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· |
|---|---|---|---|---|---|---|---|---|---|---|
| HyperEVM | USD₮0 | UETH | 86% | $5.98K | $4.44K | 74.4% | 8.38% | 11.43% | $507.9 | 492d |
| Robinhood Chain | USDG | AI | 39% | $6K | $0 | 0.0% | 0.00% | 0.70% | N/A | 4d |
| Base | USDC | wbCOIN | 86% | $6.23K | $2.94K | 47.2% | 0.03% | 0.06% | $1.89 | 498d |
| Ethereum | USDC | MVL | 77% | $6.25K | $0.01 | 0.0% | 0.00% | 0.03% | $0 | 467d |
| Ethereum | ZCHF | xCVX | 63% | $6.37K | $4.11K | 64.5% | 6.12% | 9.65% | $396.69 | 553d |
| Monad | AUSD | vUSD | 95% | $6.38K | $1.62 | 0.0% | 0.00% | 0.47% | $0.01 | 130d |
| Ethereum | USDC | jrUSDe | 92% | $6.39K | $5.36K | 83.8% | 17.72% | 21.49% | $1.15K | 336d |
| HyperEVM | USDHL | WHYPE | 63% | $6.4K | $6.15K | 96.1% | 15.42% | 16.09% | $989.2 | 459d |
| Ethereum | USDT | stcUSD | 92% | $6.52K | $8.14 | 0.1% | 0.00% | 1.46% | $0.12 | 247d |
| Ethereum | USDC | PT-sUSDD-27AUG2026 | 92% | $6.54K | $5.99K | 91.5% | 5.91% | 6.48% | $387.92 | 102d |
| Unichain | USDT0 | wstETH | 86% | $6.63K | $6.63K | 100.0% | 32.89% | 32.89% | $2.18K | 478d |
| Unichain | USDT0 | N/A | 0% | $6.73K | $0 | 0.0% | 0.00% | 0.00% | N/A | 479d |
| Polygon | USDC | compWETH | 86% | $6.99K | $6.06K | 86.7% | 13.66% | 15.92% | $963.9 | 509d |
| Polygon | WPOL | MaticX | 92% | $6.99K | $1.58K | 22.5% | 0.40% | 1.80% | $28.42 | 532d |
| Polygon | USDC | vREPVANCEYES | 98% | $7.02K | $5.57K | 79.4% | 1.42% | 1.80% | $100.26 | 73d |
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.