Markets
1,655 active markets across 14 chains · $5.07B active loans · $281.52M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-10
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: 2,145 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Polygon | USDC | 77% | $22.96 | $0 | 0.0% | 0.00% | 0.03% | N/A | 271d | |
| Monad | USDC | N/A | 0% | $23.25 | $0 | 0.0% | 0.00% | 0.00% | N/A | 293d |
| Ethereum | USDC | PT-fxSAVE-30OCT2025 | 92% | $23.48 | $3.5 | 14.9% | 2.83% | 21.29% | $0.75 | 460d |
| Katana | AUSD | weETH | 77% | $23.57 | $0.55 | 2.3% | 0.00% | 0.15% | $0 | 398d |
| Ethereum | USDR | wstETH | 86% | $23.76 | $23.76 | 100.0% | N/A | N/A | N/A | 580d |
| Polygon | USDC | 77% | $24.01 | $2.01 | 8.4% | 0.00% | 0.03% | $0 | 271d | |
| Arbitrum | USDC | USDe | 92% | $24.06 | $11.38 | 47.3% | 0.03% | 0.06% | $0.01 | 377d |
| Robinhood Chain | USDG | AAPL | 86% | $24.43 | $21.99 | 90.0% | 3.34% | 3.71% | $0.82 | 42d |
| Robinhood Chain | USDG | AAPL | 86% | $24.47 | $22.02 | 90.0% | 3.17% | 3.52% | $0.78 | 40d |
| HyperEVM | USD₮0 | hwHLP | 86% | $24.6 | $0 | 0.0% | 0.00% | 0.03% | N/A | 406d |
| Katana | dUSD | N/A | 0% | $24.85 | $0 | 0.0% | 0.00% | 0.00% | N/A | 318d |
| Polygon | USDC | 77% | $24.85 | $2.45 | 9.9% | 0.00% | 0.03% | $0 | 276d | |
| Base | USDC | WHP | 95% | $25 | $0 | 0.0% | 0.00% | 0.27% | $0 | 58d |
| Robinhood Chain | USDG | 63% | $25.04 | $0 | 0.0% | 0.00% | 0.49% | N/A | 69d | |
| Ethereum | USDC | PT-USD0++-26JUN2025 | 92% | $25.33 | $0.09 | 0.3% | 0.00% | 0.03% | $0 | 650d |
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 10, 2026 from /markets.