Markets
1,649 active markets across 14 chains · $5.07B active loans · $290.17M 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 | jEUR | cbBTC | 86% | $56.2K | $53.04K | 94.4% | 3.98% | 4.23% | $2.24K | 669d |
| Ethereum | EURC | cbBTC | 86% | $56.18K | $47.92K | 85.3% | 2.29% | 2.69% | $1.29K | 145d |
| Ethereum | USR | N/A | 0% | $55.78K | $0 | 0.0% | 0.00% | 0.00% | N/A | 594d |
| OP Mainnet | USDC | sUSDC | 95% | $55.64K | $49.46K | 88.9% | 4.03% | 4.55% | $2.25K | 295d |
| Ethereum | WETH | pufETH | 95% | $55.51K | $49.88K | 89.8% | 6.58% | 7.35% | $3.66K | 544d |
| Ethereum | AUSD | sUSDS | 95% | $55.45K | $51.87K | 93.5% | 16.08% | 17.28% | $8.96K | 231d |
| HyperEVM | USDC | PT-kHYPE-24SEP2026 | 77% | $55.31K | $55.31K | 100.0% | 11.05% | 11.05% | $6.11K | 96d |
| HyperEVM | USD₮0 | wstHYPE | 63% | $53.95K | $47.82K | 88.6% | 2.13% | 2.40% | $1.15K | 432d |
| HyperEVM | WHYPE | wstHYPE | 92% | $53.27K | $48.19K | 90.5% | 6.34% | 7.04% | $3.39K | 499d |
| Polygon | USDC | WETH | 86% | $51.74K | $46.71K | 90.3% | 10.55% | 11.75% | $5.49K | 566d |
| Monad | USDC | WBTC | 86% | $50.5K | $46.65K | 92.4% | 6.22% | 6.75% | $3.15K | 292d |
| Katana | vbUSDT | weETH | 77% | $49.99K | $11.61K | 23.2% | 0.09% | 0.37% | $42.77 | 397d |
| Ethereum | msUSD | sUSDe | 92% | $49.64K | $45.17K | 91.0% | 4.78% | 5.26% | $2.38K | 655d |
| Ethereum | DAI | PT-USDe-31JUL2025 | 92% | $49.13K | $44.42K | 90.4% | 3.15% | 3.49% | $1.55K | 546d |
| Unichain | USDC | WETH | 86% | $48.64K | $37.47K | 77.0% | 4.76% | 6.22% | $2.33K | 475d |
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.