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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | USDC | cbADA | 77% | $800.47K | $723.88K | 90.4% | 5.22% | 5.79% | $41.88K | 333d |
| Ethereum | USDC | deUSD | 86% | $800K | $800K | 100.0% | N/A | N/A | N/A | 732d |
| Ethereum | USDC | wstETH | 86% | $796.43K | $717.94K | 90.1% | 3.82% | 4.25% | $30.51K | 475d |
| Ethereum | WBTC | wsBTCD | 77% | $793.94K | $706.59K | 89.0% | 3.56% | 4.01% | $28.36K | 7d |
| Monad | AUSD | YZM | 92% | $773.38K | $711.89K | 92.0% | 5.43% | 5.92% | $42.11K | 54d |
| Ethereum | EURC | wstETH | 86% | $743.04K | $602.45K | 81.1% | 2.18% | 2.69% | $16.2K | 432d |
| Ethereum | USDC | ILLIQUID_PERPDEX_COLL | 95% | $741.79K | $647.37K | 87.3% | 45.39% | 53.58% | $346.86K | 230d |
| Katana | vbUSDC | vbETH | 86% | $736.71K | $663.04K | 90.0% | 2.64% | 2.94% | $19.5K | 442d |
| Ethereum | USDC | N/A | 0% | $732.02K | $0 | 0.0% | 0.00% | 0.00% | N/A | 980d |
| Base | cbBTC | LBTC | 92% | $718.76K | $361.59K | 50.3% | 0.03% | 0.07% | $242.06 | 601d |
| Arbitrum | USDT0 | wstETH | 86% | $712.91K | $652.17K | 91.5% | 4.56% | 5.00% | $32.61K | 391d |
| Ethereum | USDC | tBTC | 77% | $710.42K | $640.47K | 90.2% | 4.27% | 4.75% | $30.42K | 833d |
| Ethereum | WBTC | LBTC | 95% | $705.34K | $481.4K | 68.3% | 0.17% | 0.25% | $1.2K | 748d |
| Base | USDC | cbETH | 86% | $694.66K | $626.47K | 90.2% | 4.04% | 4.49% | $28.13K | 846d |
| HyperEVM | USDC | UBTC | 77% | $687.74K | $576.07K | 83.8% | 5.67% | 6.81% | $39.2K | 361d |
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.