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 | cbBTC | LBTC | 92% | $699.56K | $421.78K | 60.3% | 0.05% | 0.08% | $317.48 | 606d |
| Ethereum | USDC | N/A | 0% | $704.93K | $0 | 0.0% | 0.00% | 0.00% | N/A | 985d |
| HyperEVM | USDC | UBTC | 77% | $709.64K | $586.08K | 82.6% | 5.47% | 6.66% | $39.04K | 366d |
| Base | USDC | cbETH | 86% | $711.82K | $640.45K | 90.0% | 3.80% | 4.24% | $27.14K | 851d |
| Ethereum | USDC | tBTC | 77% | $716.62K | $646.84K | 90.3% | 4.55% | 5.06% | $32.71K | 838d |
| Unichain | WETH | wstETH | 97% | $725.72K | $631.98K | 87.1% | 8.96% | 10.35% | $65.43K | 480d |
| Katana | vbUSDC | vbETH | 86% | $725.82K | $659.75K | 90.9% | 3.64% | 4.01% | $26.45K | 447d |
| Arbitrum | USDT0 | wstETH | 86% | $731.09K | $667.67K | 91.3% | 4.86% | 5.34% | $35.63K | 396d |
| Ethereum | USDC | ILLIQUID_PERPDEX_COLL | 95% | $757.69K | $757.69K | 100.0% | N/A | N/A | N/A | 235d |
| OP Mainnet | USDC | WBTC | 86% | $759.85K | $657.12K | 86.5% | 4.74% | 5.50% | $36.17K | 341d |
| Monad | AUSD | YZM | 92% | $773.46K | $709.29K | 91.7% | 5.29% | 5.79% | $41.04K | 59d |
| Ethereum | WBTC | wsBTCD | 77% | $773.68K | $688.6K | 89.0% | 3.54% | 3.99% | $27.47K | 12d |
| Ethereum | USDC | wstETH | 86% | $790.06K | $712.68K | 90.2% | 4.05% | 4.50% | $32.07K | 480d |
| Katana | vbUSDT | weETH | 86% | $817.89K | $752.5K | 92.0% | 8.34% | 9.10% | $68.44K | 167d |
| Ethereum | USDT | PT-USDG-24SEP2026 | 92% | $818.45K | $741.39K | 90.6% | 4.05% | 4.48% | $33.23K | 80d |
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.