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· |
|---|---|---|---|---|---|---|---|---|---|---|
| HyperEVM | WHYPE | PT-kHYPE-24SEP2026 | 86% | $3.43K | $3.25K | 94.8% | 2.12% | 2.23% | $72.56 | 99d |
| Base | cdxUSD | mBASIS | 86% | $3.51K | $0 | 0.0% | 0.00% | 0.03% | $0 | 633d |
| Robinhood Chain | USDG | Index | 39% | $3.53K | $1.52K | 43.1% | 0.21% | 0.49% | $7.51 | 29d |
| Ethereum | USDC | GOLDX | 63% | $3.55K | $3.07K | 86.3% | 7.25% | 8.46% | $259.36 | 91d |
| Base | USDC | doginme | 77% | $3.63K | $2.95K | 81.4% | 1.86% | 2.29% | $67.68 | 380d |
| Katana | AUSD | vbWBTC | 86% | $3.64K | $3.55K | 97.3% | N/A | N/A | N/A | 443d |
| Ethereum | wARS | sUSDS | 63% | $3.72K | $3.37K | 90.8% | 17.36% | 19.28% | $650.33 | 28d |
| Katana | vbUSDC | LBTC | 86% | $3.81K | $110.37 | 2.9% | 0.05% | 1.78% | $1.96 | 439d |
| Ethereum | USDC | PT-srUSDat-27AUG2026 | 92% | $3.82K | $3.82K | 99.9% | N/A | N/A | N/A | 120d |
| Base | eUSD | wstETH | 86% | $3.84K | $6.82 | 0.2% | 0.00% | 0.23% | $0.02 | 797d |
| Ethereum | USDC | PT-cUSDO-20NOV2025 | 92% | $3.87K | $0.71 | 0.0% | 0.00% | 0.03% | $0 | 457d |
| Ethereum | wARS | WETH | 63% | $3.88K | $3.48K | 89.7% | 17.62% | 19.83% | $690.36 | 45d |
| HyperEVM | USD₮0 | hbUSDT | 86% | $3.97K | $3.5K | 88.0% | 15.55% | 17.85% | $624.02 | 427d |
| HyperEVM | USDH | kHYPE | 77% | $4.1K | $3.84K | 93.5% | N/A | N/A | N/A | 285d |
| Ethereum | RLUSD | N/A | 0% | $4.12K | $0 | 0.0% | 0.00% | 0.00% | N/A | 191d |
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.