Morpho Blue — Market Utilization

In an isolated Blue market, utilization is the share of supplied loan assets currently borrowed. It drives the borrow rate via the IRM, and supply APY follows mechanically.

Drag the slider or press Animate Watch borrowed liquidity grow and rates respond.

Pool & utilization

Isolated market · USDC / WBTC
Borrower draws USDC ↓
Suppliers ↑ Pool
0%
Total supply $10.0M
Total borrowed $0
Available liquidity $10.0M
Utilization = $0 $10.0M = 0%

Interest rate model

Utilization (%) APY (%) 0 25 50 75 100 0 5 10 15
Borrow APY
2.0%
Set by IRM curve at current utilization
Supply APY
0.0%
≈ borrow APY × utilization × (1 − fee)
Borrow rate Supply rate