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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | USDT0 | weETH | 86% | $57.58 | $3.39 | 5.9% | 1.69% | 33.12% | $1.12 | 421d |
| Base | USR | LP-USR-25SEP2025 | 92% | $57.52 | $48.18 | 83.8% | 36.91% | 45.89% | $22.11 | 513d |
| Ethereum | USDC | FLHYon | 86% | $56.18 | $51.01 | 90.8% | 5.07% | 5.59% | $2.85 | 101d |
| Polygon | USDC | 77% | $56 | $56 | 100.0% | N/A | N/A | N/A | 381d | |
| Ethereum | cbBTC | yb-cbBTC | 86% | $55.28 | $49.78 | 90.0% | 3.23% | 3.59% | $1.79 | 43d |
| Base | cbBTC | wstETH | 92% | $55.27 | $0.01 | 0.0% | 0.00% | 6.82% | $0 | 568d |
| Ethereum | USDS | IMF | 63% | $54.96 | $54.96 | 100.0% | N/A | N/A | N/A | 319d |
| Ethereum | WETH | tETH | 92% | $50.58 | $2.51 | 5.0% | 0.01% | 0.15% | $0 | 155d |
| Base | USDC | wstETH | 86% | $50.09 | $32.22 | 64.3% | 0.05% | 0.08% | $0.03 | 831d |
| Polygon | USDC | 63% | $50 | $48.5 | 97.0% | 0.82% | 0.85% | $0.41 | 31d | |
| Polygon | USDC | 63% | $50 | $48.5 | 97.0% | 0.82% | 0.85% | $0.41 | 31d | |
| Polygon | USDC | 63% | $49.99 | $48.49 | 97.0% | 0.85% | 0.88% | $0.43 | 31d | |
| Arbitrum | USDC | VSDT | 77% | $49.99 | $0 | 0.0% | 0.00% | 0.00% | N/A | 191d |
| Polygon | USDC | 77% | $49.99 | $0 | 0.0% | 0.00% | 0.03% | N/A | 276d | |
| Robinhood Chain | USDG | 63% | $49.08 | $2 | 4.1% | 0.01% | 0.27% | $0.01 | 70d |
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.