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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | USDC | weETH | 77% | $15.27K | $13.39K | 87.6% | 4.12% | 4.71% | $630.91 | 830d |
| Ethereum | wARS | WBTC | 63% | $15.23K | $13.77K | 90.4% | 22.09% | 24.69% | $3.4K | 43d |
| Base | FXUSD | cbBTC | 86% | $15.18K | $10.5K | 69.2% | 28.21% | 43.27% | $4.54K | 191d |
| OP Mainnet | USDC | N/A | 0% | $14.97K | $0 | 0.0% | 0.00% | 0.00% | N/A | 587d |
| Monad | USDC | WETH | 86% | $14.91K | $13.94K | 93.5% | 3.94% | 4.22% | $587.88 | 293d |
| Ethereum | USDtb | USDe | 92% | $14.91K | $8.67K | 58.2% | 0.61% | 1.05% | $91.48 | 483d |
| Ethereum | USDC | PT-csUSDL-31JUL2025 | 92% | $14.78K | $14.78K | 100.0% | N/A | N/A | N/A | 495d |
| Robinhood Chain | USDG | PONS | 39% | $14.41K | $0 | 0.0% | 0.00% | 0.63% | N/A | 4d |
| Ethereum | USDC | PT-stcUSD-29JAN2026 | 92% | $13.57K | $11.52K | 84.9% | 9.66% | 11.47% | $1.32K | 377d |
| Ethereum | USDC | PT-apxUSD-27AUG2026 | 86% | $13.5K | $9.09K | 67.3% | 3.35% | 5.01% | $455.58 | 71d |
| Ethereum | USDC | PT-reUSD-25JUN2026 | 92% | $13.44K | $2.26K | 16.8% | 0.01% | 0.04% | $0.88 | 274d |
| Katana | dUSD | yvvbUSDT | 86% | $13.41K | $13.41K | 100.0% | 27.44% | 27.44% | $3.68K | 318d |
| Robinhood Chain | USDG | NVDA | 63% | $13.13K | $38.52 | 0.3% | 0.00% | 0.03% | $0.01 | 47d |
| Robinhood Chain | USDG | TSLA | 63% | $13.11K | $1.52 | 0.0% | 0.00% | 0.03% | $0 | 43d |
| Ethereum | AUSD | PRIME | 86% | $12.47K | $10.95K | 87.8% | 4.80% | 5.49% | $600.99 | 71d |
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.