Markets
1,275 active markets across 12 chains · $3.42B active loans · $159.05M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | USDC | weETH | 86% | $1.49M | $1.4M | 94.0% | 10.43% | 11.13% | $155.91K | 329d |
| Ethereum | RLUSD | wstETH | 86% | $1.49M | $1.35M | 90.8% | 2.90% | 3.20% | $43.25K | 98d |
| Ethereum | USDC | wstETH | 86% | $1.47M | $1.32M | 90.0% | 2.50% | 2.78% | $36.72K | 385d |
| Ethereum | msETH | weETH | 92% | $1.46M | $1.32M | 89.9% | 1.01% | 1.13% | $14.82K | 42d |
| Ethereum | USDC | wbravUSDC | 86% | $1.45M | $1.1M | 76.3% | 10.66% | 14.21% | $156.85K | 258d |
| Ethereum | WETH | rETH | 95% | $1.44M | $1.17M | 81.5% | 1.51% | 1.86% | $21.81K | 29d |
| Base | USDC | PT-USDai-18JUN2026-(ARB) | 92% | $1.43M | $1.22M | 85.1% | 4.03% | 4.75% | $57.83K | 108d |
| Ethereum | USDT | N/A | 0% | $1.39M | $0 | 0.0% | 0.00% | 0.00% | N/A | 862d |
| Katana | vbUSDT | N/A | 0% | $1.35M | $0 | 0.0% | 0.00% | 0.00% | N/A | 351d |
| Ethereum | EURCV | wstETH | 86% | $1.3M | $1.17M | 90.0% | 0.82% | 0.91% | $10.6K | 56d |
| Base | USDC | PT-apxUSD-18JUN2026 | 92% | $1.26M | $1.14M | 90.0% | 7.57% | 8.44% | $95.99K | 54d |
| Ethereum | USDS | WETH | 86% | $1.26M | $1.25M | 99.3% | 1.91% | 1.92% | $24.02K | 119d |
| Ethereum | USDS | stUSDS | 86% | $1.24M | $1.12M | 90.5% | 5.62% | 6.23% | $70.02K | 140d |
| Polygon | USDC | WBTC | 86% | $1.2M | $1.07M | 89.2% | 2.53% | 2.85% | $30.47K | 476d |
| Ethereum | wstETH | N/A | 0% | $1.19M | $0 | 0.0% | 0.00% | 0.00% | N/A | 527d |
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.