Markets
1,655 active markets across 14 chains · $5.07B active loans · $291.04M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-10
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: 2,145 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Katana | vbWBTC | yvvbUSDT | 77% | $5.44K | $0.49 | 0.0% | 0.00% | 0.03% | $0 | 272d |
| HyperEVM | USDHL | hwHLP | 77% | $5.41K | $3.27K | 60.4% | 10.86% | 18.61% | $608.02 | 428d |
| Ethereum | WETH | ETH0 | 95% | $5.39K | $136.11 | 2.5% | 0.00% | 0.07% | $0.1 | 455d |
| Ethereum | USDC | PT-USDat-27AUG2026 | 92% | $5.33K | $5.27K | 98.9% | 18.00% | 18.22% | $960.07 | 117d |
| Base | USDC | TOSHI | 77% | $5.12K | $3.75K | 73.2% | 8.15% | 11.30% | $423.69 | 393d |
| Ethereum | USDS | WETH | 86% | $5.11K | $3.42K | 66.9% | 9.66% | 14.78% | $505.76 | 209d |
| Monad | mUSD | WETH | 86% | $5.03K | $4.65K | 92.3% | 7.56% | 8.21% | $381.64 | 131d |
| Katana | vbUSDC | BTC.b | 77% | $5.02K | $0.15 | 0.0% | 0.00% | 0.03% | $0 | 437d |
| Ethereum | USDC | SYRUP | 63% | $4.93K | $4.47K | 90.7% | 5.43% | 6.00% | $268.03 | 230d |
| HyperEVM | USDHL | kHYPE | 63% | $4.83K | $3.99K | 82.6% | 4.93% | 6.00% | $239.41 | 421d |
| HyperEVM | USD₮0 | PT-kHYPE-13NOV2025 | 63% | $4.79K | $2.08 | 0.0% | 0.00% | 0.03% | $0 | 404d |
| HyperEVM | USD₮0 | WHYPE | 77% | $4.73K | $3.57K | 75.4% | 4.11% | 5.49% | $195.83 | 489d |
| Arbitrum | USDC | GLV [WBTC-USDC] | 77% | $4.63K | $4.1K | 88.6% | 6.93% | 7.85% | $322.11 | 336d |
| Ethereum | WETH | ETH+ | 95% | $4.55K | $2.08K | 45.6% | 0.14% | 0.32% | $6.58 | 723d |
| Base | WETH | wrsETH | 95% | $4.43K | $4.43K | 100.0% | 13.16% | 13.16% | $583.59 | 700d |
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 10, 2026 from /markets.