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 | mHYPER | 77% | $339.22K | $269.13K | 79.3% | 4.97% | 6.30% | $16.95K | 219d |
| Unichain | WETH | N/A | 0% | $335.97K | $0 | 0.0% | 0.00% | 0.00% | N/A | 476d |
| Ethereum | USDT | WETH | 86% | $316.53K | $287.78K | 90.9% | 4.05% | 4.46% | $12.83K | 145d |
| Ethereum | wstETH | N/A | 0% | $309.53K | $0 | 0.0% | 0.00% | 0.00% | N/A | 617d |
| Ethereum | EURCV | eurSAFO | 95% | $305.91K | $275.92K | 90.2% | 1.59% | 1.77% | $4.88K | 66d |
| Base | WETH | wsuperOETHb | 92% | $300.45K | $243.12K | 80.9% | 1.54% | 1.91% | $4.65K | 742d |
| Base | USDC | RLP | 86% | $299.04K | $299.04K | 100.0% | N/A | N/A | N/A | 565d |
| Ethereum | USD0 | MC-USR | 92% | $292.51K | $292.51K | 100.0% | N/A | N/A | N/A | 543d |
| HyperEVM | USDe | UBTC | 77% | $281.36K | $252.33K | 89.7% | 8.06% | 9.03% | $22.79K | 487d |
| Katana | KAT | avKAT | 77% | $275.63K | $253.96K | 92.1% | 3.40% | 3.69% | $9.38K | 166d |
| Katana | vbUSDT | FXRP | 77% | $273.35K | $254.65K | 93.2% | 6.23% | 6.71% | $17.08K | 21d |
| Ethereum | USDC | mAPOLLO | 86% | $272.24K | $251.14K | 92.3% | 5.66% | 6.14% | $15.43K | 370d |
| Ethereum | frxUSD | stakedao-frxsUSDS | 95% | $264.51K | $219.93K | 83.1% | 2.08% | 2.51% | $5.52K | 118d |
| Polygon | WETH | N/A | 0% | $257.73K | $0 | 0.0% | 0.00% | 0.00% | N/A | 567d |
| Base | USDC | AERO | 63% | $251.65K | $217.01K | 86.2% | 4.16% | 4.84% | $10.51K | 825d |
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.