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 | PT-apxUSD-18JUN2026 | 86% | $1.71K | $1.03 | 0.1% | 0.00% | 0.64% | $0.01 | 170d |
| Base | USDC | rETH | 86% | $1.65K | $1.48K | 89.9% | 0.33% | 0.36% | $5.37 | 820d |
| Base | LCAP | USDC | 92% | $1.62K | $1.59K | 98.6% | 1.22% | 1.24% | $19.69 | 327d |
| Ethereum | USDC | wbravUSDC | 86% | $1.62K | $1.5 | 0.1% | 0.00% | 0.35% | $0.01 | 348d |
| Robinhood Chain | USDG | MSFT | 63% | $1.6K | $2 | 0.1% | 0.00% | 0.03% | $0 | 47d |
| Base | LBTC | N/A | 0% | $1.59K | $0 | 0.0% | 0.00% | 0.00% | N/A | 631d |
| Base | USDC | uSUI | 77% | $1.57K | $0.3 | 0.0% | 0.00% | 0.03% | $0 | 686d |
| Ethereum | USDC | MC-USR | 92% | $1.52K | $1.52K | 100.0% | N/A | N/A | N/A | 544d |
| Katana | vbUSDC | N/A | 0% | $1.52K | $0 | 0.0% | 0.00% | 0.00% | N/A | 443d |
| Ethereum | USDC | USD0USD0++ | 86% | $1.5K | $1.5K | 100.0% | 7.33% | 7.33% | $110.16 | 777d |
| Robinhood Chain | USDG | AI | 39% | $1.44K | $1.44K | 100.0% | 24.52% | 24.52% | $352.19 | 8d |
| Ethereum | AUSD | wstETH | 86% | $1.43K | $1.22K | 85.3% | 3.60% | 4.24% | $51.83 | 266d |
| Arbitrum | USDC | PT-thBILL-18JUN2026 | 92% | $1.4K | $7.33 | 0.5% | 0.00% | 0.03% | $0 | 211d |
| Ethereum | USDC | v1rRLP | 86% | $1.38K | $1.38K | 100.0% | N/A | N/A | N/A | 103d |
| Ethereum | USDC | PT-USDG-28MAY2026 | 95% | $1.36K | $1.25K | 92.0% | 22.86% | 25.08% | $314.04 | 187d |
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.