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 | AUSD | vbWBTC | 86% | $3.62K | $3.52K | 97.3% | N/A | N/A | N/A | 440d |
| Ethereum | USDC | GOLDX | 63% | $3.55K | $3.07K | 86.3% | 7.29% | 8.51% | $260.85 | 88d |
| Base | cdxUSD | mBASIS | 86% | $3.51K | $0 | 0.0% | 0.00% | 0.03% | $0 | 631d |
| Ethereum | USDC | CTOKEN1 | 86% | $3.31K | $2.54K | 76.6% | 1.18% | 1.54% | $39.16 | 112d |
| Robinhood Chain | WETH | SPY | 39% | $3.29K | $0 | 0.0% | 0.00% | 0.12% | N/A | 17d |
| Base | eUSD | cbETH | 86% | $3.28K | $0.06 | 0.0% | 0.00% | 1.93% | $0 | 795d |
| Ethereum | USDC | cbBTC | 86% | $3.26K | $0 | 0.0% | 0.00% | 0.03% | $0 | 717d |
| Ethereum | AUSD | SPYx | 86% | $3.23K | $2.83K | 87.5% | 15.47% | 17.86% | $505.23 | 177d |
| Base | USDC | WMTX | 77% | $3.21K | $2.44K | 75.8% | 6.34% | 8.45% | $205.84 | 359d |
| Ethereum | WETH | pufETH | 86% | $3.09K | $1.91K | 61.8% | 18.47% | 31.56% | $602.13 | 853d |
| Ethereum | AUSD | N/A | 0% | $3.07K | $0 | 0.0% | 0.00% | 0.00% | N/A | 748d |
| Base | DEGEN | N/A | 0% | $3.01K | $0 | 0.0% | 0.00% | 0.00% | N/A | 784d |
| Katana | vbUSDC | siUSD | 86% | $3K | $2.41K | 80.3% | 4.55% | 5.70% | $137.31 | 165d |
| Base | USDC | ozWTI | 63% | $3K | $0 | 0.0% | 0.00% | 0.03% | N/A | 116d |
| Ethereum | WETH | hETH | 95% | $3K | $0 | 0.0% | 0.00% | 0.03% | N/A | 649d |
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.