Markets
1,649 active markets across 14 chains · $5.07B active loans · $288.86M 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 | EURC | N/A | 0% | $27.8K | $0 | 0.0% | 0.00% | 0.00% | N/A | 736d |
| Ethereum | WETH | ccmETH | 98% | $27.51K | $20.03K | 72.8% | 0.46% | 0.64% | $127.52 | 231d |
| Monad | AUSD | WETH | 86% | $27.27K | $14K | 51.4% | 0.77% | 1.50% | $210.63 | 291d |
| Ethereum | pmUSD | srRoyUSDC | 86% | $26.97K | $1.52 | 0.0% | 0.00% | 0.07% | $0 | 223d |
| Base | USDC | deSPXA | 77% | $26.77K | $23.08K | 86.2% | 4.13% | 4.81% | $1.11K | 159d |
| Monad | USDC | wstETH | 86% | $26.54K | $23.89K | 90.0% | 3.94% | 4.39% | $1.05K | 292d |
| Monad | AUSD | wstETH | 86% | $26.37K | $13.79K | 52.3% | 0.78% | 1.50% | $207.44 | 291d |
| Base | USDC | YFI | 77% | $26.05K | $21.43K | 82.3% | 6.62% | 8.11% | $1.74K | 219d |
| Ethereum | frxUSD | sUSG | 86% | $25.35K | $22.77K | 89.8% | 5.59% | 6.24% | $1.42K | 91d |
| Base | USDC | mBASIS | 86% | $25.08K | $19.46K | 77.6% | 5.44% | 7.06% | $1.37K | 663d |
| Base | USDC | stkWELL | 63% | $25.04K | $16.8K | 67.1% | 2.73% | 4.09% | $687.68 | 327d |
| HyperEVM | USD₮0 | hbUSDT | 92% | $24.72K | $17.82K | 72.1% | 10.08% | 14.25% | $2.54K | 411d |
| Ethereum | USDS | wstETH | 86% | $24.55K | $20.35K | 82.9% | 11.59% | 14.14% | $2.88K | 418d |
| Base | jEUR | wstETH | 86% | $24.04K | $10.96K | 45.6% | 2.51% | 5.58% | $612.04 | 702d |
| Ethereum | USDC | PT-wstUSR-1740182579 | 92% | $23.88K | $23.88K | 100.0% | N/A | N/A | N/A | 613d |
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.