Markets
1,275 active markets across 12 chains · $3.44B active loans · $165.93M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-06-11
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: 1,780 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Worldchain | USDC | sdeUSD | 92% | $7.33M | $7.33M | 100.0% | N/A | N/A | N/A | 247d |
| Ethereum | USDC | RLP | 86% | $7.08M | $7.08M | 100.0% | N/A | N/A | N/A | 526d |
| Arbitrum | USDC | PT-USDai-18JUN2026 | 92% | $6.94M | $6.35M | 91.6% | 6.52% | 7.15% | $453.75K | 118d |
| Ethereum | USDC | weETH | 77% | $6.75M | $6.01M | 89.1% | 4.22% | 4.74% | $285.26K | 37d |
| Ethereum | USDT | wsrUSD | 95% | $6.67M | $5.39M | 80.8% | 3.52% | 4.38% | $235.8K | 384d |
| Base | EURC | cbBTC | 86% | $5.89M | $5.28M | 89.6% | 0.90% | 1.00% | $52.78K | 633d |
| Ethereum | EURCV | WBTC | 86% | $5.88M | $5.29M | 90.0% | 0.80% | 0.89% | $47.3K | 254d |
| Ethereum | USDC | sUSN | 86% | $5.77M | $5.15M | 89.3% | 7.81% | 8.78% | $452.65K | 162d |
| Ethereum | PYUSD | cbBTC | 86% | $5.7M | $5.13M | 90.0% | 2.67% | 2.97% | $152.51K | 178d |
| Ethereum | USDC | apyUSD | 86% | $5.63M | $4.69M | 83.3% | 1.53% | 1.84% | $86.21K | 80d |
| Arbitrum | USDC | wstETH | 86% | $5.6M | $4.8M | 85.8% | 3.27% | 3.83% | $183.77K | 329d |
| HyperEVM | USD₮0 | kHYPE | 63% | $5.47M | $5.41M | 98.9% | 29.13% | 29.50% | $1.6M | 330d |
| Worldchain | USDC | N/A | 0% | $5.23M | $0 | 0.0% | 0.00% | 0.00% | N/A | 433d |
| Ethereum | USDC | USP | 86% | $5.12M | $4.66M | 91.0% | 10.38% | 11.46% | $534.6K | 108d |
| Ethereum | USDC | msY | 92% | $5.01M | $2.39M | 47.6% | 2.32% | 4.94% | $117.93K | 15d |
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 June 11, 2026 from /markets.