Markets
1,655 active markets across 14 chains · $5.07B active loans · $281.52M 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 | DUSD | 92% | $443.43 | $443.43 | 100.0% | 12.29% | 12.29% | $54.52 | 145d |
| Base | USDC | TOSHI | 77% | $441.9 | $441.8 | 100.0% | N/A | N/A | N/A | 395d |
| Ethereum | DAI | PT-sUSDE-25SEP2025 | 92% | $440.4 | $66.34 | 15.1% | 0.01% | 0.04% | $0.02 | 462d |
| Base | USDC | WELL | 63% | $431.99 | $397.05 | 91.9% | 0.18% | 0.19% | $0.77 | 328d |
| Ethereum | USDS | BOBO | 63% | $431.7 | $431.7 | 100.0% | N/A | N/A | N/A | 318d |
| Ethereum | USDT | sUSDD | 92% | $419.44 | $369.22 | 88.0% | 2.75% | 3.13% | $11.55 | 250d |
| Ethereum | DAI | PT-sUSDE-24OCT2024 | 86% | $415.56 | $415.56 | 100.0% | N/A | N/A | N/A | 784d |
| Ethereum | cbBTC | PT-corn-SolvBTC.BBN-26DEC2024 | 92% | $402.38 | $28.68 | 7.1% | 0.00% | 0.03% | $0.01 | 673d |
| Base | USDC | MAMO | 39% | $400.17 | $0.3 | 0.1% | 0.00% | 4.56% | $0.01 | 328d |
| Monad | USDT0 | N/A | 0% | $396.92 | $0 | 0.0% | 0.00% | 0.00% | N/A | 293d |
| Ethereum | USDS | PEPE | 77% | $392.81 | $0 | 0.0% | 0.00% | 0.04% | $0 | 482d |
| Ethereum | USDC | PT-mMEV-31JUL2025 | 92% | $388.81 | $388.81 | 100.0% | N/A | N/A | N/A | 457d |
| Katana | vbUSDC | avKAT | 63% | $388.81 | $12.21 | 3.1% | 0.03% | 0.94% | $0.11 | 116d |
| Ethereum | USDC | EIGEN | 63% | $386.1 | $349.94 | 90.6% | 5.43% | 6.01% | $21.02 | 230d |
| Base | MAI | wstETH | 86% | $384.27 | $1.64 | 0.4% | 0.05% | 12.29% | $0.2 | 811d |
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.