Markets
1,663 active markets across 14 chains · $5.13B active loans · $280.08M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-12
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: 2,153 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 | expVaultBTC | 86% | $15 | $1 | 6.7% | 0.00% | 0.03% | $0 | 332d |
| Polygon | pUSD | ylopwCTF | 63% | $15 | $0 | 0.0% | 0.00% | 0.27% | N/A | 96d |
| Base | USDC | PT-cUSDO-15JUL2025 | 92% | $15 | $0.11 | 0.7% | 0.00% | 0.04% | $0 | 503d |
| Polygon | USDC | 77% | $14.8 | $0 | 0.0% | 0.00% | 0.03% | N/A | 278d | |
| Ethereum | USDe | PT-sUSDE-25SEP2025 | 92% | $14.74 | $1.3 | 8.8% | 1.35% | 17.36% | $0.23 | 478d |
| Ethereum | USDC | sUSDS | 95% | $14.45 | $1.45 | 10.0% | 0.00% | 0.03% | $0 | 725d |
| Polygon | USDC | vKSAURYYES | 77% | $14.03 | $0 | 0.0% | 0.00% | 0.31% | N/A | 88d |
| Ethereum | USDC | PT-srUSDe-2APR2026 | 92% | $13.97 | $13.97 | 100.0% | 92.83% | 92.83% | $12.97 | 245d |
| Ethereum | USDS | JOE | 77% | $13.37 | $12.84 | 96.0% | N/A | N/A | N/A | 457d |
| Polygon | USDC | 77% | $13.22 | $0 | 0.0% | 0.00% | 0.03% | N/A | 273d | |
| Arbitrum | USDC | PT-thBILL-27NOV2025 | 92% | $13.12 | $13.12 | 100.0% | 10.93% | 10.93% | $1.43 | 365d |
| Ethereum | USDC | PT-sNUSD-4JUN2026 | 86% | $13.11 | $11.1 | 84.7% | 2.00% | 2.37% | $0.26 | 198d |
| Monad | USDC | wsrUSD | 86% | $12.78 | $0.87 | 6.8% | 0.05% | 0.81% | $0.01 | 283d |
| Arbitrum | USDT0 | PT-USDai-19FEB2026 | 92% | $12.53 | $12.53 | 100.0% | N/A | N/A | N/A | 269d |
| Ethereum | USDT | syrupUSDC | 92% | $12.32 | $6.1 | 49.5% | 3.98% | 8.20% | $0.5 | 492d |
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 12, 2026 from /markets.