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 | thBILL | 86% | $20.25K | $15.85K | 78.3% | 14.03% | 18.25% | $2.89K | 387d |
| Monad | USDC | cbBTC | 77% | $20.27K | $13.65K | 67.3% | 1.68% | 2.50% | $341.74 | 183d |
| Base | eUSD | bsdETH | 86% | $20.36K | $16.12K | 79.2% | 15.63% | 20.13% | $3.25K | 797d |
| Ethereum | USDC | PT-srUSDe-15JAN2026 | 92% | $20.42K | $18.41K | 90.2% | 12.47% | 13.93% | $2.56K | 336d |
| Ethereum | WETH | ARM-WETH-stETH | 92% | $20.47K | $1.13 | 0.0% | 0.00% | 0.07% | $0 | 179d |
| Arbitrum | sUSDC | N/A | 0% | $20.71K | $0 | 0.0% | 0.00% | 0.00% | N/A | 360d |
| Arbitrum | sUSDC | MUX3LP-sUSDC-3 | 63% | $20.78K | $0 | 0.0% | 0.00% | 0.03% | N/A | 360d |
| Arbitrum | sUSDC | MUX3LP-sUSDC-2 | 63% | $20.78K | $0 | 0.0% | 0.00% | 0.03% | N/A | 360d |
| Arbitrum | sUSDC | MUX3LP-sUSDC-1 | 63% | $20.78K | $2.03 | 0.0% | 0.00% | 0.03% | $0 | 360d |
| Arbitrum | sUSDC | MUX3LP-sUSDC-4 | 63% | $20.78K | $4.6 | 0.0% | 0.00% | 0.03% | $0 | 360d |
| Ethereum | USDT | WETH | 92% | $20.79K | $10.72K | 51.6% | 0.07% | 0.13% | $14.42 | 954d |
| Arbitrum | USDT0 | N/A | 0% | $21.05K | $0 | 0.0% | 0.00% | 0.00% | N/A | 423d |
| Ethereum | frxUSD | stakedao-crvfrxUSD | 95% | $21.2K | $21.2K | 100.0% | 24.15% | 24.15% | $5.12K | 206d |
| Ethereum | USDT | PT-cUSD-23JUL2026 | 92% | $21.49K | $17.97K | 83.6% | 12.51% | 15.14% | $2.72K | 229d |
| Robinhood Chain | USDG | SPY | 63% | $21.73K | $517.46 | 2.4% | 0.00% | 0.03% | $0.14 | 49d |
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.