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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | USDC | HERMES | 98% | $66.25M | $66.25M | 100.0% | N/A | N/A | N/A | 183d |
| Base | USDC | HERMES | 98% | $66.25M | $66.25M | 100.0% | N/A | N/A | N/A | 183d |
| Ethereum | PYUSD | weETH | 86% | $68.55M | $60.28M | 87.9% | 3.95% | 4.50% | $2.71M | 194d |
| Ethereum | USDT | WBTC | 86% | $87.59M | $72.62M | 82.9% | 2.50% | 3.02% | $2.19M | 956d |
| Base | USDC | WETH | 86% | $92.3M | $82.41M | 89.3% | 4.24% | 4.76% | $3.92M | 828d |
| Ethereum | PYUSD | sUSDe | 92% | $94.97M | $85.83M | 90.4% | 4.10% | 4.55% | $3.91M | 273d |
| Robinhood Chain | USDG | syrupUSDG | 92% | $97.94M | $88.16M | 90.0% | 3.63% | 4.04% | $3.56M | 97d |
| Ethereum | WETH | wstETH | 97% | $99.17M | $88.54M | 89.3% | 1.70% | 1.91% | $1.69M | 913d |
| Ethereum | USDC | PT-reUSD-10DEC2026 | 92% | $100.42M | $85.13M | 84.8% | 6.54% | 7.75% | $6.6M | 90d |
| Ethereum | RLUSD | weETH | 86% | $107.05M | $96.46M | 90.1% | 3.64% | 4.05% | $3.9M | 193d |
| Ethereum | USDC | msY | 86% | $110.52M | $110.52M | 100.0% | N/A | N/A | N/A | 153d |
| Arbitrum | USDC | xUSD | 92% | $117.51M | $117.51M | 100.0% | N/A | N/A | N/A | 364d |
| Ethereum | USDC | WBTC | 86% | $124.08M | $111.77M | 90.1% | 4.18% | 4.65% | $5.2M | 971d |
| Ethereum | USDT | wstETH | 86% | $133.95M | $111.51M | 83.2% | 2.50% | 3.01% | $3.36M | 956d |
| Ethereum | PYUSD | kBTC | 86% | $134.95M | $118.9M | 88.1% | 2.97% | 3.37% | $4.01M | 149d |
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.