Markets
1,649 active markets across 14 chains · $5.07B active loans · $290.17M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | jEUR | cbETH | 86% | $87.35K | $81.53K | 93.3% | 3.23% | 3.46% | $2.82K | 669d |
| Ethereum | tGBP | XAUt | 77% | $85.97K | $77.38K | 90.0% | 1.00% | 1.11% | $859.73 | 145d |
| Unichain | USDC | PT-cUSD-23JUL2026-(ETH) | 92% | $85.58K | $10.35 | 0.0% | 0.00% | 2.97% | $0.31 | 229d |
| Monad | AUSD | WMON | 77% | $85.45K | $38.21K | 44.7% | 0.67% | 1.51% | $577.42 | 291d |
| Ethereum | EURCV | N/A | 0% | $85.32K | $0 | 0.0% | 0.00% | 0.00% | N/A | 799d |
| Base | USDC | GRO | 63% | $83.96K | $75.69K | 90.2% | 5.38% | 5.98% | $4.53K | 63d |
| Ethereum | LBTC | WBTC | 95% | $83.62K | $50.87K | 60.8% | 0.05% | 0.09% | $45.89 | 585d |
| HyperEVM | USDC | N/A | 0% | $80.62K | $0 | 0.0% | 0.00% | 0.00% | N/A | 348d |
| Ethereum | USDC | srUSD | 92% | $80.27K | $56.43K | 70.3% | 0.06% | 0.08% | $47.18 | 588d |
| Polygon | USDC | N/A | 0% | $80.14K | $0 | 0.0% | 0.00% | 0.00% | N/A | 580d |
| Ethereum | apxUSD | ROY-ST-apyUSD | 92% | $78.77K | $69.05K | 87.7% | 2.21% | 2.52% | $1.74K | 132d |
| Ethereum | WETH | ezETH | 95% | $72.44K | $64.6K | 89.2% | 7.72% | 8.69% | $5.62K | 762d |
| Ethereum | AUSD | reUSD | 92% | $70.79K | $53.88K | 76.1% | 3.40% | 4.49% | $2.42K | 155d |
| Monad | USDC | PT-USDat-27AUG2026 | 92% | $69.28K | $63.29K | 91.4% | 10.15% | 11.16% | $7.06K | 51d |
| Ethereum | USDT | syrupUSDT | 92% | $68.21K | $61.52K | 90.2% | 3.44% | 3.82% | $2.35K | 249d |
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.