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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | XSGD | cbBTC | 86% | $117.03K | $92.67K | 79.2% | 0.57% | 0.73% | $673.36 | 298d |
| Katana | vbUSDT | vbETH | 86% | $118.35K | $108.89K | 92.0% | 7.78% | 8.49% | $9.24K | 445d |
| Arbitrum | USDC | sUSDai | 92% | $119.5K | $104.5K | 87.4% | 4.48% | 5.14% | $5.37K | 375d |
| Katana | vbUSDC | yvvbWBTC | 77% | $119.8K | $96.14K | 80.3% | 2.36% | 2.95% | $2.83K | 377d |
| Ethereum | USDC | USP | 86% | $120.32K | $83.84K | 69.7% | 11.77% | 17.31% | $14.51K | 201d |
| Monad | USDC | XAUt0 | 77% | $120.6K | $109.48K | 90.8% | 4.97% | 5.48% | $6K | 296d |
| Base | EURC | rETH | 86% | $123.62K | $90.92K | 73.5% | 2.34% | 3.19% | $2.9K | 732d |
| Ethereum | WBTC | cbBTC | 95% | $124.02K | $0.82 | 0.0% | 0.00% | 0.07% | $0 | 135d |
| Ethereum | frxUSD | stakedao-crvfrxUSD | 92% | $125.14K | $85.16K | 68.0% | 2.54% | 3.75% | $3.19K | 88d |
| Base | WETH | VVV | 63% | $126.32K | $79.77K | 63.2% | 0.11% | 0.17% | $135.34 | 44d |
| Arbitrum | USDC | WETH | 86% | $127.65K | $106.66K | 83.6% | 2.95% | 3.54% | $3.77K | 423d |
| Ethereum | DAI | USDe | 86% | $128.29K | $115.56K | 90.1% | 5.30% | 5.90% | $6.82K | 912d |
| Katana | vbUSDC | yvvbUSDT | 86% | $131.37K | $32.43K | 24.7% | 0.20% | 0.81% | $261.96 | 411d |
| HyperEVM | USDe | WHYPE | 63% | $133.07K | $118.12K | 88.8% | 8.24% | 9.33% | $11.02K | 493d |
| HyperEVM | USDHL | N/A | 0% | $134.21K | $0 | 0.0% | 0.00% | 0.00% | N/A | 453d |
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.