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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | WETH | osETH | 86% | $129.51 | $53.66 | 41.4% | 13.11% | 35.44% | $19.02 | 954d |
| Ethereum | WETH | agETH | 92% | $130.2 | $2.76 | 2.1% | 0.05% | 2.37% | $0.07 | 652d |
| Ethereum | WETH | n-LP-OETH-WETH | 92% | $131.24 | $18.11 | 13.8% | 0.01% | 0.08% | $0.02 | 344d |
| HyperEVM | USDH | wstHYPE | 77% | $134.68 | $0.1 | 0.1% | 0.03% | 48.18% | $0.05 | 283d |
| Ethereum | tGBP | wstGBP | 95% | $135.43 | $111.1 | 82.0% | 1.84% | 2.24% | $2.49 | 36d |
| HyperEVM | USDH | UBTC | 77% | $135.54 | $124.42 | 91.8% | N/A | N/A | N/A | 344d |
| Base | USDC | JAB01 | 77% | $137.91 | $52.41 | 38.0% | 0.09% | 0.23% | $0.12 | 152d |
| Ethereum | USDS | PT-sUSDE-27NOV2025 | 92% | $139.83 | $2.18 | 1.6% | 0.12% | 7.79% | $0.17 | 379d |
| Ethereum | WETH | savETH | 95% | $140.62 | $140.62 | 100.0% | N/A | N/A | N/A | 317d |
| Ethereum | WETH | rswETH | 95% | $141.38 | $103.41 | 73.1% | 0.10% | 0.14% | $0.15 | 751d |
| Ethereum | USDT | USR | 92% | $141.4 | $141.4 | 100.0% | N/A | N/A | N/A | 601d |
| Arc | USDC | cirBTC | 86% | $142.18 | $0.01 | 0.0% | 0.00% | 0.03% | $0 | 99d |
| Ethereum | AUSD | AA_FalconXUSDC | 77% | $142.22 | $103.14 | 72.5% | 3.00% | 4.17% | $4.3 | 267d |
| Base | USR | RLP | 86% | $142.47 | $0.01 | 0.0% | 0.00% | 4.32% | $0 | 567d |
| Ethereum | USDT | PT-cUSDO-19JUN2025 | 92% | $143.76 | $143.72 | 100.0% | N/A | N/A | N/A | 484d |
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.