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· |
|---|---|---|---|---|---|---|---|---|---|---|
| HyperEVM | USD₮0 | thBILL | 86% | $23.58K | $15.84K | 67.2% | 11.30% | 17.28% | $2.74K | 385d |
| Base | USDC | eqBLOCK-SLOBR12 | 63% | $23.32K | $21.02K | 90.2% | 10.54% | 11.75% | $2.47K | 166d |
| Arbitrum | sUSDe | N/A | 0% | $22.92K | $0 | 0.0% | 0.00% | 0.00% | N/A | 408d |
| Ethereum | USDC | kBTC | 86% | $22.75K | $22.09K | 97.1% | 4.53% | 4.67% | $1.03K | 86d |
| Ethereum | eUSD | N/A | 0% | $22.69K | $0 | 0.0% | 0.00% | 0.00% | N/A | 783d |
| Monad | USDC | cbBTC | 77% | $22.32K | $21.65K | 97.0% | 7.74% | 7.99% | $1.73K | 180d |
| Katana | vbETH | yvvbUSDC | 77% | $22.21K | $19.99K | 90.0% | 0.22% | 0.24% | $48.34 | 274d |
| Arbitrum | USDT0 | XAUt0 | 77% | $21.93K | $19.84K | 90.5% | 3.45% | 3.82% | $757.27 | 243d |
| Unichain | WETH | weETH | 95% | $21.77K | $20.57K | 94.5% | 1.24% | 1.31% | $269.23 | 476d |
| Robinhood Chain | USDG | SPY | 63% | $21.74K | $555.11 | 2.6% | 0.00% | 0.03% | $0.18 | 46d |
| Base | msETH | wsuperOETHb | 95% | $21.66K | $19.38K | 89.5% | 2.26% | 2.53% | $489.29 | 684d |
| Ethereum | USDT | PT-cUSD-23JUL2026 | 92% | $21.47K | $17.95K | 83.6% | 12.69% | 15.36% | $2.76K | 226d |
| Arbitrum | USDT0 | N/A | 0% | $21.3K | $0 | 0.0% | 0.00% | 0.00% | N/A | 420d |
| Ethereum | frxUSD | stakedao-crvfrxUSD | 95% | $21.2K | $21.2K | 100.0% | 24.15% | 24.15% | $5.12K | 203d |
| Ethereum | USDT | WETH | 92% | $20.79K | $10.42K | 50.1% | 0.09% | 0.19% | $19.28 | 952d |
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.