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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | WETH | cbBTC | 92% | $65.93K | $55.47K | 84.1% | 1.59% | 1.89% | $1.05K | 145d |
| Ethereum | frxUSD | savUSD | 92% | $65.84K | $19.9K | 30.2% | 0.18% | 0.61% | $121.34 | 205d |
| Katana | vbUSDC | weETH | 77% | $65.73K | $345.35 | 0.5% | 0.00% | 0.09% | $0.32 | 397d |
| Ethereum | AUSD | PT-USDat-27AUG2026 | 92% | $65.14K | $65.14K | 100.0% | 24.60% | 24.60% | $16.02K | 131d |
| Monad | USDC | WMON | 77% | $65.05K | $59.37K | 91.3% | 5.79% | 6.36% | $3.78K | 292d |
| Base | USDC | yUSD | 92% | $63.78K | $63.78K | 100.0% | N/A | N/A | N/A | 377d |
| Ethereum | USDC | AVLT | 86% | $63.75K | $63.75K | 100.0% | N/A | N/A | N/A | 96d |
| Base | WETH | AERO | 77% | $62.55K | $9.36K | 15.0% | 0.01% | 0.04% | $3.51 | 41d |
| Base | WETH | VIRTUAL | 77% | $62.55K | $9.65 | 0.0% | 0.00% | 0.03% | $0 | 41d |
| Base | WETH | MORPHO | 77% | $62.55K | $0.12 | 0.0% | 0.00% | 0.03% | $0 | 41d |
| Ethereum | wUSDL | N/A | 0% | $61.86K | $0 | 0.0% | 0.00% | 0.00% | N/A | 702d |
| Ethereum | USDC | PT-apyUSD-27AUG2026 | 86% | $61.18K | $51.28K | 83.8% | 3.50% | 4.19% | $2.15K | 71d |
| Ethereum | USDC | cbBTC | 86% | $58.76K | $53.44K | 90.9% | 4.60% | 5.06% | $2.71K | 145d |
| Ethereum | PYUSD | N/A | 0% | $58.5K | $0 | 0.0% | 0.00% | 0.00% | N/A | 947d |
| Ethereum | USDe | eUSDe | 92% | $57.94K | $50.12K | 86.5% | 0.08% | 0.10% | $48.68 | 551d |
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.