Markets
1,660 active markets across 14 chains · $5.07B active loans · $284.41M 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: 2,150 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| HyperEVM | USDe | sUSDe | 92% | $70.98 | $70.98 | 100.0% | 6.59% | 6.59% | $4.67 | 486d |
| Ethereum | USDT | LBTC | 86% | $70.41 | $0.04 | 0.1% | 0.00% | 2.37% | $0 | 319d |
| Ethereum | USDC | aprUSR | 92% | $67.61 | $67.61 | 100.0% | N/A | N/A | N/A | 584d |
| Polygon | USDC | 77% | $66.9 | $0 | 0.0% | 0.00% | 25.11% | $0 | 271d | |
| HyperEVM | USD₮0 | UBTC | 86% | $66.7 | $6.65 | 10.0% | 2.65% | 30.01% | $2 | 490d |
| Base | jEUR | stUSD | 86% | $66.61 | $66.61 | 100.0% | N/A | N/A | N/A | 670d |
| Robinhood Chain | USDG | MDLP | 77% | $65.03 | $60.19 | 92.6% | 2.31% | 2.50% | $1.51 | 17d |
| Monad | cbBTC | LBTC | 92% | $64.84 | $0.19 | 0.3% | 0.00% | 0.03% | $0 | 189d |
| Ethereum | crvUSD | stkcvx2BTC-f-morpho | 86% | $64.81 | $0 | 0.0% | 0.00% | 13.34% | N/A | 788d |
| Polygon | USDC | 77% | $64.05 | $0 | 0.0% | 0.00% | 0.03% | N/A | 276d | |
| Base | EURA | N/A | 0% | $61.98 | $0 | 0.0% | 0.00% | 0.00% | N/A | 812d |
| Ethereum | DAI | PT-sUSDE-29MAY2025 | 92% | $59.51 | $9.27 | 15.6% | 0.56% | 3.67% | $0.34 | 631d |
| Base | cbBTC | PT-LBTC-scaled18-25SEP2025 | 92% | $58.61 | $0 | 0.0% | 0.00% | 0.03% | N/A | 466d |
| Ethereum | WBTC | PT-corn-SolvBTC.BBN-26DEC2024 | 92% | $58.2 | $0.83 | 1.4% | 0.07% | 5.32% | $0.04 | 674d |
| Ethereum | USDC | PT-wstUSR-25SEP2025 | 92% | $57.85 | $0.01 | 0.0% | 0.00% | 0.03% | $0 | 538d |
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.