Markets
1,668 active markets across 14 chains · $5.14B active loans · $287.77M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-13
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 | JPYR | USDT | 92% | $0 | $0 | 23.2% | 0.01% | 0.04% | N/A | 179d |
| Ethereum | rUSD | PT-wsrUSD-26FEB2026 | 92% | $0 | $0 | 0.0% | 0.00% | 13.34% | N/A | 313d |
| Ethereum | USDT | weETH | 77% | $0 | $0 | 91.0% | 5.95% | 6.56% | N/A | 131d |
| Ethereum | mUSD | wstETH | 86% | $0 | $0 | 91.0% | 5.90% | 6.51% | N/A | 130d |
| Ethereum | DAI | PT-eUSDE-14AUG2025 | 92% | $0 | $0 | 91.1% | 22.76% | 25.31% | N/A | 465d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 278d | |
| Ethereum | WETH | WBTC | 92% | $0 | $0 | 91.1% | 6.89% | 7.59% | N/A | 149d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 273d | |
| Ethereum | EURC | cbBTC | 86% | $0 | $0 | 91.0% | 6.15% | 6.79% | N/A | 149d |
| Ethereum | WETH | Re7wstETH | 92% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 605d |
| Ethereum | sUSDS | wstETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 491d |
| Ethereum | EURC | WBTC | 86% | $0 | $0 | 91.0% | 6.60% | 7.28% | N/A | 148d |
| Ethereum | USDT | PT-csUSDL-30OCT2025 | 92% | $0 | $0 | 20.0% | 4.26% | 23.20% | N/A | 414d |
| Ethereum | USDC | PT-eUSDE-29MAY2025 | 92% | $0 | $0 | 100.0% | N/A | N/A | N/A | 562d |
| Ethereum | AUSD | wstETH | 86% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 270d |
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.