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 | uniBTC | 77% | $396.86K | $333.27K | 84.0% | 6.15% | 7.37% | $24.55K | 218d |
| Ethereum | frxUSD | stakedao-frxsUSDS | 92% | $396.64K | $358.22K | 90.3% | 2.73% | 3.03% | $10.84K | 84d |
| Base | jEUR | N/A | 0% | $390.92K | $0 | 0.0% | 0.00% | 0.00% | N/A | 705d |
| Ethereum | USDC | StockMarketTRBasisTrade | 86% | $387.96K | $352.5K | 90.9% | 11.19% | 12.38% | $43.63K | 84d |
| Stable | USDT0 | sthUSD | 77% | $377.34K | $349.03K | 92.5% | 1.68% | 1.82% | $6.34K | 120d |
| Katana | vbUSDT | vbWBTC | 86% | $370.73K | $348.49K | 94.0% | 6.23% | 6.64% | $23.14K | 441d |
| Base | cbBTC | RSS | 77% | $362.89K | $362.89K | 100.0% | 17.56% | 17.56% | $63.71K | 49d |
| Base | USDC | yoUSD | 92% | $362.37K | $313.36K | 86.5% | 4.57% | 5.30% | $16.62K | 392d |
| HyperEVM | WHYPE | beHYPE | 86% | $360.15K | $323.84K | 89.9% | 0.30% | 0.34% | $1.1K | 367d |
| Robinhood Chain | USDG | wsNET | 63% | $358.19K | $347.54K | 97.0% | 58.80% | 61.07% | $212.23K | 48d |
| Monad | USDC | cbBTC | 77% | $347.96K | $337.52K | 97.0% | 7.40% | 7.64% | $25.78K | 180d |
| Base | cbBTC | LBTC | 95% | $346.69K | $321K | 92.6% | 0.17% | 0.18% | $581.69 | 658d |
| Base | WETH | cbBTC | 92% | $343.76K | $310.4K | 90.3% | 1.60% | 1.78% | $5.51K | 735d |
| Ethereum | USDC | YFI | 77% | $341.8K | $304.49K | 89.1% | 8.31% | 9.37% | $28.54K | 351d |
| Ethereum | WETH | LsETH | 86% | $341.37K | $250.97K | 73.5% | 0.93% | 1.27% | $3.18K | 97d |
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.