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% | $138.39M | $138.39M | 100.0% | N/A | N/A | N/A | 183d |
| Ethereum | USDC | wstUSR | 92% | $174.52M | $174.52M | 100.0% | N/A | N/A | N/A | 621d |
| Ethereum | PYUSD | PRIME | 86% | $193.08M | $165.24M | 85.6% | 4.04% | 4.74% | $7.83M | 128d |
| Base | USDC | RSS | 77% | $200.88M | $200.88M | 100.0% | 23.25% | 23.25% | $46.71M | 40d |
| Ethereum | RLUSD | kBTC | 86% | $205.02M | $184.35M | 89.9% | 2.76% | 3.07% | $5.67M | 149d |
| Ethereum | USDT | USDT | 98% | $245.78M | $245.78M | 100.0% | N/A | N/A | N/A | 191d |
| Robinhood Chain | USDG | USDe | 92% | $319.82M | $288.05M | 90.1% | 3.63% | 4.04% | $11.64M | 97d |
| Ethereum | USDC | cbBTC | 86% | $335.67M | $302.66M | 90.2% | 4.27% | 4.75% | $14.38M | 739d |
| Base | USDC | USDe | 92% | $351.95M | $316.86M | 90.0% | 3.64% | 4.05% | $12.85M | 110d |
| Base | USDC | cbBTC | 86% | $1.57B | $1.41B | 89.5% | 4.24% | 4.75% | $66.88M | 740d |
| Ethereum | USR | BONDUSD | 95% | $3.75B | $3.75B | 100.0% | N/A | N/A | N/A | 531d |
| Ethereum | USDC | sdeUSD | 92% | $5.44B | $5.44B | 100.0% | N/A | N/A | N/A | 586d |
| Ethereum | USDC | PAXG | 92% | $8.24B | $8.24B | 100.0% | N/A | N/A | N/A | 745d |
| Arbitrum | USDC | K | 63% | $8.77B | $8.77B | 100.0% | N/A | N/A | N/A | 494d |
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.