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 | hbUSDT | 92% | $21.73K | $17.84K | 82.1% | 12.07% | 14.90% | $2.66K | 414d |
| Arbitrum | USDT0 | XAUt0 | 77% | $22.12K | $20.25K | 91.5% | 4.80% | 5.25% | $1.06K | 245d |
| Unichain | WETH | weETH | 95% | $22.15K | $17.26K | 77.9% | 0.45% | 0.58% | $100.12 | 479d |
| Katana | vbETH | yvvbUSDC | 77% | $22.6K | $20.34K | 90.0% | 0.22% | 0.24% | $49.2 | 276d |
| Ethereum | eUSD | N/A | 0% | $22.69K | $0 | 0.0% | 0.00% | 0.00% | N/A | 785d |
| Monad | AUSD | WMON | 77% | $22.86K | $13.71K | 60.0% | 0.89% | 1.50% | $205.08 | 294d |
| Arbitrum | sUSDe | N/A | 0% | $22.93K | $0 | 0.0% | 0.00% | 0.00% | N/A | 411d |
| Ethereum | USDC | PT-sUSDat-27AUG2026 | 92% | $23.2K | $23.2K | 100.0% | 59.07% | 59.07% | $13.71K | 93d |
| Base | jEUR | wstETH | 86% | $23.22K | $10.82K | 46.6% | 2.19% | 4.75% | $513.94 | 705d |
| Base | USDC | eqBLOCK-SLOBR12 | 63% | $23.33K | $21.04K | 90.2% | 10.64% | 11.87% | $2.5K | 169d |
| Base | msETH | wsuperOETHb | 95% | $23.85K | $21.33K | 89.4% | 2.25% | 2.52% | $536.97 | 687d |
| Ethereum | USDC | PT-wstUSR-1740182579 | 92% | $24.48K | $24.48K | 100.0% | N/A | N/A | N/A | 616d |
| Ethereum | USDS | wstETH | 86% | $24.57K | $20.37K | 82.9% | 11.41% | 13.92% | $2.84K | 421d |
| Base | USDC | mBASIS | 86% | $25.08K | $19.47K | 77.6% | 5.15% | 6.69% | $1.3K | 666d |
| Ethereum | frxUSD | sUSG | 86% | $25.35K | $22.77K | 89.8% | 5.59% | 6.24% | $1.42K | 94d |
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.