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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | USDC | syrupUSDC | 92% | $47.38K | $39.13K | 82.6% | 2.53% | 3.07% | $1.2K | 393d |
| HyperEVM | UETH | cmETH | 92% | $47.13K | $40.86K | 86.7% | 0.16% | 0.18% | $75.22 | 473d |
| Robinhood Chain | USDG | PONS | 39% | $46.84K | $46.84K | 100.0% | 10.11% | 10.11% | $4.74K | 29d |
| Base | eUSD | N/A | 0% | $46.56K | $0 | 0.0% | 0.00% | 0.00% | N/A | 794d |
| Base | USDC | LBTC | 86% | $46.55K | $40.48K | 86.9% | 4.15% | 4.79% | $1.94K | 635d |
| Ethereum | USDC | BAL | 63% | $45.84K | $41.26K | 90.0% | 4.49% | 5.00% | $2.06K | 229d |
| Arbitrum | USDT0 | syrupUSDC | 92% | $45.83K | $41.43K | 90.4% | 3.44% | 3.81% | $1.58K | 260d |
| Ethereum | USDC | PT-reUSD-18DEC2025 | 92% | $45.67K | $0.51 | 0.0% | 0.00% | 0.03% | $0 | 326d |
| Ethereum | USDC | mHYPER | 86% | $45.65K | $40.3K | 88.3% | 6.03% | 6.86% | $2.76K | 415d |
| Ethereum | AUSD | wSPYx | 86% | $45.61K | $45.61K | 100.0% | 31.14% | 31.14% | $14.2K | 146d |
| Katana | vbUSDC | LBTC | 86% | $45.44K | $6.56K | 14.4% | 0.11% | 0.75% | $49.29 | 432d |
| Base | VCHF | WETH | 77% | $45.44K | $0 | 0.0% | 0.00% | 0.03% | $0 | 357d |
| Ethereum | tGBP | WETH | 86% | $45.27K | $40.75K | 90.0% | 1.00% | 1.11% | $452.73 | 145d |
| Unichain | USDC | WBTC | 86% | $44.68K | $32.73K | 73.2% | 6.65% | 9.18% | $3.01K | 476d |
| Ethereum | USDC | Ultra_USD | 92% | $44.07K | $40.38K | 91.6% | 8.65% | 9.48% | $3.83K | 78d |
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.