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 | USDC | N/A | 0% | $532.14K | $0 | 0.0% | 0.00% | 0.00% | N/A | 831d |
| Ethereum | USDT | weETH | 86% | $554.74K | $447.33K | 80.6% | 2.46% | 3.06% | $13.68K | 45d |
| Base | WETH | weETH | 92% | $557.11K | $511.26K | 91.8% | 3.44% | 3.75% | $19.18K | 828d |
| Monad | USDC | PT-srUSDat-14JAN2027 | 92% | $566.13K | $516.14K | 91.2% | 8.05% | 8.86% | $45.73K | 26d |
| Ethereum | USDT | stUSDS | 86% | $582.94K | $451.35K | 77.4% | 3.52% | 4.56% | $20.6K | 204d |
| Ethereum | apxUSD | PT-apxUSD-5NOV2026 | 95% | $586.96K | $528.29K | 90.0% | 3.90% | 4.35% | $22.97K | 108d |
| Base | USDC | cbXRP | 77% | $607.19K | $547.76K | 90.2% | 5.46% | 6.07% | $33.23K | 338d |
| Ethereum | USDC | muBOND | 86% | $624.53K | $624.53K | 100.0% | N/A | N/A | N/A | 163d |
| Ethereum | DAI | sUSDe | 92% | $662.93K | $549.59K | 82.9% | 5.41% | 6.57% | $36.09K | 913d |
| Monad | USDC | mHyperBTC | 77% | $669.85K | $0 | 0.0% | 0.00% | 0.03% | $0 | 150d |
| Ethereum | EURCV | steakUSDC | 92% | $671.01K | $613.93K | 91.5% | 0.92% | 1.01% | $6.17K | 201d |
| Ethereum | USDC | nALPHA | 86% | $675.51K | $675.41K | 100.0% | 5.40% | 5.40% | $36.45K | 19d |
| Ethereum | WBTC | LBTC | 95% | $687.04K | $469.33K | 68.3% | 0.14% | 0.21% | $981.72 | 753d |
| Ethereum | EURC | wstETH | 86% | $690.02K | $596.8K | 86.5% | 2.36% | 2.74% | $16.33K | 437d |
| Ethereum | msETH | rswETH | 95% | $695.34K | $625.9K | 90.0% | 3.37% | 3.75% | $23.49K | 712d |
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.