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 | USDT | wstETH | 86% | $1.94M | $1.75M | 90.2% | 3.25% | 3.60% | $63.04K | 144d |
| Ethereum | msUSD | siUSD | 92% | $1.93M | $1.74M | 90.0% | 1.69% | 1.88% | $32.7K | 208d |
| Ethereum | EURCV | wstETH | 86% | $1.91M | $1.73M | 90.3% | 1.83% | 2.02% | $34.91K | 145d |
| Ethereum | LINK | wstLINK | 92% | $1.84M | $1.78M | 96.4% | 68.27% | 71.60% | $1.27M | 228d |
| Arbitrum | USDC | WBTC | 86% | $1.82M | $1.62M | 89.2% | 3.76% | 4.23% | $68.68K | 420d |
| Ethereum | USDtb | sUSDe | 92% | $1.79M | $996.92K | 55.6% | 2.12% | 3.84% | $38.28K | 483d |
| Ethereum | msETH | ynETHx | 92% | $1.77M | $1.48M | 83.7% | 5.83% | 7.01% | $103.97K | 503d |
| Ethereum | EURCV | WBTC | 86% | $1.77M | $1.6M | 90.3% | 1.82% | 2.02% | $32.25K | 144d |
| Ethereum | EURC | WBTC | 86% | $1.75M | $1.5M | 85.5% | 2.23% | 2.62% | $39.28K | 432d |
| OP Mainnet | WETH | wstETH | 95% | $1.75M | $1.44M | 82.1% | 0.72% | 0.88% | $12.64K | 96d |
| Arbitrum | USDT0 | weETH | 86% | $1.74M | $1.57M | 90.2% | 3.33% | 3.70% | $58.15K | 251d |
| Ethereum | USDC | sNUSD | 92% | $1.71M | $1.71M | 100.0% | N/A | N/A | N/A | 232d |
| Ethereum | USDC | srRoyUSDC | 92% | $1.7M | $1.49M | 87.6% | 8.71% | 10.00% | $148.92K | 207d |
| Ethereum | USDC | CarryTradeUSDTRYLeverage | 63% | $1.67M | $1.6M | 95.8% | 45.72% | 48.15% | $768.16K | 84d |
| Ethereum | PYUSD | cbBTC | 86% | $1.65M | $1.51M | 91.7% | 6.06% | 6.63% | $100.05K | 268d |
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.