Markets
1,649 active markets across 14 chains · $5.07B active loans · $288.86M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | sUSDC | MUX3LP-sUSDC-4 | 63% | $20.77K | $4.6 | 0.0% | 0.00% | 0.03% | $0 | 357d |
| Arbitrum | sUSDC | MUX3LP-sUSDC-1 | 63% | $20.77K | $2.03 | 0.0% | 0.00% | 0.03% | $0 | 357d |
| Arbitrum | sUSDC | MUX3LP-sUSDC-2 | 63% | $20.77K | $0 | 0.0% | 0.00% | 0.03% | N/A | 357d |
| Arbitrum | sUSDC | MUX3LP-sUSDC-3 | 63% | $20.77K | $0 | 0.0% | 0.00% | 0.03% | N/A | 357d |
| Arbitrum | sUSDC | N/A | 0% | $20.71K | $0 | 0.0% | 0.00% | 0.00% | N/A | 357d |
| Ethereum | USDC | PT-srUSDe-15JAN2026 | 92% | $20.61K | $18.39K | 89.3% | 11.72% | 13.22% | $2.43K | 333d |
| Ethereum | WETH | ARM-WETH-stETH | 92% | $20.47K | $1.13 | 0.0% | 0.00% | 0.07% | $0 | 176d |
| Base | eUSD | bsdETH | 86% | $20.3K | $16.07K | 79.2% | 16.01% | 20.64% | $3.32K | 794d |
| Ethereum | USDC | CARRY | 77% | $20.03K | $18.02K | 90.0% | 6.27% | 6.99% | $1.26K | 15d |
| Base | WETH | RSS | 77% | $19.17K | $19.17K | 100.0% | 17.52% | 17.52% | $3.36K | 49d |
| Ethereum | RLUSD | sUSDe | 92% | $19.03K | $1.07 | 0.0% | 0.00% | 1.98% | $0.02 | 188d |
| Base | WETH | RSS | 77% | $18.65K | $18.65K | 100.0% | 21.98% | 21.98% | $4.1K | 49d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-1 | 63% | $18.54K | $18.54K | 100.0% | N/A | N/A | N/A | 447d |
| Ethereum | AUSD | WBTC | 86% | $18.47K | $16.74K | 90.6% | 3.39% | 3.74% | $626.88 | 747d |
| Katana | vbETH | N/A | 0% | $18.39K | $0 | 0.0% | 0.00% | 0.00% | N/A | 446d |
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.