Markets
1,275 active markets across 12 chains · $3.44B active loans · $161.6M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-06-11
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: 1,780 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Worldchain | USDC | WBTC | 86% | $3.2M | $2.56M | 80.0% | 0.49% | 0.62% | $15.76K | 426d |
| Katana | vbUSDT | vbWBTC | 86% | $3.19M | $2.22M | 69.6% | 1.86% | 2.68% | $59.59K | 351d |
| Base | USDC | cbETH | 77% | $3.15M | $2.79M | 88.7% | 4.06% | 4.59% | $128.18K | 182d |
| Monad | USD1 | wsrUSD | 92% | $3.11M | $2.74M | 88.2% | 1.78% | 2.02% | $55.42K | 76d |
| Ethereum | USDC | PT-apxUSD-5NOV2026 | 86% | $3M | $529.24K | 17.6% | 0.34% | 1.95% | $10.32K | 14d |
| Ethereum | apxUSD | PT-apyUSD-18JUN2026 | 86% | $2.98M | $2.92M | 98.0% | 48.34% | 49.56% | $1.45M | 79d |
| Ethereum | EURCV | EUTBL | 97% | $2.97M | $2.58M | 86.8% | 0.79% | 0.91% | $23.39K | 265d |
| Ethereum | USDC | mHyperBTC | 77% | $2.91M | $2.61M | 89.7% | 6.85% | 7.67% | $200.44K | 147d |
| Ethereum | WETH | N/A | 0% | $2.9M | $0 | 0.0% | 0.00% | 0.00% | N/A | 890d |
| Ethereum | wstETH | ynETHx | 92% | $2.89M | $2.61M | 90.3% | 2.74% | 3.04% | $79.34K | 474d |
| Ethereum | USDC | LBTC | 86% | $2.89M | $2.53M | 87.6% | 3.68% | 4.21% | $106.52K | 498d |
| Ethereum | USDC | mHYPER | 77% | $2.86M | $2.59M | 90.6% | 6.66% | 7.38% | $191.11K | 129d |
| Base | USDC | SOL | 63% | $2.78M | $2.38M | 85.8% | 4.06% | 4.75% | $113.23K | 89d |
| Base | USDC | USR | 92% | $2.77M | $2.77M | 100.0% | N/A | N/A | N/A | 477d |
| Katana | vbUSDC | yvvbETH | 77% | $2.7M | $2.45M | 90.8% | 3.92% | 4.32% | $105.83K | 294d |
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 June 11, 2026 from /markets.