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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Unichain | WETH | N/A | 0% | $340.41K | $0 | 0.0% | 0.00% | 0.00% | N/A | 480d |
| Base | USDC | yoUSD | 92% | $345.35K | $313.53K | 90.8% | 6.15% | 6.80% | $21.31K | 396d |
| Ethereum | WETH | LsETH | 86% | $345.97K | $254.35K | 73.5% | 0.91% | 1.24% | $3.15K | 101d |
| Base | USDC | uniBTC | 77% | $349.91K | $329.83K | 94.3% | 20.71% | 22.10% | $72.89K | 222d |
| Ethereum | USDC | syzUSD | 92% | $350.05K | $315.03K | 90.0% | 2.82% | 3.14% | $9.89K | 249d |
| Ethereum | USDC | PRIME | 86% | $353.81K | $317.04K | 89.6% | 4.47% | 5.00% | $15.85K | 120d |
| Ethereum | USDC | YFI | 77% | $357.01K | $301.59K | 84.5% | 7.51% | 8.95% | $27K | 354d |
| Ethereum | USDT | WETH | 86% | $357.03K | $288.07K | 80.7% | 2.46% | 3.06% | $8.82K | 149d |
| Base | cbBTC | RSS | 77% | $362.89K | $362.89K | 100.0% | 17.56% | 17.56% | $63.71K | 53d |
| Base | jEUR | N/A | 0% | $363.78K | $0 | 0.0% | 0.00% | 0.00% | N/A | 709d |
| Stable | USDT0 | sthUSD | 77% | $369.19K | $349.12K | 94.6% | 3.63% | 3.84% | $13.4K | 124d |
| Katana | vbUSDT | vbWBTC | 86% | $369.44K | $347.28K | 94.0% | 7.35% | 7.83% | $27.21K | 445d |
| Ethereum | frxUSD | stakedao-frxsUSDS | 92% | $396.7K | $357.23K | 90.1% | 2.56% | 2.84% | $10.15K | 88d |
| Base | WETH | wstETH | 97% | $400.45K | $362.88K | 90.6% | 1.84% | 2.04% | $7.39K | 835d |
| Ethereum | USDC | StockMarketTRBasisTrade | 86% | $405.88K | $352.93K | 87.0% | 8.59% | 9.94% | $35.08K | 88d |
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.