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 | WETH | WBTC | 92% | $7.03K | $1 | 0.0% | 0.00% | 0.35% | $0 | 148d |
| Polygon | USDC | WPOL | 77% | $7.09K | $6.59K | 93.0% | 16.83% | 18.21% | $1.2K | 569d |
| Base | WETH | wstETH | 95% | $7.23K | $0.91 | 0.0% | 0.00% | 0.03% | $0 | 781d |
| Base | USDC | weETH | 77% | $7.3K | $5.24K | 71.7% | 12.23% | 17.45% | $914.59 | 781d |
| Ethereum | USDC | kBTC | 86% | $7.4K | $7.01K | 94.7% | 4.26% | 4.50% | $315.5 | 88d |
| HyperEVM | USDH | WHYPE | 77% | $7.41K | $3.44K | 46.4% | 17.64% | 42.03% | $1.44K | 285d |
| Base | USDC | KTA | 77% | $7.47K | $5.97K | 79.9% | 5.65% | 7.12% | $425.51 | 387d |
| Ethereum | USDC | iUSD | 92% | $7.57K | $6.49K | 85.7% | 5.51% | 6.46% | $419.3 | 428d |
| Arbitrum | USDC | GLV [WETH-USDC] | 77% | $7.72K | $6.72K | 87.0% | 6.54% | 7.55% | $507.31 | 339d |
| Monad | USDC | FUSDLP | 92% | $7.82K | $7.05K | 90.2% | 3.05% | 3.39% | $239.14 | 151d |
| Base | DIEM | wstDIEM | 86% | $7.89K | $3.29K | 41.7% | 0.03% | 0.08% | $2.56 | 93d |
| HyperEVM | USR | RLP | 86% | $8.08K | $8.08K | 100.0% | N/A | N/A | N/A | 411d |
| Ethereum | wARS | USDT | 77% | $8.15K | $7.41K | 90.9% | 25.24% | 28.10% | $2.08K | 45d |
| Base | USDC | cbETH | 86% | $8.19K | $0.07 | 0.0% | 0.00% | 0.03% | $0 | 781d |
| HyperEVM | USDe | WHYPE | 77% | $8.28K | $7.76K | 93.7% | 50.59% | 54.89% | $4.26K | 492d |
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.