Markets
1,669 active markets across 14 chains · $5.17B active loans · $283.1M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-14
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: 2,159 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 | CANA | 86% | $0 | $0 | 50.0% | 0.03% | 0.07% | N/A | 399d |
| Ethereum | cbBTC | pumpBTC | 95% | $0 | $0 | 0.0% | 0.00% | 0.08% | N/A | 685d |
| Ethereum | USDC | PT-stcUSD-23JUL2026 | 92% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 235d |
| Ethereum | PYUSD | WBTC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 941d |
| Ethereum | WETH | ezETH | 63% | $0 | $0 | 18.5% | 0.17% | 0.95% | N/A | 886d |
| Ethereum | JPYC | USDC | 86% | $0 | $0 | 2.0% | 0.01% | 0.29% | N/A | 290d |
| Ethereum | USDA | PT-USD0++-31OCT2024 | 92% | $0 | $0 | 90.6% | 3.67% | 4.08% | N/A | 712d |
| Polygon | pUSD | ylopwCTF | 63% | $0 | $0 | 0.0% | 0.00% | 0.35% | N/A | 123d |
| Ethereum | USDC | wUSDL | 97% | $0 | $0 | 0.0% | 0.00% | 0.03% | N/A | 656d |
| Ethereum | rUSD | wstETH | 86% | $0 | $0 | 80.7% | 4.80% | 5.98% | N/A | 740d |
| Ethereum | LBTC | PT-LBTC-26JUN2025 | 92% | $0 | $0 | 95.4% | 0.39% | 0.40% | N/A | 535d |
| Ethereum | ARSs | N/A | 0% | $0 | $0 | 0.0% | 0.00% | 0.00% | N/A | 123d |
| Ethereum | PT-mAPOLLO-29JAN2026 | USDC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 286d |
| Ethereum | EURC | WBTC | 86% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 223d |
| Polygon | USDC | 77% | $0 | $0 | 0.0% | 0.00% | 0.27% | N/A | 280d |
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 14, 2026 from /markets.