Markets
1,649 active markets across 14 chains · $5.06B active loans · $286.28M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-09
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: 2,139 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | WBTC | SolvBTC | 95% | $1.31M | $1.19M | 90.5% | 0.11% | 0.12% | $1.47K | 391d |
| Base | USDC | FUSD | 77% | $1.3M | $1.3M | 100.0% | N/A | N/A | N/A | 98d |
| Ethereum | USDC | nvPRIME | 86% | $1.29M | $1.2M | 93.1% | 7.78% | 8.39% | $100.64K | 34d |
| HyperEVM | WHYPE | lstHYPE | 92% | $1.27M | $1.16M | 90.9% | 5.58% | 6.15% | $71.14K | 319d |
| Base | EURC | wstETH | 86% | $1.26M | $1.06M | 84.4% | 3.17% | 3.77% | $40.11K | 728d |
| Base | USDC | HERMES | 98% | $1.25M | $1.25M | 100.0% | N/A | N/A | N/A | 177d |
| Worldchain | WETH | ezETH | 95% | $1.25M | $1.12M | 89.5% | 0.11% | 0.13% | $1.42K | 497d |
| Arbitrum | USDC | wstETH | 86% | $1.24M | $1.13M | 90.8% | 4.83% | 5.33% | $60.12K | 419d |
| Ethereum | USDT | weETH | 86% | $1.22M | $1.11M | 91.0% | 4.03% | 4.44% | $49.36K | 259d |
| HyperEVM | USDC | wstHYPE | 77% | $1.21M | $1.03M | 85.3% | 5.87% | 6.91% | $71.16K | 281d |
| HyperEVM | USD₮0 | UBTC | 77% | $1.18M | $999.14K | 84.4% | 6.51% | 7.75% | $77.45K | 487d |
| Ethereum | USDT | weETH | 86% | $1.18M | $1.07M | 90.5% | 3.60% | 3.98% | $42.47K | 40d |
| Monad | USDC | aHyperBTC | 77% | $1.17M | $1.06M | 91.0% | 3.52% | 3.88% | $41.09K | 34d |
| Ethereum | USDC | weETH | 77% | $1.15M | $1.05M | 91.2% | 4.55% | 5.00% | $52.51K | 127d |
| Ethereum | USDC | WBTC | 86% | $1.14M | $1.03M | 90.3% | 4.39% | 4.88% | $50.21K | 141d |
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 9, 2026 from /markets.