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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | jEUR | stEUR | 95% | $1.69K | $1.59K | 94.1% | N/A | N/A | N/A | 666d |
| Ethereum | USDC | PT-apxUSD-18JUN2026 | 86% | $1.71K | $1.03 | 0.1% | 0.00% | 0.59% | $0.01 | 171d |
| HyperEVM | WHYPE | N/A | 0% | $1.77K | $0 | 0.0% | 0.00% | 0.00% | N/A | 503d |
| Katana | vbUSDC | weETH | 86% | $1.8K | $0.01 | 0.0% | 0.00% | 0.03% | $0 | 108d |
| Tempo | pathUSD | sUSDe | 92% | $1.86K | $0.1 | 0.0% | 0.00% | 0.04% | $0 | 129d |
| HyperEVM | USD₮0 | WHLP | 77% | $1.88K | $1.88K | 100.0% | 75.98% | 75.98% | $1.43K | 421d |
| Katana | vbUSDC | yvAUSD | 86% | $1.9K | $1.67K | 87.8% | 5.96% | 6.82% | $113.73 | 345d |
| Worldchain | wARS | USDC | 77% | $1.96K | $1.24K | 63.3% | 3.47% | 5.53% | $68.57 | 275d |
| Ethereum | USDT | stUSD | 95% | $1.99K | $0 | 0.0% | 0.00% | 0.03% | N/A | 765d |
| Tempo | pathUSD | wsrUSD | 92% | $1.99K | $0.09 | 0.0% | 0.00% | 0.04% | $0 | 127d |
| Base | USDC | HOME | 97% | $2K | $0 | 0.0% | 0.00% | 0.03% | N/A | 30d |
| Robinhood Chain | USDG | PONS | 39% | $2K | $0 | 0.0% | 0.00% | 0.76% | N/A | 4d |
| HyperEVM | USD₮0 | PT-kHYPE-24SEP2026 | 77% | $2.01K | $2.01K | 100.0% | 7.35% | 7.35% | $147.57 | 98d |
| Ethereum | USDT | PT-stcUSD-23JUL2026 | 92% | $2.04K | $1.04 | 0.1% | 0.00% | 0.20% | $0 | 227d |
| Base | USDC | PT-USR-25SEP2025 | 92% | $2.07K | $2.05K | 98.7% | N/A | N/A | N/A | 514d |
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.