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 | frxUSD | stakedao-frxUsDOLA | 92% | $250.41K | $225.41K | 90.0% | 3.21% | 3.57% | $8.04K | 88d |
| Arbitrum | USDT0 | wsrUSD | 92% | $242.91K | $234.17K | 96.4% | 9.31% | 9.67% | $22.65K | 248d |
| Ethereum | USDT | sUSDe | 92% | $236.54K | $214.96K | 90.9% | 4.03% | 4.45% | $9.56K | 909d |
| Ethereum | WETH | WBTC | 92% | $224.68K | $204.46K | 91.0% | 1.12% | 1.23% | $2.52K | 894d |
| Ethereum | EURCV | LBTC | 86% | $220.55K | $172.41K | 78.2% | 7.82% | 10.11% | $17.43K | 329d |
| HyperEVM | WHYPE | wstHYPE | 86% | $218.96K | $196.9K | 89.9% | 0.43% | 0.48% | $950.88 | 446d |
| Base | VCHF | cbETH | 77% | $217.92K | $182.65K | 83.8% | 0.08% | 0.09% | $173.32 | 356d |
| Ethereum | USDC | PT-srUSDat-14JAN2027 | 92% | $217.32K | $0 | 0.0% | 0.00% | 0.82% | $0 | 19d |
| Ethereum | DAI | N/A | 0% | $216.7K | $0 | 0.0% | 0.00% | 0.00% | N/A | 907d |
| Base | USDC | kk | 95% | $215.86K | $215.86K | 100.0% | N/A | N/A | N/A | 95d |
| Ethereum | wUSDL | cbBTC | 86% | $214.19K | $214.19K | 100.0% | N/A | N/A | N/A | 642d |
| HyperEVM | USD₮0 | UBTC | 86% | $205.38K | $147.19K | 71.7% | 5.21% | 7.35% | $10.82K | 369d |
| Base | EURC | cbETH | 86% | $203.53K | $171.85K | 84.4% | 3.16% | 3.75% | $6.45K | 729d |
| Base | USDC | RSS | 92% | $200.05K | $200.05K | 100.0% | 17.85% | 17.85% | $35.7K | 46d |
| Base | jEUR | PT-sjEUR(jEURx)-2026/10/13 | 86% | $197.44K | $184.17K | 93.3% | 3.89% | 4.18% | $7.69K | 50d |
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.