morpho_list_markets
Find Morpho Blue lending markets by collateral type or PT symbol. Filter by chain, sort by supply, and view subsidized borrow/supply rates from Merkl campaigns.
Instructions
Find Morpho Blue lending markets by collateral type.
Two search modes:
PT collateral (default): Finds markets that accept Spectra/Pendle PT tokens as collateral. Use pt_symbol_filter to narrow (e.g., "USDC", "sUSDe"). Essential for looping strategies.
Any collateral: Use collateral_filter to search ANY Morpho market by collateral symbol (e.g., "ynRWAx", "wstETH", "WETH"). Finds IBT, LST, and other collateral markets that pt_symbol_filter would miss. IMPORTANT: Many yield-bearing tokens (IBTs) have Morpho markets using the raw token as collateral, NOT the PT wrapper.
When both filters are provided, collateral_filter takes precedence (broader search).
Enriched with Merkl campaign data: shows subsidized borrow/supply rates when Merkl campaigns are active on the market's collateral or loan assets. Subsidized borrow rates can be NEGATIVE (Merkl pays borrowers), dramatically improving looping economics.
Protocol context:
LLTV = Liquidation Loan-to-Value. Threshold where liquidation CAN occur, NOT the safe operating level. Loop safely at ~90-95% of LLTV.
High utilization (>90%) means limited borrowing capacity.
Borrow rates are variable and can spike. Monitor when leveraged.
Morpho chains: mainnet, base, arbitrum, katana.
Use spectra_get_looping_strategy for leveraged yield calculation. Use morpho_get_rate for live borrow APY on a specific market key. Use spectra_scan_opportunities for automated cross-chain looping discovery.
Input Schema
| Name | Required | Description | Default |
|---|---|---|---|
| chain | No | Filter by chain. Omit to search all Morpho-capable chains. | |
| pt_symbol_filter | No | Filter by PT symbol (e.g., 'USDC', 'reUSD'). Prepends 'PT-' to search. For non-PT collateral, use collateral_filter instead. | |
| collateral_filter | No | Search ANY Morpho market by collateral symbol (e.g., 'ynRWAx', 'wstETH', 'WETH'). Does NOT prepend 'PT-'. Use this for IBT, LST, or any non-PT collateral markets. | |
| min_supply_usd | No | Minimum total supply in USD (default 0) | |
| sort_by | No | Sort results (descending): supply, borrow_apy, or utilization | supply |
| top_n | No | Number of results to return (default 10, max 50) |