Markets
1,663 active markets across 14 chains · $5.13B active loans · $280.08M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-12
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: 2,153 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Robinhood Chain | USDG | AI | 39% | $2.94K | $2.64K | 89.8% | 6.38% | 7.13% | $188.05 | 10d |
| Base | DEGEN | N/A | 0% | $2.94K | $0 | 0.0% | 0.00% | 0.00% | N/A | 786d |
| Polygon | USDC | 77% | $2.96K | $0 | 0.0% | 0.00% | 34.80% | $0 | 278d | |
| Ethereum | USDC | EIGEN | 77% | $3K | $7 | 0.2% | 0.00% | 0.03% | $0 | 707d |
| Base | USDC | ozWTI | 63% | $3K | $0 | 0.0% | 0.00% | 0.03% | N/A | 118d |
| Katana | vbUSDC | siUSD | 86% | $3K | $2.41K | 80.3% | 4.47% | 5.60% | $135.04 | 167d |
| Ethereum | WETH | hETH | 95% | $3.05K | $0 | 0.0% | 0.00% | 0.03% | N/A | 651d |
| Ethereum | AUSD | N/A | 0% | $3.07K | $0 | 0.0% | 0.00% | 0.00% | N/A | 751d |
| Robinhood Chain | USDG | wsNET | 39% | $3.1K | $101.08 | 3.3% | 0.02% | 0.55% | $0.56 | 14d |
| Base | USDC | WMTX | 77% | $3.2K | $2.44K | 76.1% | 5.97% | 7.91% | $192.88 | 361d |
| Ethereum | AUSD | SPYx | 86% | $3.24K | $2.83K | 87.5% | 15.40% | 17.78% | $503.54 | 179d |
| Ethereum | USDC | cbBTC | 86% | $3.26K | $0 | 0.0% | 0.00% | 0.03% | $0 | 719d |
| Base | eUSD | cbETH | 86% | $3.28K | $0.06 | 0.0% | 0.00% | 1.93% | $0 | 797d |
| Ethereum | USDC | CTOKEN1 | 86% | $3.31K | $2.54K | 76.6% | 1.17% | 1.53% | $38.75 | 114d |
| Robinhood Chain | WETH | SPY | 39% | $3.36K | $0 | 0.0% | 0.00% | 0.11% | N/A | 20d |
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 12, 2026 from /markets.