Markets
1,649 active markets across 14 chains · $5.06B active loans · $286.28M 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 | USDC | wUSCC | 98% | $1.09M | $998.59K | 91.3% | 4.65% | 5.10% | $50.97K | 117d |
| Ethereum | USDS | stUSDS | 86% | $1.07M | $962.44K | 89.8% | 4.42% | 4.93% | $47.48K | 230d |
| Ethereum | PYUSD | WBTC | 86% | $968.25K | $894.43K | 92.4% | 6.95% | 7.55% | $67.5K | 162d |
| Ethereum | USDC | PT-USDat-14JAN2027 | 92% | $950.13K | $844.64K | 88.9% | 2.92% | 3.29% | $27.82K | 28d |
| Ethereum | USDC | sUSDat | 92% | $941.79K | $857.04K | 91.0% | 8.11% | 8.95% | $76.69K | 63d |
| Ethereum | WETH | rETH | 95% | $930.39K | $831.74K | 89.4% | 2.03% | 2.27% | $18.89K | 118d |
| Arbitrum | USDT0 | WBTC | 86% | $903.51K | $818.59K | 90.6% | 3.64% | 4.02% | $32.94K | 419d |
| OP Mainnet | USDC | WBTC | 86% | $886.64K | $662.61K | 74.7% | 3.86% | 5.20% | $34.48K | 336d |
| Base | USDC | cbLTC | 63% | $875.41K | $755.65K | 86.3% | 5.31% | 6.18% | $46.71K | 333d |
| Katana | vbUSDT | yvvbUSDC | 86% | $873.75K | $787.14K | 90.1% | 3.57% | 3.97% | $31.25K | 407d |
| Polygon | USDC | WBTC | 86% | $872.99K | $735.28K | 84.2% | 3.04% | 3.62% | $26.61K | 566d |
| Ethereum | USDT | cbBTC | 86% | $825.02K | $743.77K | 90.2% | 2.96% | 3.29% | $24.45K | 318d |
| Ethereum | msETH | N/A | 0% | $823.11K | $0 | 0.0% | 0.00% | 0.00% | N/A | 707d |
| Ethereum | USDT | PT-USDG-24SEP2026 | 92% | $818.45K | $741.39K | 90.6% | 4.05% | 4.48% | $33.23K | 75d |
| Katana | vbUSDT | weETH | 86% | $817.11K | $751.75K | 92.0% | 7.29% | 7.94% | $59.72K | 162d |
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.