Markets
1,668 active markets across 14 chains · $5.14B active loans · $287.77M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-13
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 | VCHF | cbETH | 77% | $215.76K | $173.5K | 80.4% | 0.07% | 0.09% | $159.71 | 360d |
| Base | WETH | yoETH | 92% | $217.45K | $194.92K | 89.6% | 1.95% | 2.18% | $4.25K | 396d |
| Ethereum | wUSDL | cbBTC | 86% | $221.84K | $221.84K | 100.0% | N/A | N/A | N/A | 646d |
| Robinhood Chain | USDG | AAPL | 63% | $222.13K | $176.78K | 79.6% | 2.77% | 3.49% | $6.16K | 3d |
| Robinhood Chain | USDG | SPCX | 63% | $222.15K | $210.74K | 94.9% | 9.99% | 10.56% | $22.26K | 3d |
| Base | USDC | AERO | 63% | $223.68K | $201.31K | 90.0% | 4.45% | 4.96% | $9.98K | 829d |
| Ethereum | EURCV | LBTC | 86% | $223.83K | $171.94K | 76.8% | 6.98% | 9.18% | $15.78K | 333d |
| Ethereum | USDC | nOPAL | 86% | $225.17K | $225.17K | 100.0% | 7.01% | 7.01% | $15.78K | 16d |
| Base | USDC | kk | 95% | $227.54K | $227.54K | 100.0% | N/A | N/A | N/A | 99d |
| Ethereum | WETH | WBTC | 92% | $227.74K | $207.24K | 91.0% | 1.22% | 1.35% | $2.79K | 897d |
| Robinhood Chain | USDG | NVDA | 63% | $232.1K | $218.87K | 94.3% | 9.60% | 10.20% | $22.34K | 3d |
| Ethereum | USDC | LsETH | 86% | $241.15K | $217.59K | 90.2% | 3.43% | 3.81% | $8.28K | 82d |
| Base | EURC | N/A | 0% | $241.34K | $0 | 0.0% | 0.00% | 0.00% | N/A | 732d |
| Ethereum | USDT | sUSDe | 92% | $247.09K | $204.67K | 82.8% | 2.59% | 3.14% | $6.42K | 913d |
| Ethereum | frxUSD | stakedao-frxUsDOLA | 92% | $250.46K | $225.47K | 90.0% | 3.21% | 3.57% | $8.04K | 92d |
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 13, 2026 from /markets.