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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Unichain | WETH | wstETH | 97% | $671.92K | $634.29K | 94.4% | 19.88% | 21.17% | $134.31K | 475d |
| Ethereum | EURCV | steakUSDC | 92% | $668.09K | $616.09K | 92.2% | 0.94% | 1.02% | $6.28K | 196d |
| Monad | USDC | earnAUSD | 92% | $666.58K | $476.31K | 71.5% | 4.53% | 6.40% | $30.47K | 168d |
| Ethereum | apxUSD | PT-apxUSD-5NOV2026 | 95% | $630.79K | $567.71K | 90.0% | 3.80% | 4.23% | $24K | 104d |
| Ethereum | msETH | rswETH | 95% | $618.25K | $556.48K | 90.0% | 3.37% | 3.75% | $20.88K | 707d |
| Ethereum | DAI | sUSDe | 92% | $606.71K | $549.09K | 90.5% | 7.14% | 7.92% | $43.48K | 908d |
| Ethereum | USDC | muBOND | 86% | $579.48K | $579.48K | 100.0% | N/A | N/A | N/A | 158d |
| Monad | USDC | PT-srUSDat-14JAN2027 | 92% | $568.69K | $514.67K | 90.5% | 6.35% | 7.04% | $36.24K | 22d |
| Base | WETH | weETH | 92% | $557.03K | $514.42K | 92.4% | 3.30% | 3.58% | $18.4K | 823d |
| Ethereum | USDT | stUSDS | 86% | $549.97K | $461.03K | 83.8% | 4.19% | 5.02% | $23.15K | 199d |
| Base | USDC | cbXRP | 77% | $547.84K | $493.66K | 90.1% | 5.22% | 5.81% | $28.67K | 333d |
| Arbitrum | USDT0 | WETH | 86% | $538.34K | $487.22K | 90.5% | 3.47% | 3.84% | $18.7K | 420d |
| HyperEVM | WHYPE | wstHYPE | 86% | $530.17K | $434.56K | 82.0% | 1.87% | 2.29% | $9.94K | 260d |
| Base | USDC | N/A | 0% | $528.06K | $0 | 0.0% | 0.00% | 0.00% | N/A | 826d |
| Ethereum | USDC | mM1-USD | 86% | $522.99K | $0 | 0.0% | 0.00% | 1.94% | N/A | 181d |
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.