Markets
1,655 active markets across 14 chains · $5.08B active loans · $283.38M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| HyperEVM | USD₮0 | UBTC | 86% | $66.7 | $6.65 | 10.0% | 2.65% | 30.01% | $2 | 490d |
| Polygon | USDC | 77% | $66.9 | $0 | 0.0% | 0.00% | 25.11% | $0 | 270d | |
| Ethereum | USDC | aprUSR | 92% | $67.61 | $67.61 | 100.0% | N/A | N/A | N/A | 584d |
| Ethereum | USDT | LBTC | 86% | $70.41 | $0.04 | 0.1% | 0.00% | 2.37% | $0 | 319d |
| HyperEVM | USDe | sUSDe | 92% | $70.98 | $70.98 | 100.0% | 6.47% | 6.47% | $4.59 | 485d |
| Monad | mUSD | XAUt0 | 77% | $71.21 | $1 | 1.4% | 0.00% | 0.06% | $0 | 98d |
| HyperEVM | USDH | kHYPE | 63% | $71.67 | $42.01 | 58.6% | 40.47% | 79.17% | $33.26 | 344d |
| Polygon | USDC | 77% | $72.3 | $0 | 0.0% | 0.00% | 0.03% | N/A | 271d | |
| Ethereum | USDC | upUSDC | 92% | $72.53 | $59.1 | 81.5% | 0.15% | 0.18% | $0.11 | 444d |
| Ethereum | USDU | USDC | 92% | $74.72 | $3.28 | 4.4% | 0.00% | 0.03% | $0 | 433d |
| Monad | mUSD | AA_FalconXUSDC | 77% | $75.69 | $1 | 1.3% | 0.00% | 0.06% | $0 | 98d |
| Robinhood Chain | USDG | MDLP | 77% | $77.12 | $0 | 0.0% | 0.00% | 0.26% | N/A | 17d |
| Base | USDC | MDLP | 86% | $77.2 | $45.17 | 58.5% | 0.04% | 0.07% | $0.03 | 263d |
| Ethereum | USR | wstUSR | 92% | $77.45 | $0 | 0.0% | 0.00% | 0.03% | N/A | 595d |
| Ethereum | wUSDL | WBTC | 86% | $78.64 | $78.63 | 100.0% | N/A | N/A | N/A | 703d |
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.