Morpho Watch

Morpho borrow rates today

Each Morpho market lends one asset against one collateral, so the rate you pay depends on both. These are the cheapest places to borrow each kind of asset right now. Only markets with at least $250K left to borrow, and real borrowing going on, are ranked. The full table below includes every market with $10K or more supplied that still has something left to borrow.

Data from Morpho's API · updated

Cheapest to borrow: stablecoins

Lowest borrow APY, before rewards

Cheapest loans against stablecoins

Stablecoins as collateral

Cheapest to borrow: ETH and staked ETH

Lowest borrow APY, before rewards

Cheapest loans against ETH and staked ETH

ETH and staked ETH as collateral

Cheapest to borrow: Bitcoin

Lowest borrow APY, before rewards

MarketBorrow APYAvailable
aHyperBTC / cbBTCMonad · LLTV 77% 3.44% $376K

Cheapest loans against Bitcoin

Bitcoin as collateral

Cheapest to borrow: other assets

Lowest borrow APY, before rewards

Cheapest loans against other assets

Other assets as collateral

Every market by borrow rate

Cheapest first. Filter by the asset you borrow, by network, or search.

Morpho markets by borrow rate
Market Supplied Supply APY Borrowed Borrow APY Utilization
SolvBTC / WBTCEthereum · LLTV 94.5% $98.1K1.37 WBTC 0.00% $24.00$14.4K collateral 0.03% 0.0%
cbBTC / wARSEthereum · LLTV 62.5% $10.9K18.09M wARS 0.00% $1.00$6.00 collateral 0.03% <0.01%
WETH / wARSEthereum · LLTV 62.5% $10.8K18.01M wARS 0.00% $10.00$20.00 collateral 0.03% 0.1%
wstETH / WBTCEthereum · LLTV 86% $3.15M43.80 WBTC <0.01% $9.6K$13.6K collateral 0.03% 0.3%
USDC / WETHBase · LLTV 86% $32.8K16.31 WETH <0.01% $6.9K$15.4K collateral 0.04% 21.1%
WBTC / WETHEthereum · LLTV 91.5% $154K76.30 WETH 0.01% $37.3K$56.2K collateral 0.05% 24.3%
cbBTC / WETHEthereum · LLTV 91.5% $146K72.31 WETH 0.03% $66.7K$98.9K collateral 0.06% 45.8%
wstETH / wARSEthereum · LLTV 62.5% $43.5K72.37M wARS 0.00% $1.00$3.00 collateral 0.08% <0.01%
LBTC / cbBTCBase · LLTV 91.5% $756K10.55 cbBTC 0.06% $512K$622K collateral 0.08% 67.7%
WOUSD / USDCEthereum · LLTV 91.5% $13.0K12.96K USDC 0.00% $1.00$1.00 collateral 0.19% <0.01%
yvvbUSDC / vbETHKatana · LLTV 77% $17.2K8.57 vbETH 0.20% $15.5K$33.5K collateral 0.23% 90.0%
USDT / wARSEthereum · LLTV 77% $12.6K21.00M wARS 0.15% $7.2K$10.1K collateral 0.26% 56.7%
LBTC / vbUSDCKatana · LLTV 86% $12.6K12.64K vbUSDC 0.25% $12.0K$29.2K collateral 0.27% 94.9%
siUSD / msUSDEthereum · LLTV 91.5% $1.43M1.76M msUSD 0.11% $530K$814K collateral 0.31% 37.1%
avKAT / vbUSDCKatana · LLTV 62.5% $79.4K79.46K vbUSDC 0.31% $71.9K$182K collateral 0.34% 90.6%
yvvbUSDT / vbUSDCKatana · LLTV 86% $31.2K31.24K vbUSDC 0.38% $30.7K$61.4K collateral 0.39% 98.2%
stBRL / USDCEthereum · LLTV 86% $210K210.15K USDC 0.36% $191K$287K collateral 0.40% 90.9%
stakedao-frx-trUSD / frxUSDEthereum · LLTV 86% $82.0K81.95K frxUSD 0.00% $1.00$2.00 collateral 0.43% <0.01%
beHYPE / WHYPEHyperEVM · LLTV 86% $241K3.39K WHYPE 0.34% $184K$268K collateral 0.44% 76.4%
WBTC / EUReArbitrum · LLTV 86% $269K244.31K EURe 0.21% $123K$207K collateral 0.45% 45.6%
WBTC / wARSEthereum · LLTV 62.5% $18.8K31.30M wARS 0.39% $15.6K$27.7K collateral 0.47% 83.1%
rETH / WETHEthereum · LLTV 94.5% $362K179.64 WETH 0.00% $24.00$151 collateral 0.52% <0.01%
cbBTC / VCHFBase · LLTV 77% $23.1K19.26K VCHF 0.50% $20.2K$32.8K collateral 0.58% 87.3%
sUSDe / msUSDEthereum · LLTV 91.5% $58.7K72.51K msUSD 0.02% $2.1K$3.3K collateral 0.58% 3.6%
steakUSDC / XSGDBase · LLTV 91.5% $179K230.66K XSGD 0.53% $138K$0 collateral 0.69% 76.8%
cbETH / VCHFBase · LLTV 77% $217K180.52K VCHF 0.54% $165K$298K collateral 0.70% 76.2%
yoUSD / USDCEthereum · LLTV 86% $3.10M3.10M USDC 0.54% $2.29M$2.85M collateral 0.73% 73.8%
cbBTC / XSGDBase · LLTV 86% $313K402.78K XSGD 0.67% $281K$517K collateral 0.75% 89.7%
wstHYPE / WHYPEHyperEVM · LLTV 86% $28.6K400.76 WHYPE 0.71% $24.5K$41.5K collateral 0.83% 85.8%
kHYPE / WHYPEHyperEVM · LLTV 86% $4.77M66.92K WHYPE 0.70% $4.05M$5.69M collateral 0.83% 85.0%
Ultra_USD / USDCEthereum · LLTV 91.5% $58.2K58.19K USDC 0.00% $1.00$3.00 collateral 0.83% <0.01%
cbBTC / tGBPEthereum · LLTV 86% $153K115.57K tGBP 0.79% $134K$218K collateral 0.91% 87.4%
stakedao-frxUsDOLA / frxUSDEthereum · LLTV 91.5% $222K222.40K frxUSD 0.72%+2.00% rewards $161K$188K collateral 1.00% 72.5%
steakUSDC / EURCVEthereum · LLTV 91.5% $949K858.83K EURCV 0.91% $855K$0 collateral 1.01% 90.1%
stakedao-frxsUSDe / frxUSDEthereum · LLTV 86% $81.8K81.77K frxUSD 0.38% $30.7K$37.5K collateral 1.02% 37.5%
cbBTC / pathUSDTempo · LLTV 77% $64.8K65.19K pathUSD 0.80% $49.3K$109K collateral 1.05% 76.1%
XAUt / tGBPEthereum · LLTV 77% $87.1K65.81K tGBP 1.00% $78.4K$117K collateral 1.11% 90.0%
WETH / tGBPEthereum · LLTV 86% $59.1K44.66K tGBP 1.00% $53.2K$95.1K collateral 1.11% 90.0%
PAXG / tGBPEthereum · LLTV 77% $39.5K29.84K tGBP 1.00% $35.5K$53.3K collateral 1.11% 90.0%
mROX / AUSDMonad · LLTV 86% $1.02M1.02M AUSD 0.00%+1.50% rewards $1.00$1.00 collateral 1.15% <0.01%
srRoyUSDC / USDCEthereum · LLTV 91.5% $64.1K64.15K USDC 0.01% $594$791 collateral 1.15% 0.9%
NVDA / USDGRobinhood Chain · LLTV 62.5% $251K250.81K USDG 1.05% $226K$623K collateral 1.16% 90.0%
WETH / mUSDMonad · LLTV 86% $12.4K12.39K mUSD 1.07% $10.7K$21.9K collateral 1.24% 86.3%
yoUSD Edge / USDCEthereum · LLTV 77% $204K203.64K USDC 1.06% $172K$232K collateral 1.25% 84.5%
LBTC / cbBTCBase · LLTV 94.5% $230K3.21 cbBTC 1.24% $229K$270K collateral 1.25% 99.3%
edgeUSDx / USDCEthereum · LLTV 91.5% $48.4K48.42K USDC 0.00% $1.00$2.00 collateral 1.32% <0.01%
XAUE / XAUtEthereum · LLTV 77% $53.3K13.78 XAUt 0.94% $33.8K$64.3K collateral 1.48% 63.3%
GOOGL / USDGRobinhood Chain · LLTV 62.5% $11.8K11.76K USDG 1.37% $10.7K$31.1K collateral 1.51% 91.1%
cbBTC / WETHBase · LLTV 91.5% $173K85.69 WETH 1.39% $154K$320K collateral 1.56% 89.5%
wstETH / EUReArbitrum · LLTV 86% $54.0K48.97K EURe 1.33% $45.5K$72.5K collateral 1.58% 84.2%
nFALCON / USDCEthereum · LLTV 77% $50.0K50.06K USDC 1.34% $42.4K$57.7K collateral 1.59% 84.6%
wstETH / WETHMonad · LLTV 94.5% $25.80M12.84K WETH 1.39%+1.20% rewards $22.36M$24.94M collateral 1.61% 86.7%
rETH / WETHBase · LLTV 94.5% $81.9K40.65 WETH 1.48% $73.6K$85.5K collateral 1.65% 89.9%
weETH / WETHBase · LLTV 94.5% $1.20M594.13 WETH 1.52% $1.09M$1.31M collateral 1.67% 90.7%
wstETH / WETHBase · LLTV 94.5% $5.36M2.66K WETH 1.49% $4.73M$5.31M collateral 1.69% 88.3%
cbETH / WETHBase · LLTV 94.5% $7.32M3.64K WETH 1.57% $6.57M$7.56M collateral 1.75% 89.8%
wstETH / WETHBase · LLTV 96.5% $317K157.60 WETH 1.57% $283K$305K collateral 1.76% 89.1%
EUTBL / EURCVEthereum · LLTV 96.5% $2.91M2.63M EURCV 1.59% $2.62M$2.95M collateral 1.77% 90.0%
eurSAFO / EURCVEthereum · LLTV 94.5% $733K663.09K EURCV 1.59% $659K$799K collateral 1.77% 90.0%
PT-strUSD-4FEB2027 / AUSDMonad · LLTV 91.5% $99.9K100.03K AUSD 0.92% $51.3K$238K collateral 1.79% 51.4%
cbETH / WETHBase · LLTV 96.5% $22.2K11.02 WETH 1.61% $19.9K$26.1K collateral 1.79% 89.9%
stUSDS / USDTEthereum · LLTV 86% $238K238.00K USDT 1.66% $211K$256K collateral 1.87% 88.7%
wstETH / USDCMonad · LLTV 86% $63.8K63.79K USDC 1.96% $62.0K$127K collateral 2.02% 97.2%
XAUt0 / USDCMonad · LLTV 77% $33.4K33.41K USDC 1.71% $28.3K$57.7K collateral 2.02% 84.9%
cbBTC / EURCVEthereum · LLTV 86% $19.43M17.58M EURCV 1.82% $17.52M$27.36M collateral 2.02% 90.1%
WBTC / USDCMonad · LLTV 86% $43.3K43.31K USDC 1.79% $38.5K$77.8K collateral 2.02% 88.9%
wstETH / EURCVEthereum · LLTV 86% $10.37M9.38M EURCV 1.82% $9.34M$15.47M collateral 2.02% 90.0%
WBTC / EURCVEthereum · LLTV 86% $6.14M5.56M EURCV 1.82% $5.53M$10.12M collateral 2.02% 90.0%
WBTC / EURCVEthereum · LLTV 86% $2.58M2.34M EURCV 1.82% $2.32M$4.20M collateral 2.02% 90.0%
wstETH / EURCVEthereum · LLTV 86% $2.32M2.10M EURCV 1.82% $2.08M$4.23M collateral 2.02% 90.0%
WETH / USDCMonad · LLTV 86% $10.9K10.88K USDC 1.82% $9.8K$17.9K collateral 2.02% 90.0%
weETH / vbETHKatana · LLTV 91.5% $1.50M744.08 vbETH 1.82% $1.34M$1.65M collateral 2.04%−0.25% rewards 89.5%
sfrxUSD / BRZPolygon · LLTV 86% $11.3K63.86K BRZ 1.62% $8.6K$13.4K collateral 2.13% 76.3%
wsuperOETHb / WETHBase · LLTV 91.5% $222K110.21 WETH 1.91% $197K$225K collateral 2.15% 88.9%
cirBTC / EURCArc · LLTV 86% $1.31M1.18M EURC 1.97% $1.18M$1.68M collateral 2.18% 90.4%
weETH / WETHBase · LLTV 91.5% $436K216.29 WETH 1.91% $382K$428K collateral 2.19% 87.6%
stakedao-USD3frxUSD / frxUSDEthereum · LLTV 86% $82.0K81.96K frxUSD 1.93%+6.00% rewards $70.8K$90.3K collateral 2.23% 86.4%
yoETH / WETHBase · LLTV 91.5% $152K75.51 WETH 1.83% $124K$165K collateral 2.25% 81.7%
cbXRP / USDCBase · LLTV 86% $668K668.67K USDC 2.10% $622K$946K collateral 2.26% 93.0%
wstETH / WETHEthereum · LLTV 94.5% $31.4K15.60 WETH 2.07% $28.4K$34.3K collateral 2.29% 90.4%
vbETH / vbUSDTKatana · LLTV 86% $31.8K31.82K vbUSDT 1.49% $20.5K$35.8K collateral 2.31% 64.6%
stakedao-frxsUSDS / frxUSDEthereum · LLTV 91.5% $386K386.28K frxUSD 2.09% $350K$405K collateral 2.31% 90.6%
stakedao-frxSVUSD / frxUSDEthereum · LLTV 86% $82.0K81.96K frxUSD 2.05%+6.00% rewards $72.3K$91.1K collateral 2.33% 88.2%
savUSD / AUSDMonad · LLTV 86% $63.9K63.93K AUSD 0.26% $7.0K$255K collateral 2.35% 11.0%
weETH / vbUSDCKatana · LLTV 86% $745K745.67K vbUSDC 2.14% $681K$921K collateral 2.35% 91.4%
sUSDS / wARSEthereum · LLTV 62.5% $66.2K110.09M wARS 1.95% $53.6K$102K collateral 2.41% 80.9%
WPOL / USDT0Polygon · LLTV 77% $36.4K36.42K USDT0 2.19% $32.5K$62.4K collateral 2.45% 89.4%
ROY-ST-apyUSD / USDCEthereum · LLTV 91.5% $458K458.50K USDC 2.23% $413K$0 collateral 2.48% 90.0%
cbADA / USDCBase · LLTV 77% $925K924.99K USDC 2.28% $832K$2.28M collateral 2.54% 90.0%
mAPOLLO / USDCEthereum · LLTV 86% $223K223.14K USDC 2.29% $198K$268K collateral 2.59% 88.7%
wstHYPE / USD₮0HyperEVM · LLTV 62.5% $49.6K49.67K USD₮0 2.21% $40.3K$82.9K collateral 2.73% 81.2%
v-wmtWBTC / WBTCEthereum · LLTV 86% $433K6.02 WBTC 2.48% $390K$491K collateral 2.76% 90.1%
WETH / EURCEthereum · LLTV 86% $28.5K25.84K EURC 2.36% $24.4K$65.4K collateral 2.76% 85.5%
WBTC / EURCEthereum · LLTV 86% $1.46M1.32M EURC 2.35% $1.24M$2.64M collateral 2.77% 85.0%
wstETH / EURCEthereum · LLTV 86% $761K688.66K EURC 2.36% $648K$1.24M collateral 2.77% 85.2%
vbWBTC / vbUSDCKatana · LLTV 86% $5.23M5.24M vbUSDC 2.42% $4.58M$6.57M collateral 2.77% 87.5%
WETH / AUSDMonad · LLTV 86% $23.0K23.06K AUSD 2.30% $19.1K$26.5K collateral 2.78% 83.1%
WBTC / AUSDMonad · LLTV 86% $35.8K35.84K AUSD 2.30% $29.5K$50.8K collateral 2.80% 82.3%
armUSDCp / WBTCEthereum · LLTV 77% $1.20M16.68 WBTC 2.53% $1.08M$0 collateral 2.81% 90.0%
weETH / vbUSDTKatana · LLTV 86% $305K304.99K vbUSDT 2.43% $262K$350K collateral 2.83% 85.8%

Why a cheap rate can jump

Morpho rates follow utilization, the share of a market that is lent out. Above 90% the rate climbs steeply, and a market's base rate also keeps drifting up while it stays busy. A loan that looks cheap today can cost more next week. See how Morpho interest rates work, work out a loan's cost with the borrow cost calculator, or lock a rate on the fixed-rate page.