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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Monad | USDC | mHYPER | 77% | $33.7K | $32.02K | 95.0% | 5.44% | 5.74% | $1.84K | 222d |
| Ethereum | wARS | wstETH | 63% | $34.52K | $31.7K | 91.8% | 28.69% | 31.61% | $10.02K | 29d |
| Ethereum | USDU | cbBTC | 86% | $34.93K | $0 | 0.0% | 0.00% | 0.03% | N/A | 420d |
| Ethereum | PYUSD | LBTC | 86% | $35.15K | $31.19K | 88.7% | 6.73% | 7.62% | $2.38K | 192d |
| Ethereum | DAI | USDe | 92% | $35.94K | $30.98K | 86.2% | 13.39% | 15.70% | $4.86K | 912d |
| Base | USDC | WELL | 63% | $36.82K | $0 | 0.0% | 0.00% | 0.03% | $0 | 358d |
| Ethereum | USDT | N/A | 0% | $36.97K | $0 | 0.0% | 0.00% | 0.00% | N/A | 955d |
| Base | WETH | cbETH | 97% | $36.97K | $33.33K | 90.1% | 1.67% | 1.86% | $619.23 | 833d |
| Polygon | USDT0 | WBTC | 86% | $38.28K | $33.27K | 86.9% | 10.41% | 12.07% | $4.02K | 569d |
| HyperEVM | USD₮0 | UETH | 77% | $38.32K | $33.86K | 88.4% | 5.62% | 6.38% | $2.16K | 412d |
| Ethereum | tGBP | PAXG | 77% | $38.37K | $34.47K | 89.8% | 1.00% | 1.11% | $382.98 | 148d |
| Base | cbBTC | WETH | 86% | $38.61K | $3.86 | 0.0% | 0.00% | 0.41% | $0.02 | 9d |
| Base | cbBTC | USDC | 86% | $38.61K | $3.86 | 0.0% | 0.00% | 0.41% | $0.02 | 9d |
| Katana | vbUSDC | KAT | 63% | $39.76K | $2.28K | 5.7% | 0.01% | 0.13% | $2.86 | 168d |
| Ethereum | USDC | SHIB | 63% | $39.99K | $366.23 | 0.9% | 0.00% | 0.03% | $0.09 | 60d |
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.