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· |
|---|---|---|---|---|---|---|---|---|---|---|
| HyperEVM | USD₮0 | WHYPE | 63% | $5.23M | $4.42M | 84.4% | 6.25% | 7.45% | $328.93K | 492d |
| Ethereum | USDC | v-wmtUSDC | 86% | $5.29M | $4.76M | 90.1% | 6.06% | 6.75% | $321.69K | 139d |
| Base | USDC | SOL | 63% | $5.85M | $5.21M | 89.2% | 5.39% | 6.07% | $316.35K | 184d |
| Ethereum | USDC | PT-apyUSD-5NOV2026 | 86% | $6.05M | $5.46M | 90.2% | 8.13% | 9.05% | $494.22K | 109d |
| HyperEVM | USD₮0 | kHYPE | 63% | $6.06M | $5.08M | 83.9% | 6.21% | 7.45% | $378.54K | 425d |
| Base | USDC | cbETH | 86% | $6.09M | $5.46M | 89.7% | 4.27% | 4.78% | $260.6K | 793d |
| Ethereum | msETH | sETHv | 92% | $6.17M | $6.61K | 0.1% | 0.00% | 0.04% | $2.58 | 69d |
| Katana | vbETH | weETH | 92% | $6.24M | $5.61M | 90.0% | 1.80% | 2.00% | $112.25K | 441d |
| Ethereum | RLUSD | FXRP | 77% | $6.24M | $5.57M | 89.3% | 4.71% | 5.30% | $294.98K | 47d |
| Ethereum | apxUSD | apyUSD | 86% | $6.32M | $5.86M | 92.6% | 11.46% | 12.42% | $727.48K | 186d |
| Base | msETH | N/A | 0% | $6.33M | $0 | 0.0% | 0.00% | 0.00% | N/A | 688d |
| HyperEVM | USDC | kHYPE | 77% | $6.5M | $5.8M | 89.2% | 6.29% | 7.07% | $409.88K | 302d |
| Ethereum | AUSD | RLP | 86% | $6.51M | $6.51M | 100.0% | N/A | N/A | N/A | 271d |
| Ethereum | AUSD | sUSDat | 86% | $6.69M | $5.66M | 84.6% | 9.36% | 11.15% | $631.53K | 157d |
| Ethereum | USDC | reUSD | 92% | $6.77M | $5.85M | 86.3% | 5.40% | 6.29% | $367.61K | 406d |
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.