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 | USDC | splDXY-BEAR | 92% | $999.95 | $0 | 0.0% | 0.00% | 0.08% | N/A | 209d |
| Ethereum | USDC | splDXY-BULL | 92% | $999.95 | $0 | 0.0% | 0.00% | 0.08% | N/A | 209d |
| Ethereum | USDC | COMP | 63% | $1K | $908.57 | 90.6% | 5.43% | 6.01% | $54.61 | 254d |
| Ethereum | USDS | PT-USDe-27NOV2025 | 92% | $1K | $0.92 | 0.1% | 0.00% | 0.03% | $0 | 379d |
| Monad | cbBTC | WBTC | 95% | $1K | $0.05 | 0.0% | 0.00% | 0.03% | $0 | 181d |
| Ethereum | USDT | hsUSDf | 92% | $1.01K | $0 | 0.0% | 0.00% | 0.50% | N/A | 507d |
| Ethereum | USDC | hsUSDf | 92% | $1.01K | $0 | 0.0% | 0.00% | 0.03% | N/A | 507d |
| HyperEVM | USD₮0 | PT-kHYPE-19MAR2026 | 63% | $1.01K | $0 | 0.0% | 0.00% | 0.62% | N/A | 299d |
| Ethereum | USDC | tacUSD | 92% | $1.04K | $540.92 | 52.1% | 0.04% | 0.07% | $0.37 | 485d |
| OP Mainnet | USDC | wstETH | 86% | $1.04K | $851.08 | 81.9% | 3.78% | 4.63% | $39.42 | 568d |
| Ethereum | USDC | PT-lvlUSD-29MAY2025 | 92% | $1.05K | $946.98 | 90.4% | 2.80% | 3.10% | $29.4 | 517d |
| Arbitrum | USDC | PT-USDai-18JUN2026 | 92% | $1.05K | $1.05K | 100.0% | 90.48% | 90.48% | $954.31 | 210d |
| Base | USDC | wUSD+ | 77% | $1.07K | $31.1 | 2.9% | 0.11% | 3.92% | $1.22 | 805d |
| Ethereum | USDC | steakUSDC | 98% | $1.08K | $975.97 | 90.7% | 47.91% | 54.03% | $527.34 | 55d |
| Katana | uSOL | N/A | 0% | $1.08K | $0 | 0.0% | 0.00% | 0.00% | N/A | 443d |
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.