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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Polygon | WETH | N/A | 0% | $261.13K | $0 | 0.0% | 0.00% | 0.00% | N/A | 571d |
| Ethereum | frxUSD | stakedao-frxsUSDS | 95% | $264.51K | $219.93K | 83.1% | 2.08% | 2.51% | $5.52K | 122d |
| Ethereum | USDC | mAPOLLO | 86% | $272.34K | $96.31K | 35.4% | 0.70% | 2.00% | $1.93K | 374d |
| Katana | vbUSDT | FXRP | 77% | $273.57K | $254.88K | 93.2% | 7.19% | 7.74% | $19.72K | 25d |
| Base | WETH | wsuperOETHb | 92% | $276.86K | $246.44K | 89.0% | 1.82% | 2.05% | $5.04K | 746d |
| HyperEVM | USDe | UBTC | 77% | $278.98K | $251.26K | 90.1% | 8.28% | 9.23% | $23.2K | 491d |
| Base | WETH | cbBTC | 92% | $300.76K | $232.47K | 77.3% | 1.10% | 1.43% | $3.32K | 738d |
| Ethereum | USD0 | MC-USR | 92% | $305.05K | $305.05K | 100.0% | N/A | N/A | N/A | 547d |
| Ethereum | EURCV | eurSAFO | 95% | $305.96K | $275.82K | 90.1% | 1.59% | 1.76% | $4.86K | 70d |
| Katana | KAT | avKAT | 77% | $307.65K | $284.72K | 92.5% | 4.20% | 4.54% | $12.93K | 170d |
| Ethereum | USDC | mHYPER | 77% | $309.21K | $269.29K | 87.1% | 5.67% | 6.54% | $17.6K | 222d |
| Ethereum | wstETH | N/A | 0% | $313.62K | $0 | 0.0% | 0.00% | 0.00% | N/A | 620d |
| Base | USDC | RLP | 86% | $324.56K | $324.56K | 100.0% | N/A | N/A | N/A | 568d |
| HyperEVM | WHYPE | beHYPE | 86% | $335.51K | $301.68K | 89.9% | 0.30% | 0.34% | $1.02K | 370d |
| Base | cbBTC | LBTC | 95% | $339.68K | $314.44K | 92.6% | 0.19% | 0.20% | $643.49 | 662d |
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.