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 | USDC | ROY-ST-apyUSD | 92% | $507.39K | $482.93K | 95.2% | 0.35% | 0.36% | $1.76K | 132d |
| Base | USDC | HOME | 97% | $499.97K | $0 | 0.0% | 0.00% | 0.48% | N/A | 12d |
| Base | USDC | WHP | 95% | $499.87K | $0.03 | 0.0% | 0.00% | 0.83% | $0 | 42d |
| Ethereum | USDC | PRIME | 86% | $496.65K | $417.25K | 84.0% | 4.05% | 4.84% | $20.19K | 116d |
| Ethereum | USDC | MORPHO | 63% | $486.6K | $438.2K | 90.1% | 4.49% | 5.00% | $21.91K | 252d |
| Monad | USDC | wstETH | 86% | $466.67K | $0.92 | 0.0% | 0.00% | 0.68% | $0.01 | 127d |
| Base | USDC | superOETHb | 77% | $465.37K | $410.76K | 88.3% | 3.13% | 3.55% | $14.6K | 363d |
| Ethereum | USDC | ftUSD | 86% | $449.64K | $408.95K | 91.0% | 10.00% | 11.05% | $45.2K | 77d |
| Monad | USDC | syzUSD | 92% | $446.8K | $355.83K | 79.6% | 6.41% | 8.11% | $28.85K | 168d |
| HyperEVM | USD₮0 | kHYPE | 77% | $440.64K | $367.68K | 83.4% | 6.46% | 7.79% | $28.63K | 390d |
| Ethereum | eUSD | WBTC | 86% | $440.25K | $397.41K | 90.3% | 3.25% | 3.60% | $14.32K | 783d |
| Ethereum | USDC | syzUSD | 92% | $432.33K | $388.7K | 89.9% | 2.67% | 2.98% | $11.56K | 245d |
| Base | EURC | WETH | 86% | $424.13K | $360.24K | 84.9% | 3.11% | 3.67% | $13.21K | 728d |
| Base | WETH | wstETH | 97% | $398.21K | $358K | 89.9% | 1.53% | 1.70% | $6.1K | 831d |
| Ethereum | lvlUSD | PT-slvlUSD-25SEP2025 | 92% | $397.9K | $397.9K | 100.0% | N/A | N/A | N/A | 484d |
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.