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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | USDT | PT-stcUSD-23JUL2026 | 92% | $2.04K | $1.04 | 0.1% | 0.00% | 0.20% | $0 | 226d |
| Base | USDC | PT-USR-25SEP2025 | 92% | $2.02K | $2K | 98.7% | N/A | N/A | N/A | 513d |
| HyperEVM | USD₮0 | PT-kHYPE-24SEP2026 | 77% | $2.01K | $2.01K | 100.0% | 6.56% | 6.56% | $131.66 | 97d |
| Robinhood Chain | USDG | PONS | 39% | $2K | $0 | 0.0% | 0.00% | 0.81% | N/A | 3d |
| Base | USDC | HOME | 97% | $2K | $0 | 0.0% | 0.00% | 0.03% | N/A | 29d |
| Katana | vbUSDT | N/A | 0% | $2K | $0 | 0.0% | 0.00% | 0.00% | N/A | 442d |
| Tempo | pathUSD | wsrUSD | 92% | $1.99K | $0.09 | 0.0% | 0.00% | 0.04% | $0 | 126d |
| Ethereum | USDT | stUSD | 95% | $1.99K | $0 | 0.0% | 0.00% | 0.03% | N/A | 764d |
| Worldchain | wARS | USDC | 77% | $1.96K | $1.24K | 63.3% | 3.65% | 5.83% | $72.28 | 274d |
| Katana | vbUSDC | yvAUSD | 86% | $1.9K | $1.67K | 87.8% | 5.98% | 6.83% | $113.94 | 344d |
| HyperEVM | USD₮0 | WHLP | 77% | $1.87K | $1.87K | 100.0% | 57.71% | 57.71% | $1.08K | 420d |
| Tempo | pathUSD | sUSDe | 92% | $1.86K | $0.1 | 0.0% | 0.00% | 0.04% | $0 | 128d |
| HyperEVM | WHYPE | N/A | 0% | $1.86K | $0 | 0.0% | 0.00% | 0.00% | N/A | 502d |
| Katana | vbUSDC | weETH | 86% | $1.8K | $0.01 | 0.0% | 0.00% | 0.03% | $0 | 107d |
| Base | jEUR | stEUR | 95% | $1.71K | $1.61K | 94.0% | N/A | N/A | N/A | 665d |
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.