Markets
1,667 active markets across 14 chains · $5.14B active loans · $280.52M 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: 2,157 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 | SYRUP | 63% | $4.93K | $4.47K | 90.6% | 5.46% | 6.04% | $269.85 | 232d |
| Katana | vbUSDC | BTC.b | 77% | $5.02K | $0.15 | 0.0% | 0.00% | 0.03% | $0 | 439d |
| Monad | mUSD | WETH | 86% | $5.03K | $4.65K | 92.5% | 8.10% | 8.79% | $408.73 | 133d |
| Base | USDC | TOSHI | 77% | $5.09K | $3.75K | 73.8% | 7.60% | 10.44% | $391.63 | 395d |
| Ethereum | apxUSD | PT-apyUSD-18JUN2026 | 86% | $5.2K | $5.2K | 100.0% | 5.72% | 5.72% | $297.62 | 172d |
| HyperEVM | USDHL | hwHLP | 77% | $5.41K | $3.27K | 60.4% | 10.25% | 17.53% | $573.39 | 431d |
| Katana | vbWBTC | yvvbUSDT | 77% | $5.44K | $0.49 | 0.0% | 0.00% | 0.03% | $0 | 274d |
| HyperEVM | USDHL | wstHYPE | 63% | $5.47K | $4.81K | 87.8% | 7.05% | 8.07% | $387.91 | 435d |
| Ethereum | WETH | ETH0 | 95% | $5.54K | $139.87 | 2.5% | 0.00% | 0.07% | $0.1 | 458d |
| Base | jEUR | USDC | 92% | $5.56K | $0 | 0.0% | 0.00% | 0.16% | N/A | 33d |
| Base | jEUR | EUTBL | 95% | $5.57K | $0 | 0.0% | 0.00% | 0.18% | N/A | 33d |
| Ethereum | USDC | PT-USDat-27AUG2026 | 92% | $5.58K | $5.28K | 94.5% | 15.81% | 16.80% | $886.19 | 120d |
| Base | jEUR | gtusdcp | 92% | $5.58K | $0 | 0.0% | 0.00% | 0.21% | N/A | 32d |
| Base | jEUR | steakUSDC | 92% | $5.59K | $6.68 | 0.1% | 0.00% | 0.18% | $0.01 | 33d |
| Ethereum | USDf | N/A | 0% | $5.84K | $0 | 0.0% | 0.00% | 0.00% | N/A | 498d |
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.