Markets
1,275 active markets across 12 chains · $3.44B active loans · $161.6M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | USDC | HERMES | 98% | $4.02M | $4.02M | 100.0% | N/A | N/A | N/A | 87d |
| Ethereum | RLUSD | WBTC | 86% | $3.99M | $3.68M | 92.4% | 2.80% | 3.04% | $111.8K | 41d |
| Katana | vbUSDC | vbETH | 86% | $3.98M | $3.58M | 90.0% | 4.37% | 4.87% | $174.54K | 352d |
| Ethereum | AUSD | sUSDS | 95% | $3.93M | $3.55M | 90.3% | 3.47% | 3.84% | $136.58K | 140d |
| Base | msETH | wsuperOETHb | 95% | $3.86M | $3.47M | 90.0% | 2.36% | 2.63% | $91.26K | 593d |
| Ethereum | USDC | cbBTC | 86% | $3.7M | $3.32M | 89.7% | 2.51% | 2.80% | $92.89K | 351d |
| HyperEVM | USD₮0 | WHYPE | 63% | $3.68M | $3.46M | 94.0% | 15.87% | 16.96% | $586.29K | 397d |
| Ethereum | USDC | WETH | 86% | $3.65M | $3.25M | 89.1% | 3.68% | 4.15% | $134.74K | 128d |
| Ethereum | USDC | upUSDC | 92% | $3.6M | $3.18M | 88.3% | 5.37% | 6.11% | $194.28K | 352d |
| Ethereum | USDC | USD3 | 92% | $3.28M | $2.54M | 77.3% | 2.27% | 2.94% | $74.69K | 203d |
| Ethereum | USDS | wstETH | 86% | $3.24M | $2.95M | 91.0% | 2.72% | 2.99% | $88.19K | 118d |
| Ethereum | USDT | XAUt | 77% | $3.22M | $2.88M | 89.3% | 4.55% | 5.11% | $147.1K | 499d |
| Ethereum | USDS | cbBTC | 86% | $3.22M | $2.92M | 90.8% | 2.04% | 2.25% | $65.82K | 118d |
| Ethereum | EURC | WBTC | 86% | $3.21M | $3.2M | 99.7% | 1.77% | 1.77% | $56.78K | 342d |
| Monad | cbBTC | mHyperBTC | 77% | $3.21M | $2.71M | 84.4% | 1.40% | 1.66% | $44.9K | 84d |
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.