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 | FUSD | 77% | $1.3M | $1.3M | 100.0% | N/A | N/A | N/A | 98d |
| Ethereum | USDC | nvPRIME | 86% | $1.29M | $1.2M | 93.1% | 7.74% | 8.34% | $100.07K | 34d |
| Arbitrum | USDC | wstETH | 86% | $1.27M | $1.13M | 88.7% | 3.76% | 4.25% | $47.94K | 419d |
| HyperEVM | WHYPE | lstHYPE | 92% | $1.26M | $1.15M | 90.9% | 5.57% | 6.14% | $70.49K | 319d |
| Base | EURC | wstETH | 86% | $1.26M | $1.06M | 84.4% | 3.18% | 3.78% | $40.15K | 728d |
| Base | USDC | HERMES | 98% | $1.25M | $1.25M | 100.0% | N/A | N/A | N/A | 177d |
| Worldchain | WETH | ezETH | 95% | $1.25M | $1.12M | 89.5% | 0.11% | 0.13% | $1.42K | 497d |
| Ethereum | USDT | weETH | 86% | $1.23M | $1.11M | 90.3% | 3.35% | 3.72% | $41.34K | 259d |
| HyperEVM | USDC | wstHYPE | 77% | $1.21M | $1.03M | 85.3% | 5.88% | 6.92% | $71.28K | 281d |
| Ethereum | USDT | weETH | 86% | $1.18M | $1.07M | 90.3% | 3.48% | 3.86% | $41.17K | 40d |
| HyperEVM | USD₮0 | UBTC | 77% | $1.18M | $1M | 84.8% | 6.58% | 7.80% | $78.04K | 487d |
| Ethereum | USDC | weETH | 77% | $1.15M | $1.05M | 91.2% | 4.59% | 5.05% | $52.96K | 127d |
| Worldchain | USDC | N/A | 0% | $1.14M | $0 | 0.0% | 0.00% | 0.00% | N/A | 523d |
| Ethereum | USDC | WBTC | 86% | $1.14M | $1.03M | 90.3% | 4.43% | 4.92% | $50.68K | 141d |
| Monad | USDC | aHyperBTC | 77% | $1.14M | $1.06M | 93.3% | 5.50% | 5.91% | $62.65K | 34d |
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.