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 | EURC | cbBTC | 86% | $50.12K | $47.73K | 95.2% | 6.90% | 7.25% | $3.46K | 148d |
| Arbitrum | USDC | syrupUSDC | 92% | $51.01K | $36.01K | 70.6% | 1.80% | 2.56% | $921.35 | 396d |
| Ethereum | USR | N/A | 0% | $51.14K | $0 | 0.0% | 0.00% | 0.00% | N/A | 597d |
| Monad | USDC | WBTC | 86% | $51.23K | $46.67K | 91.1% | 4.97% | 5.47% | $2.55K | 296d |
| Polygon | USDC | WETH | 86% | $51.79K | $46.63K | 90.0% | 9.99% | 11.15% | $5.2K | 569d |
| Base | USDC | YFI | 77% | $52.28K | $21.44K | 41.0% | 1.95% | 4.81% | $1.03K | 222d |
| Ethereum | msUSD | sUSDe | 92% | $54.46K | $49.56K | 91.0% | 4.89% | 5.38% | $2.67K | 658d |
| HyperEVM | USDC | PT-kHYPE-24SEP2026 | 77% | $55.36K | $55.36K | 100.0% | 16.19% | 16.19% | $8.96K | 100d |
| HyperEVM | USD₮0 | wstHYPE | 63% | $55.37K | $47.84K | 86.4% | 2.01% | 2.34% | $1.12K | 435d |
| OP Mainnet | USDC | sUSDC | 95% | $55.66K | $49.47K | 88.9% | 4.01% | 4.52% | $2.24K | 298d |
| Ethereum | WETH | pufETH | 95% | $55.96K | $50.4K | 90.1% | 6.71% | 7.48% | $3.77K | 548d |
| Ethereum | USDe | eUSDe | 92% | $57.95K | $50.12K | 86.5% | 0.08% | 0.10% | $48.69 | 554d |
| Ethereum | PYUSD | N/A | 0% | $58.5K | $0 | 0.0% | 0.00% | 0.00% | N/A | 951d |
| Ethereum | AUSD | reUSD | 92% | $59.68K | $53.89K | 90.3% | 4.91% | 5.45% | $2.94K | 158d |
| Arbitrum | USDT0 | WETH | 86% | $59.87K | $54.83K | 91.6% | 4.83% | 5.28% | $2.89K | 423d |
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.