Markets
1,649 active markets across 14 chains · $5.06B active loans · $296.61M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | USDC | HERMES | 98% | $12.49M | $12.49M | 100.0% | N/A | N/A | N/A | 177d |
| Base | USDC | HERMES | 98% | $12.49M | $12.49M | 100.0% | N/A | N/A | N/A | 177d |
| Ethereum | RLUSD | cbBTC | 86% | $12.43M | $11.19M | 90.0% | 3.33% | 3.70% | $414.2K | 188d |
| Base | USDC | cbETH | 77% | $11.92M | $10.44M | 87.6% | 4.10% | 4.69% | $489.96K | 272d |
| Ethereum | USDC | strUSD | 86% | $11.87M | $10.73M | 90.4% | 5.75% | 6.37% | $683.85K | 47d |
| Ethereum | USDC | reUSD | 92% | $11.52M | $10.52M | 91.3% | 8.35% | 9.18% | $965.58K | 401d |
| Tempo | pathUSD | cbBTC | 77% | $11.44M | $10.87M | 95.0% | 1.42% | 1.50% | $162.64K | 120d |
| Ethereum | msUSD | N/A | 0% | $11.25M | $0 | 0.0% | 0.00% | 0.00% | N/A | 659d |
| Ethereum | USDC | wstETH | 86% | $11.15M | $10.07M | 90.3% | 4.43% | 4.92% | $495.5K | 145d |
| Worldchain | WLD | N/A | 0% | $10.88M | $0 | 0.0% | 0.00% | 0.00% | N/A | 515d |
| Base | WETH | cbETH | 95% | $10.7M | $9.61M | 89.8% | 1.49% | 1.66% | $159.78K | 829d |
| HyperEVM | USDC | kHYPE | 63% | $10.63M | $8.93M | 84.0% | 5.78% | 6.92% | $618.43K | 361d |
| Ethereum | USDC | fxSAVE | 92% | $10.48M | $9.49M | 90.6% | 5.09% | 5.64% | $535.17K | 19d |
| Ethereum | USDC | PT-RLP-9APR2026 | 86% | $10.06M | $10.06M | 100.0% | N/A | N/A | N/A | 277d |
| Ethereum | USDC | OETH | 86% | $9.94M | $8.93M | 89.9% | 6.80% | 7.60% | $678.77K | 351d |
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.