Markets
1,655 active markets across 14 chains · $5.07B active loans · $281.52M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| HyperEVM | USDHL | UBTC | 77% | $832.42 | $832.42 | 100.0% | 6.01% | 6.01% | $50.05 | 457d |
| Arbitrum | WETH | weETH | 95% | $812.68 | $728.92 | 89.7% | 0.09% | 0.10% | $0.73 | 421d |
| HyperEVM | USD₮0 | PT-hbUSDT-18DEC2025 | 86% | $802.42 | $802.42 | 100.0% | N/A | N/A | N/A | 391d |
| Monad | USDC | YZM | 92% | $801.22 | $734.71 | 91.7% | 9.85% | 10.79% | $79.26 | 58d |
| Polygon | USDC | 77% | $796.39 | $0 | 0.0% | 0.00% | 0.03% | N/A | 265d | |
| Katana | vbUSDT | LBTC | 86% | $794.06 | $0.2 | 0.0% | 0.00% | 3.82% | $0.01 | 437d |
| Ethereum | frxUSD | stakedao-FrxMsUSD | 95% | $788.83 | $0.93 | 0.1% | 0.00% | 0.07% | $0 | 203d |
| Ethereum | USDC | srNUSD | 92% | $779.62 | $779.61 | 100.0% | N/A | N/A | N/A | 208d |
| Ethereum | USDC | PT-slvlUSD-25SEP2025 | 92% | $762.35 | $562.35 | 73.8% | 7.17% | 9.89% | $55.59 | 490d |
| Polygon | BRZ | sfrxUSD | 86% | $761.9 | $685.86 | 90.0% | 3.56% | 3.96% | $27.17 | 49d |
| HyperEVM | USH | hwHLP | 86% | $761.48 | $596.12 | 78.3% | 0.14% | 0.18% | $1.1 | 407d |
| Arbitrum | USDC | GVLT | 63% | $755.78 | $755.78 | 100.0% | N/A | N/A | N/A | 171d |
| Polygon | WETH | wstETH | 92% | $754.36 | $691.29 | 91.6% | 1.91% | 2.09% | $14.45 | 568d |
| Tempo | pathUSD | siUSD | 92% | $745.92 | $0.1 | 0.0% | 0.00% | 0.03% | $0 | 128d |
| Ethereum | rUSD | srUSD | 98% | $743.48 | $743.48 | 100.0% | N/A | N/A | N/A | 676d |
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.