Markets
1,660 active markets across 14 chains · $5.07B active loans · $284.41M 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: 2,150 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 | msETH | wstETH | 95% | $106.14 | $95.53 | 90.0% | 2.63% | 2.93% | $2.79 | 414d |
| HyperEVM | USDe | wstHYPE | 77% | $106.32 | $63.4 | 59.6% | 2.90% | 4.92% | $3.12 | 491d |
| Ethereum | VUSD | hemiBTC | 77% | $106.92 | $96.16 | 89.9% | 44.43% | 50.64% | $48.69 | 177d |
| Base | USDC | uXRP | 77% | $108.18 | $1.33 | 1.2% | 0.59% | 61.54% | $0.82 | 589d |
| Base | WETH | ezETH | 92% | $109.07 | $0 | 0.0% | 0.00% | 0.03% | N/A | 779d |
| Ethereum | USDC | LBTC | 86% | $109.88 | $101.75 | 92.6% | 9.73% | 10.55% | $10.74 | 146d |
| Ethereum | USDC | Wrapped-LP-srUSDe-15JAN2026 | 86% | $109.95 | $18.89 | 17.2% | 0.01% | 0.04% | $0.01 | 332d |
| Robinhood Chain | USDG | COIN | 63% | $110 | $0 | 0.0% | 0.00% | 0.03% | N/A | 36d |
| Robinhood Chain | USDG | RDDT | 39% | $110 | $0 | 0.0% | 0.00% | 0.13% | N/A | 16d |
| HyperEVM | USD₮0 | USR | 92% | $110.05 | $110.05 | 100.0% | N/A | N/A | N/A | 457d |
| Robinhood Chain | USDG | RGTI | 63% | $110.05 | $0 | 0.0% | 0.00% | 0.03% | N/A | 26d |
| Ethereum | USDT | PT-wsrUSD-31JUL2025 | 92% | $110.38 | $110.33 | 100.0% | N/A | N/A | N/A | 484d |
| Robinhood Chain | USDG | BABA | 63% | $110.52 | $0 | 0.0% | 0.00% | 0.03% | N/A | 29d |
| Robinhood Chain | USDG | GLD | 39% | $110.83 | $0 | 0.0% | 0.00% | 0.20% | N/A | 17d |
| Robinhood Chain | USDG | SGOV | 86% | $110.98 | $0 | 0.0% | 0.00% | 0.03% | N/A | 44d |
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.