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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Unichain | USDT0 | WETH | 86% | $8.47K | $4.37 | 0.1% | 0.00% | 0.55% | $0.02 | 478d |
| HyperEVM | USDC | PT-kHYPE-19MAR2026 | 63% | $8.61K | $5.47K | 63.5% | 0.06% | 0.10% | $5.59 | 300d |
| HyperEVM | USD₮0 | N/A | 0% | $8.66K | $0 | 0.0% | 0.00% | 0.00% | N/A | 492d |
| Ethereum | USDf | sUSDf | 97% | $8.67K | $8.11K | 93.5% | 1.68% | 1.80% | $146.15 | 474d |
| HyperEVM | USR | hbUSDT | 92% | $8.68K | $8.68K | 100.0% | N/A | N/A | N/A | 417d |
| HyperEVM | USD₮0 | hbUSDT | 86% | $8.76K | $7.76K | 88.6% | 14.50% | 16.52% | $1.28K | 394d |
| Ethereum | USDC | PT-cUSD-29JAN2026 | 92% | $8.99K | $7.82K | 87.1% | 9.99% | 11.56% | $904.25 | 373d |
| Base | XSGD | WETH | 86% | $9.05K | $9.05K | 100.0% | 2.85% | 2.85% | $257.94 | 298d |
| Ethereum | USDC | PT-apxUSD-27AUG2026 | 86% | $9.49K | $9.1K | 95.9% | 19.04% | 19.92% | $1.81K | 74d |
| Ethereum | USDC | sUSDe | 92% | $9.54K | $5.22K | 54.7% | 0.14% | 0.26% | $13.35 | 663d |
| Ethereum | USDT | wstETH | 86% | $10K | $9K | 90.0% | 0.59% | 0.66% | $59.21 | 870d |
| Ethereum | USDC | sPOL | 77% | $10K | $4.32K | 43.2% | 0.03% | 0.06% | $2.64 | 57d |
| Ethereum | wARS | USDC | 77% | $10.18K | $9.16K | 89.9% | 17.80% | 19.98% | $1.83K | 46d |
| Base | USDC | axlFIL | 39% | $10.26K | $0 | 0.0% | 0.00% | 1.78% | N/A | 141d |
| Arbitrum | USDC | VLT90 | 86% | $10.27K | $3.42K | 33.3% | 0.70% | 2.10% | $71.88 | 74d |
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.