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 | USDC | sUSDe | 92% | $9.54K | $5.22K | 54.7% | 0.15% | 0.27% | $14.34 | 660d |
| Base | USDC | weETH | 77% | $9.28K | $5.23K | 56.4% | 9.32% | 17.12% | $895.95 | 779d |
| Base | XSGD | WETH | 86% | $9.05K | $9.05K | 100.0% | 2.85% | 2.85% | $257.94 | 295d |
| Ethereum | USDC | PT-cUSD-29JAN2026 | 92% | $8.98K | $7.82K | 87.1% | 10.05% | 11.63% | $909.43 | 370d |
| Ethereum | USDf | sUSDf | 97% | $8.67K | $8.11K | 93.5% | 1.56% | 1.67% | $135.58 | 471d |
| HyperEVM | USD₮0 | N/A | 0% | $8.66K | $0 | 0.0% | 0.00% | 0.00% | N/A | 489d |
| HyperEVM | USDC | PT-kHYPE-19MAR2026 | 63% | $8.61K | $5.47K | 63.5% | 0.06% | 0.10% | $5.59 | 298d |
| Unichain | USDT0 | WETH | 86% | $8.47K | $4.37 | 0.1% | 0.00% | 0.55% | $0.02 | 476d |
| HyperEVM | USR | hbUSDT | 92% | $8.47K | $8.47K | 100.0% | N/A | N/A | N/A | 415d |
| HyperEVM | USDe | WHYPE | 77% | $8.25K | $7.73K | 93.6% | 46.22% | 50.09% | $3.87K | 490d |
| Base | USDC | cbETH | 86% | $8.19K | $0.07 | 0.0% | 0.00% | 0.03% | $0 | 779d |
| Ethereum | wARS | USDT | 77% | $8.16K | $7.4K | 90.7% | 23.42% | 26.10% | $1.93K | 43d |
| HyperEVM | USR | RLP | 86% | $7.95K | $7.95K | 100.0% | N/A | N/A | N/A | 408d |
| Base | DIEM | wstDIEM | 86% | $7.89K | $3.29K | 41.7% | 0.03% | 0.08% | $2.56 | 91d |
| Monad | USDC | FUSDLP | 92% | $7.82K | $7.05K | 90.2% | 3.05% | 3.39% | $238.86 | 149d |
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.