Markets
1,272 active markets across 12 chains · $3.43B active loans · $163.16M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-06-10
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: 1,777 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 | WETH | wstETH | 97% | $67.54M | $60.66M | 89.8% | 1.68% | 1.87% | $1.13M | 818d |
| Ethereum | PYUSD | kBTC | 86% | $67.46M | $57.39M | 85.1% | 0.43% | 0.50% | $287.72K | 54d |
| Ethereum | USDT | WBTC | 86% | $59.9M | $52.33M | 87.4% | 3.77% | 4.32% | $2.26M | 861d |
| Ethereum | WBTC | N/A | 0% | $50.42M | $0 | 0.0% | 0.00% | 0.00% | N/A | 821d |
| Ethereum | USDC | AA_FalconXUSDC | 77% | $49.94M | $45.03M | 90.2% | 5.46% | 6.08% | $2.74M | 341d |
| Ethereum | PYUSD | weETH | 86% | $49.24M | $44.43M | 90.2% | 2.70% | 3.00% | $1.33M | 98d |
| Ethereum | RLUSD | weETH | 86% | $42.11M | $38.18M | 90.7% | 2.90% | 3.20% | $1.22M | 97d |
| Ethereum | PYUSD | sUSDe | 92% | $41.83M | $37.69M | 90.1% | 2.79% | 3.10% | $1.17M | 178d |
| Ethereum | RLUSD | syrupUSDC | 92% | $40.93M | $36.8M | 89.9% | 3.50% | 3.90% | $1.44M | 97d |
| Ethereum | PYUSD | LBTC | 86% | $39.82M | $35.99M | 90.4% | 2.89% | 3.20% | $1.15M | 98d |
| Arbitrum | USDC | xUSD | 92% | $38.71M | $38.71M | 100.0% | N/A | N/A | N/A | 268d |
| HyperEVM | USDC | WHYPE | 77% | $37.25M | $34.16M | 91.7% | 11.26% | 12.34% | $4.21M | 191d |
| Ethereum | USDC | wsrUSD | 95% | $35.35M | $30.54M | 86.4% | 3.84% | 4.46% | $1.36M | 153d |
| Ethereum | USDC | wstETH | 86% | $34.26M | $30.25M | 88.3% | 3.63% | 4.12% | $1.25M | 889d |
| Ethereum | USDC | msY | 86% | $32.2M | $27.02M | 83.9% | 10.09% | 12.14% | $3.28M | 58d |
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 10, 2026 from /markets.