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· |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Base | USDC | HERMES | 98% | $13.21M | $13.21M | 100.0% | N/A | N/A | N/A | 183d |
| Ethereum | EURCV | cbBTC | 86% | $13.52M | $12.21M | 90.3% | 1.82% | 2.02% | $246.95K | 460d |
| Katana | vbUSDC | vbWBTC | 86% | $13.56M | $12.43M | 91.6% | 4.83% | 5.28% | $656.47K | 445d |
| Ethereum | USDC | msY | 92% | $13.65M | $13.65M | 100.0% | N/A | N/A | N/A | 110d |
| Ethereum | USDC | wsrUSD | 95% | $14.12M | $12.84M | 91.0% | 5.81% | 6.41% | $822.56K | 248d |
| Ethereum | USDC | fxSAVE | 92% | $14.58M | $13.13M | 90.0% | 4.28% | 4.77% | $626.35K | 25d |
| Ethereum | USDC | dCOMP | 63% | $14.84M | $13.1M | 88.3% | 8.81% | 10.03% | $1.31M | 201d |
| Ethereum | USDC | apyUSD | 86% | $15M | $12.07M | 80.4% | 5.58% | 6.98% | $842.07K | 175d |
| Stable | USDT0 | sthUSD | 86% | $15.99M | $14.61M | 91.3% | 8.73% | 9.60% | $1.4M | 126d |
| Ethereum | USDC | PT-sUSDS-26NOV2026 | 92% | $16.28M | $14.65M | 90.0% | 4.19% | 4.67% | $684.26K | 45d |
| Ethereum | USDC | USD3 | 92% | $16.38M | $14.8M | 90.3% | 6.50% | 7.23% | $1.07M | 298d |
| Base | USDC | RSS | 77% | $16.7M | $16.7M | 100.0% | 49.45% | 49.45% | $8.26M | 53d |
| Monad | USDC | PT-USDat-14JAN2027 | 92% | $17.39M | $15.88M | 91.3% | 7.31% | 8.03% | $1.27M | 41d |
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.