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 | USDtb | USDe | 92% | $14.91K | $8.67K | 58.2% | 0.61% | 1.05% | $91.48 | 486d |
| Base | USDC | weETH | 77% | $14.98K | $13.49K | 90.0% | 4.37% | 4.87% | $656.51 | 832d |
| OP Mainnet | USDC | N/A | 0% | $15.02K | $0 | 0.0% | 0.00% | 0.00% | N/A | 589d |
| Base | FXUSD | cbBTC | 86% | $15.11K | $10.53K | 69.7% | 25.78% | 39.01% | $4.11K | 193d |
| Ethereum | USDC | PT-csUSDL-31JUL2025 | 92% | $15.16K | $15.16K | 100.0% | N/A | N/A | N/A | 498d |
| Ethereum | wARS | WBTC | 63% | $15.21K | $13.78K | 90.6% | 23.74% | 26.50% | $3.65K | 46d |
| Monad | USDT0 | XAUt0 | 77% | $15.47K | $13.83K | 89.4% | 15.86% | 17.90% | $2.48K | 295d |
| Ethereum | USDC | WETH | 86% | $16.23K | $8.75K | 53.9% | 0.10% | 0.18% | $16.13 | 969d |
| Ethereum | WETH | beraSTONE | 92% | $16.33K | $13.16K | 80.6% | 3.56% | 4.44% | $583.93 | 615d |
| Ethereum | USUAL | USUALX | 95% | $16.56K | $13.96K | 84.3% | 17.27% | 20.79% | $2.9K | 509d |
| OP Mainnet | USDC | WETH | 86% | $16.66K | $15.11K | 90.7% | 4.08% | 4.50% | $680.45 | 570d |
| Katana | vbUSDC | yUSD | 86% | $16.83K | $16.83K | 100.0% | N/A | N/A | N/A | 416d |
| Arbitrum | USDC | N/A | 0% | $16.88K | $0 | 0.0% | 0.00% | 0.00% | N/A | 424d |
| HyperEVM | USDH | N/A | 0% | $17.27K | $0 | 0.0% | 0.00% | 0.00% | N/A | 287d |
| Ethereum | USDC | weETH | 86% | $17.43K | $15.42K | 88.5% | 4.02% | 4.55% | $701.89 | 144d |
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.