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 | USDS | WETH | 86% | $4.12K | $3.42K | 83.2% | 13.29% | 16.19% | $554.27 | 211d |
| Worldchain | WLD | WBTC | 86% | $4.12K | $3.55K | 86.2% | 1.90% | 2.21% | $78.48 | 437d |
| Ethereum | apxUSD | PT-apxUSD-18JUN2026 | 86% | $4.13K | $87.17 | 2.1% | 0.00% | 0.03% | $0.02 | 176d |
| Base | verUSDC | N/A | 0% | $4.22K | $0 | 0.0% | 0.00% | 0.00% | N/A | 802d |
| Robinhood Chain | USDG | PONS | 39% | $4.32K | $0 | 0.0% | 0.00% | 0.45% | N/A | 6d |
| Polygon | JPYC | USDC | 86% | $4.34K | $4.34K | 100.0% | 5.06% | 5.06% | $219.64 | 288d |
| Base | WETH | wrsETH | 95% | $4.52K | $4.52K | 100.0% | 15.79% | 15.79% | $714 | 702d |
| Arbitrum | USDC | wstUSR | 92% | $4.59K | $4.59K | 100.0% | N/A | N/A | N/A | 378d |
| Arbitrum | USDC | GLV [WBTC-USDC] | 77% | $4.63K | $4.11K | 88.6% | 6.91% | 7.83% | $321.48 | 339d |
| Base | USDC | sjEUR | 86% | $4.64K | $4.2K | 90.6% | 8.63% | 9.57% | $402.03 | 483d |
| HyperEVM | USD₮0 | WHYPE | 77% | $4.73K | $3.57K | 75.4% | 3.92% | 5.23% | $186.58 | 492d |
| HyperEVM | USD₮0 | PT-kHYPE-13NOV2025 | 63% | $4.79K | $2.08 | 0.0% | 0.00% | 0.03% | $0 | 406d |
| HyperEVM | USDHL | kHYPE | 63% | $4.84K | $3.99K | 82.6% | 4.78% | 5.81% | $232.14 | 423d |
| Ethereum | USDC | SYRUP | 63% | $4.93K | $4.47K | 90.6% | 5.45% | 6.03% | $269.55 | 232d |
| Katana | vbUSDC | BTC.b | 77% | $5.02K | $0.15 | 0.0% | 0.00% | 0.03% | $0 | 439d |
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.