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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | USDT0 | syrupUSDC | 92% | $45.31K | $41.45K | 91.5% | 4.81% | 5.27% | $2.18K | 263d |
| Katana | vbUSDC | LBTC | 86% | $45.44K | $5.75K | 12.6% | 0.07% | 0.57% | $32.72 | 435d |
| Base | VCHF | WETH | 77% | $45.44K | $0 | 0.0% | 0.00% | 0.03% | $0 | 360d |
| Ethereum | USDC | BAL | 63% | $45.56K | $41.28K | 90.6% | 5.46% | 6.04% | $2.49K | 233d |
| Ethereum | USDC | PT-reUSD-18DEC2025 | 92% | $45.67K | $0.51 | 0.0% | 0.00% | 0.03% | $0 | 329d |
| Base | eUSD | N/A | 0% | $46.61K | $0 | 0.0% | 0.00% | 0.00% | N/A | 798d |
| Ethereum | AUSD | wSPYx | 86% | $46.85K | $45.74K | 97.6% | 39.56% | 40.70% | $18.61K | 149d |
| Ethereum | USDC | mHYPER | 86% | $46.87K | $40.32K | 86.0% | 5.71% | 6.67% | $2.69K | 418d |
| Robinhood Chain | USDG | PONS | 39% | $46.94K | $46.9K | 99.9% | 16.70% | 16.71% | $7.84K | 32d |
| HyperEVM | UETH | cmETH | 92% | $47.72K | $41.37K | 86.7% | 0.16% | 0.18% | $75.55 | 477d |
| Ethereum | DAI | PT-USDe-31JUL2025 | 92% | $49.14K | $44.43K | 90.4% | 3.17% | 3.52% | $1.56K | 549d |
| Katana | vbUSDT | weETH | 77% | $50K | $11.61K | 23.2% | 0.07% | 0.32% | $36.61 | 401d |
| Ethereum | USDC | nFALCON | 77% | $50K | $44.97K | 89.9% | 0.87% | 0.97% | $436.69 | 16d |
| Ethereum | USDC | nBASIS | 86% | $50K | $45.01K | 90.0% | 3.21% | 3.58% | $1.61K | 10d |
| HyperEVM | WHYPE | wstHYPE | 92% | $50.11K | $45.33K | 90.5% | 6.41% | 7.11% | $3.22K | 502d |
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.