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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | USDS | wstETH | 86% | $1.61M | $1.32M | 81.6% | 2.87% | 3.53% | $46.47K | 208d |
| Ethereum | USDC | sUSN | 86% | $1.61M | $1.45M | 90.1% | 8.37% | 9.33% | $135.25K | 252d |
| Monad | AUSD | naccUSDC | 86% | $1.58M | $1.37M | 86.6% | 6.68% | 7.75% | $106.31K | 54d |
| Arbitrum | USDC | weETH | 86% | $1.57M | $1.42M | 90.1% | 3.83% | 4.26% | $60.3K | 419d |
| Worldchain | USDC | WLD | 77% | $1.57M | $1.42M | 90.5% | 4.65% | 5.15% | $73.2K | 515d |
| HyperEVM | USDC | WHYPE | 63% | $1.53M | $1.3M | 85.4% | 5.82% | 6.85% | $89.42K | 361d |
| Ethereum | RLUSD | wstETH | 86% | $1.52M | $1.37M | 90.2% | 3.47% | 3.85% | $52.78K | 188d |
| Ethereum | USDC | weETH | 86% | $1.48M | $1.33M | 90.2% | 4.27% | 4.74% | $63.11K | 715d |
| Ethereum | DAI | sUSDe | 86% | $1.4M | $1.28M | 91.5% | 7.14% | 7.83% | $100.42K | 908d |
| Arbitrum | USDC | RLP | 86% | $1.37M | $1.37M | 100.0% | N/A | N/A | N/A | 291d |
| Ethereum | USDC | PT-strUSD-26NOV2026 | 86% | $1.34M | $1.22M | 90.7% | 5.74% | 6.35% | $77.16K | 40d |
| Base | USDC | RSS | 77% | $1.33M | $1.33M | 100.0% | N/A | N/A | N/A | 57d |
| Base | WETH | weETH | 95% | $1.32M | $1.2M | 90.4% | 1.69% | 1.88% | $22.42K | 484d |
| Base | USDC | PT-USDai-18JUN2026-(ARB) | 92% | $1.32M | $1.22M | 92.2% | 8.36% | 9.10% | $110.91K | 197d |
| Ethereum | WBTC | SolvBTC | 95% | $1.3M | $1.18M | 90.5% | 0.11% | 0.12% | $1.46K | 391d |
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.