Markets
1,668 active markets across 14 chains · $5.14B active loans · $282.48M 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: 2,158 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 | frxUSD | sUSG | 86% | $25.35K | $22.77K | 89.8% | 5.59% | 6.24% | $1.42K | 94d |
| Base | USDC | deSPXA | 77% | $25.65K | $23.09K | 90.0% | 4.46% | 4.97% | $1.15K | 162d |
| Monad | AUSD | wstETH | 86% | $26.31K | $13.79K | 52.4% | 0.68% | 1.30% | $179.24 | 294d |
| Monad | USDC | wstETH | 86% | $26.32K | $23.9K | 90.8% | 5.07% | 5.60% | $1.34K | 295d |
| HyperEVM | USD₮0 | hwHLP | 77% | $26.34K | $21.67K | 82.2% | 14.73% | 18.18% | $3.94K | 423d |
| Monad | AUSD | WETH | 86% | $27.18K | $14.01K | 51.5% | 0.65% | 1.26% | $175.97 | 294d |
| HyperEVM | WHYPE | hbHYPE | 92% | $27.5K | $25.48K | 92.7% | 7.29% | 7.89% | $2.01K | 419d |
| Ethereum | EURC | N/A | 0% | $27.69K | $0 | 0.0% | 0.00% | 0.00% | N/A | 739d |
| Ethereum | WETH | ccmETH | 98% | $27.87K | $20.29K | 72.8% | 0.46% | 0.63% | $128.79 | 234d |
| Ethereum | frxUSD | stakedao-FrxMsUSD | 92% | $27.93K | $24.53K | 87.8% | 8.08% | 9.25% | $2.27K | 88d |
| Ethereum | pmUSD | srRoyUSDC | 86% | $28.21K | $1.59 | 0.0% | 0.00% | 0.07% | $0 | 226d |
| Ethereum | DAI | sUSDe | 95% | $28.24K | $25.6K | 90.6% | 3.20% | 3.54% | $906.76 | 912d |
| Arbitrum | USDC | sUSDe | 92% | $28.71K | $24.88K | 86.6% | 10.28% | 11.95% | $2.97K | 380d |
| Ethereum | USDC | USD0++ | 97% | $29.06K | $9.73K | 33.5% | 0.02% | 0.05% | $5.15 | 612d |
| Ethereum | USDC | ONDO | 63% | $29.26K | $26.52K | 90.6% | 5.46% | 6.05% | $1.6K | 232d |
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.