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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | sUSDe | MUX3LP-sUSDe-2 | 63% | $10.55K | $22.86 | 0.2% | 0.00% | 0.03% | $0.01 | 489d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-1 | 63% | $10.49K | $0 | 0.0% | 0.00% | 0.03% | N/A | 489d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-5 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 489d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-8 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 489d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-4 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 489d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-3 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 489d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-7 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 489d |
| Arbitrum | sUSDe | MUX3LP-sUSDe-6 | 63% | $10.48K | $0 | 0.0% | 0.00% | 0.03% | N/A | 489d |
| Arbitrum | USDC | VLT90 | 86% | $10.27K | $3.42K | 33.3% | 0.70% | 2.10% | $71.88 | 72d |
| Base | USDC | axlFIL | 39% | $10.26K | $0 | 0.0% | 0.00% | 1.78% | N/A | 139d |
| Ethereum | wARS | USDC | 77% | $10.15K | $9.15K | 90.2% | 19.14% | 21.42% | $1.96K | 43d |
| HyperEVM | USDC | hbUSDT | 92% | $10.08K | $9.08K | 90.1% | 18.75% | 21.02% | $1.91K | 336d |
| Ethereum | USDC | sPOL | 77% | $10K | $4.32K | 43.2% | 0.03% | 0.06% | $2.64 | 55d |
| Ethereum | USDT | wstETH | 86% | $10K | $9K | 90.0% | 0.59% | 0.66% | $59.21 | 868d |
| HyperEVM | USDH | WHYPE | 77% | $9.96K | $3.41K | 34.3% | 14.38% | 48.20% | $1.65K | 282d |
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.