Markets
1,661 active markets across 14 chains · $5.07B active loans · $290.23M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-11
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: 2,151 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 | USDQ | N/A | 0% | $216.79 | $0 | 0.0% | 0.00% | 0.00% | N/A | 590d |
| Ethereum | USDC | PT-sUSDE-29MAY2025 | 92% | $217.92 | $3.16 | 1.4% | 0.00% | 0.03% | $0 | 652d |
| Ethereum | USDS | SPX | 77% | $224.18 | $0.02 | 0.0% | 0.00% | 0.15% | $0 | 423d |
| Robinhood Chain | USDG | NOTHING | 39% | $227.18 | $128.81 | 56.7% | 1.14% | 2.03% | $2.61 | 9d |
| Ethereum | USDT | USD0++ | 86% | $232.92 | $232.92 | 100.0% | N/A | N/A | N/A | 609d |
| Robinhood Chain | USDG | PLTR | 63% | $236.97 | $30 | 12.7% | 0.00% | 0.04% | $0.01 | 44d |
| HyperEVM | WHYPE | beHYPE | 92% | $237.38 | $217.63 | 91.7% | N/A | N/A | N/A | 361d |
| Monad | USDC | SOL | 86% | $238.01 | $0 | 0.0% | 0.00% | 25.00% | N/A | 294d |
| Ethereum | USDC | yvETH | 77% | $247.95 | $0 | 0.0% | 0.00% | 0.31% | N/A | 152d |
| OP Mainnet | WETH | mRe7ETH | 95% | $249.47 | $0 | 0.0% | 0.00% | 0.03% | N/A | 146d |
| Ethereum | USDC | ctStableUSDT | 86% | $257.66 | $257.66 | 100.0% | N/A | N/A | N/A | 316d |
| Ethereum | WETH | ezETH | 86% | $258.71 | $221.8 | 85.7% | 0.08% | 0.10% | $0.21 | 927d |
| Ethereum | wNXM | stNXM | 63% | $261.96 | $0 | 0.0% | 0.00% | 0.03% | N/A | 230d |
| Ethereum | USDC | GHO | 86% | $273.02 | $273.02 | 100.0% | N/A | N/A | N/A | 151d |
| HyperEVM | USDHL | WHLP | 77% | $275.58 | $267.67 | 97.1% | 20.43% | 21.10% | $56.47 | 422d |
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 11, 2026 from /markets.