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· |
|---|---|---|---|---|---|---|---|---|---|---|
| HyperEVM | USH | hwHLP | 86% | $761.56 | $596.18 | 78.3% | 0.14% | 0.18% | $1.09 | 408d |
| Ethereum | USDC | PT-slvlUSD-25SEP2025 | 92% | $762.51 | $562.49 | 73.8% | 7.13% | 9.82% | $55.25 | 491d |
| Polygon | BRZ | sfrxUSD | 86% | $764.06 | $687.81 | 90.0% | 3.56% | 3.96% | $27.24 | 50d |
| Arbitrum | USDC | GVLT | 63% | $768.41 | $768.41 | 100.0% | N/A | N/A | N/A | 171d |
| Ethereum | USDC | srNUSD | 92% | $786.9 | $786.89 | 100.0% | N/A | N/A | N/A | 209d |
| Ethereum | frxUSD | stakedao-FrxMsUSD | 95% | $788.83 | $0.93 | 0.1% | 0.00% | 0.07% | $0 | 204d |
| Katana | vbUSDT | LBTC | 86% | $794.06 | $0.2 | 0.0% | 0.00% | 3.82% | $0.01 | 438d |
| Polygon | USDC | 77% | $796.39 | $0 | 0.0% | 0.00% | 0.03% | N/A | 266d | |
| Arbitrum | WETH | weETH | 95% | $800.25 | $717.78 | 89.7% | 0.09% | 0.10% | $0.72 | 422d |
| Monad | USDC | YZM | 92% | $801.09 | $734.97 | 91.7% | 10.29% | 11.27% | $82.82 | 59d |
| HyperEVM | USD₮0 | PT-hbUSDT-18DEC2025 | 86% | $802.42 | $802.42 | 100.0% | N/A | N/A | N/A | 392d |
| HyperEVM | USDHL | UBTC | 77% | $832.65 | $832.65 | 100.0% | 7.20% | 7.20% | $59.95 | 458d |
| HyperEVM | USH | sUSDe | 86% | $835.68 | $0 | 0.0% | 0.00% | 0.03% | N/A | 408d |
| Arbitrum | USDT0 | siUSD | 92% | $836.84 | $1.06 | 0.1% | 0.00% | 1.52% | $0.02 | 237d |
| Polygon | BRLA | TESOURO | 92% | $837.6 | $545.58 | 65.1% | 0.11% | 0.17% | $0.93 | 174d |
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.