Markets
1,661 active markets across 14 chains · $5.08B active loans · $284.35M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Katana | uSOL | N/A | 0% | $1.08K | $0 | 0.0% | 0.00% | 0.00% | N/A | 443d |
| Ethereum | USDC | srmHYPER | 92% | $1.11K | $1.01K | 91.3% | 15.25% | 16.82% | $170.5 | 161d |
| Ethereum | USDC | stGLD | 86% | $1.12K | $51.08 | 4.6% | 0.03% | 0.66% | $0.34 | 83d |
| HyperEVM | USDHL | UETH | 77% | $1.13K | $1.07K | 94.6% | 27.79% | 29.58% | $316.08 | 410d |
| Unichain | USDC | weETH | 86% | $1.14K | $1.07K | 93.6% | 61.14% | 66.51% | $712.1 | 477d |
| Ethereum | USDC | n-st-mAPOLLO | 86% | $1.25K | $1.25K | 100.0% | 64.49% | 64.49% | $804.11 | 239d |
| Ethereum | USDCV | WBTC | 86% | $1.3K | $1K | 76.9% | 37.42% | 51.20% | $512.85 | 342d |
| Ethereum | wARS | cbBTC | 63% | $1.31K | $1.19K | 91.1% | 17.87% | 19.77% | $236.2 | 27d |
| Base | cdxUSD | N/A | 0% | $1.31K | $0 | 0.0% | 0.00% | 0.00% | N/A | 626d |
| Robinhood Chain | USDG | AMZN | 63% | $1.33K | $0 | 0.0% | 0.00% | 0.03% | $0 | 55d |
| Robinhood Chain | USDG | GOOGL | 63% | $1.33K | $10 | 0.8% | 0.00% | 0.03% | $0 | 48d |
| Robinhood Chain | USDG | QQQ | 63% | $1.33K | $10 | 0.8% | 0.00% | 0.03% | $0 | 48d |
| Ethereum | USDC | CASH+ | 86% | $1.34K | $1.1K | 82.6% | 5.06% | 6.16% | $68.07 | 123d |
| Robinhood Chain | USDG | AAPL | 63% | $1.35K | $10 | 0.7% | 0.00% | 0.08% | $0.01 | 24d |
| Ethereum | EURe | wbC3M | 98% | $1.35K | $0 | 0.0% | 0.00% | 0.22% | N/A | 943d |
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.