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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Worldchain | WLD | N/A | 0% | $9.35M | $0 | 0.0% | 0.00% | 0.00% | N/A | 521d |
| Ethereum | RLUSD | syrupUSDC | 92% | $9.55M | $8.54M | 89.5% | 3.93% | 4.40% | $375.75K | 193d |
| Ethereum | USDC | OETH | 86% | $10.52M | $9.11M | 86.6% | 6.23% | 7.23% | $658.66K | 356d |
| Ethereum | msETH | vaSTETH | 95% | $11M | $9.55M | 86.8% | 1.91% | 2.20% | $210.05K | 65d |
| Ethereum | USDC | wstETH | 86% | $11.07M | $9.98M | 90.2% | 4.29% | 4.77% | $475.63K | 150d |
| Ethereum | USDC | PT-RLP-9APR2026 | 86% | $11.29M | $11.29M | 100.0% | N/A | N/A | N/A | 283d |
| Tempo | pathUSD | cbBTC | 77% | $11.4M | $10.82M | 95.0% | 2.02% | 2.13% | $230.68K | 125d |
| Base | USDC | cbETH | 77% | $12.13M | $10.92M | 90.1% | 4.38% | 4.87% | $531.92K | 277d |
| Ethereum | USDC | steakEURCV | 92% | $12.63M | $11.38M | 90.1% | 4.29% | 4.77% | $542.67K | 82d |
| Ethereum | RLUSD | cbBTC | 86% | $12.71M | $11.44M | 90.0% | 3.33% | 3.71% | $424.65K | 193d |
| Ethereum | msUSD | N/A | 0% | $13.01M | $0 | 0.0% | 0.00% | 0.00% | N/A | 665d |
| Ethereum | USDC | stUSDS | 86% | $13.01M | $11.04M | 84.8% | 4.14% | 4.89% | $540.13K | 204d |
| Ethereum | USDC | strUSD | 86% | $13.1M | $11.9M | 90.8% | 6.78% | 7.49% | $891.85K | 52d |
| Base | USDC | HERMES | 98% | $13.21M | $13.21M | 100.0% | N/A | N/A | N/A | 183d |
| Base | USDC | HERMES | 98% | $13.21M | $13.21M | 100.0% | N/A | N/A | N/A | 183d |
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.