCturbo | 92% | $0 | $0 | 89.1% | 2.58% | 2.91% | N/A | 222d |
| Ethereum | USDS | SHIB | 77% | $0 | $0 | 9.2% | 0.00% | 0.03% | N/A | 337d |
| Ethereum | rUSD | srUSD | 98% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 679d |
| Ethereum | USR | RLP | 86% | $0 | $0 | 91.2% | 8.23% | 9.08% | N/A | 179d |
| Ethereum | USDC | USCC | 92% | $0 | $0 | 91.9% | 3.52% | 3.83% | N/A | 642d |
| Ethereum | USDC | PT-yvCurve-GHO-USR(GHOUSR)-2026/01/18 | 92% | $0 | $0 | 90.2% | 3.73% | 4.15% | N/A | 380d |
| Ethereum | ZCHF | WETH | 86% | $0 | $0 | 100.0% | 7.36% | 7.36% | N/A | 555d |
| Unichain | WETH | rsETH | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 466d |
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 13, 2026 from /markets.