Markets
1,669 active markets across 14 chains · $5.16B active loans · $282.62M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | USDC | GVLT | 63% | $32.29M | $32.29M | 100.0% | N/A | N/A | N/A | 160d |
| Ethereum | USDC | AZND | 86% | $33.51M | $33.51M | 100.0% | N/A | N/A | N/A | 179d |
| Worldchain | USDC | sdeUSD | 92% | $34.73M | $34.73M | 100.0% | N/A | N/A | N/A | 342d |
| Robinhood Chain | USDG | spUSDG | 92% | $34.94M | $31.45M | 90.0% | 2.46% | 2.74% | $861.61K | 100d |
| Ethereum | USDC | AA_FalconXUSDC | 77% | $36.68M | $33.21M | 90.5% | 6.38% | 7.07% | $2.35M | 437d |
| Ethereum | PYUSD | PST | 86% | $38.53M | $35.44M | 92.0% | 8.34% | 9.10% | $3.22M | 30d |
| Monad | USDC | aHYPER | 77% | $40.75M | $34.63M | 85.0% | 7.29% | 8.63% | $2.99M | 234d |
| Ethereum | USDT | USDT | 95% | $43.15M | $43.15M | 100.0% | N/A | N/A | N/A | 191d |
| HyperEVM | USDC | WHYPE | 77% | $43.39M | $38.79M | 89.4% | 6.32% | 7.09% | $2.75M | 286d |
| Monad | WETH | wstETH | 95% | $47.34M | $42.54M | 89.9% | 1.54% | 1.72% | $730.55K | 242d |
| Base | USDC | cbXRP | 63% | $53.44M | $47.61M | 89.1% | 5.40% | 6.08% | $2.9M | 241d |
| Ethereum | USDC | RLP | 86% | $57.26M | $57.26M | 100.0% | N/A | N/A | N/A | 621d |
| Ethereum | PYUSD | syrupUSDC | 92% | $58.85M | $50.76M | 86.3% | 3.87% | 4.50% | $2.28M | 273d |
| Ethereum | USDT | sUSDS | 97% | $64.85M | $58.01M | 89.5% | 2.51% | 2.81% | $1.63M | 66d |
| Base | USDC | HERMES | 98% | $66.25M | $66.25M | 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.