Markets
1,655 active markets across 14 chains · $5.07B active loans · $291.04M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-10
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: 2,145 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 | EIGEN | 77% | $3K | $7 | 0.2% | 0.00% | 0.03% | $0 | 705d |
| Polygon | USDC | 77% | $2.96K | $0 | 0.0% | 0.00% | 34.80% | $0 | 275d | |
| Ethereum | crvUSD | stkcvxcrvUSDETHCRV-morpho | 86% | $2.92K | $0 | 0.0% | 0.00% | 0.04% | N/A | 881d |
| Monad | USDT0 | WBTC | 86% | $2.92K | $1.15 | 0.0% | 0.00% | 4.02% | $0.05 | 293d |
| Base | FXUSD | VVV | 63% | $2.86K | $2.47K | 86.1% | 71.42% | 86.99% | $2.15K | 197d |
| Ethereum | USDC | cUSDOUSDC | 92% | $2.81K | $66.76 | 2.4% | 0.00% | 0.03% | $0.02 | 526d |
| Katana | AUSD | vbETH | 86% | $2.8K | $2.73K | 97.6% | 89.83% | 92.90% | $2.54K | 440d |
| Base | verUSDC | JTRSY | 98% | $2.76K | $0 | 0.0% | 0.00% | 0.12% | N/A | 756d |
| Tempo | pathUSD | stcUSD | 92% | $2.7K | $0.1 | 0.0% | 0.00% | 0.03% | $0 | 126d |
| Ethereum | WETH | weETH | 86% | $2.69K | $2.41K | 89.5% | 0.09% | 0.10% | $2.4 | 953d |
| Ethereum | USDC | USD0USD0++ | 97% | $2.67K | $1.07 | 0.0% | 0.00% | 0.03% | $0 | 607d |
| HyperEVM | USDe | hbUSDT | 86% | $2.62K | $2.62K | 100.0% | 4.19% | 4.19% | $110.09 | 425d |
| Base | USDC | wstETH | 86% | $2.61K | $2.61K | 100.0% | 5.29% | 5.29% | $138.39 | 779d |
| Ethereum | USDC | liUSD-1w | 86% | $2.61K | $706.43 | 27.0% | 9.84% | 41.55% | $293.49 | 426d |
| Polygon | WPOL | TruMATIC | 95% | $2.6K | $2.6K | 100.0% | N/A | N/A | N/A | 495d |
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 10, 2026 from /markets.