Markets
1,669 active markets across 14 chains · $5.17B active loans · $283.1M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | WETH | N/A | 0% | $2.82M | $0 | 0.0% | 0.00% | 0.00% | N/A | 985d |
| Ethereum | USDT | WBTC | 86% | $2.82M | $2.33M | 82.6% | 2.49% | 3.03% | $70.58K | 149d |
| Ethereum | USDC | mHyperBTC | 77% | $2.84M | $2.47M | 86.9% | 7.92% | 9.16% | $226.36K | 242d |
| Ethereum | EURCV | EUTBL | 97% | $3.03M | $2.73M | 90.1% | 1.59% | 1.77% | $48.36K | 360d |
| Ethereum | RLUSD | WBTC | 86% | $3.06M | $2.76M | 90.1% | 3.51% | 3.90% | $107.48K | 136d |
| Ethereum | USDC | rRLP | 86% | $3.12M | $3.12M | 100.0% | N/A | N/A | N/A | 108d |
| Ethereum | USDT | XAUt | 77% | $3.18M | $2.6M | 81.9% | 3.27% | 4.01% | $104.42K | 594d |
| Ethereum | USDT | reUSD | 92% | $3.33M | $3.03M | 91.0% | 6.69% | 7.38% | $223.77K | 159d |
| Ethereum | USDC | cbBTC | 86% | $3.33M | $3.01M | 90.3% | 3.79% | 4.21% | $126.65K | 446d |
| Ethereum | WETH | amphrETH | 86% | $3.35M | $3.35M | 100.0% | N/A | N/A | N/A | 684d |
| Ethereum | USDT | v-wmtUSDT | 86% | $3.5M | $3.15M | 90.1% | 6.29% | 7.00% | $220.95K | 20d |
| Worldchain | USDC | WETH | 86% | $3.64M | $3.31M | 90.9% | 3.02% | 3.33% | $110.17K | 521d |
| Monad | cbBTC | mHyperBTC | 77% | $3.69M | $3.38M | 91.6% | 3.99% | 4.36% | $147.3K | 179d |
| Ethereum | USDC | wUSCC | 98% | $3.78M | $3.44M | 90.9% | 4.58% | 5.05% | $173.5K | 122d |
| Monad | USDC | earnAUSD | 92% | $3.8M | $3.33M | 87.7% | 6.23% | 7.13% | $237.86K | 173d |
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.