Markets
1,669 active markets across 14 chains · $5.15B active loans · $287.49M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-14
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: 2,159 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 | WETH | wstETH | 97% | $407.02K | $364.68K | 89.6% | 1.53% | 1.71% | $6.24K | 836d |
| Ethereum | lvlUSD | PT-slvlUSD-25SEP2025 | 92% | $413.6K | $413.6K | 100.0% | N/A | N/A | N/A | 489d |
| Base | EURC | WETH | 86% | $422.75K | $337.02K | 79.7% | 2.61% | 3.29% | $11.07K | 733d |
| Ethereum | eUSD | WBTC | 86% | $440.82K | $399.93K | 90.7% | 3.78% | 4.17% | $16.7K | 788d |
| HyperEVM | USD₮0 | kHYPE | 77% | $441.13K | $367.94K | 83.4% | 6.19% | 7.46% | $27.46K | 395d |
| Monad | USDC | syzUSD | 92% | $443.1K | $356.15K | 80.4% | 6.12% | 7.68% | $27.34K | 173d |
| Base | USDC | superOETHb | 77% | $452.23K | $407.78K | 90.2% | 3.45% | 3.84% | $15.65K | 368d |
| Ethereum | USDC | ftUSD | 86% | $456.4K | $409.42K | 89.7% | 7.91% | 8.85% | $36.24K | 82d |
| Monad | USDC | wstETH | 86% | $466.67K | $0.92 | 0.0% | 0.00% | 0.68% | $0.01 | 132d |
| HyperEVM | WHYPE | wstHYPE | 86% | $477.21K | $393.13K | 82.4% | 1.78% | 2.17% | $8.52K | 265d |
| Ethereum | USDC | MORPHO | 63% | $491.55K | $446.74K | 90.9% | 5.88% | 6.49% | $28.98K | 257d |
| Base | USDC | WHP | 95% | $499.87K | $0.03 | 0.0% | 0.00% | 0.83% | $0 | 47d |
| Base | USDC | HOME | 97% | $499.92K | $0 | 0.0% | 0.00% | 0.40% | N/A | 17d |
| Ethereum | USDC | ROY-ST-apyUSD | 92% | $507.27K | $486.26K | 95.9% | 0.51% | 0.54% | $2.61K | 137d |
| Ethereum | USDC | mM1-USD | 86% | $522.99K | $0 | 0.0% | 0.00% | 1.94% | N/A | 186d |
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 14, 2026 from /markets.