Markets
1,649 active markets across 14 chains · $5.05B active loans · $286.8M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-08
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% | $122.04M | $122.04M | 100.0% | N/A | N/A | N/A | 177d |
| Arbitrum | USDC | xUSD | 92% | $111M | $111M | 100.0% | N/A | N/A | N/A | 358d |
| Ethereum | USDT | wstETH | 86% | $109.46M | $99.16M | 90.6% | 3.59% | 3.98% | $3.94M | 951d |
| Ethereum | RLUSD | weETH | 86% | $106.6M | $96.25M | 90.3% | 3.81% | 4.23% | $4.07M | 187d |
| Ethereum | USDC | msY | 86% | $97.45M | $97.45M | 100.0% | N/A | N/A | N/A | 148d |
| Robinhood Chain | USDG | syrupUSDG | 92% | $96.22M | $86.63M | 90.0% | 3.63% | 4.04% | $3.5M | 92d |
| Ethereum | WETH | wstETH | 97% | $92.53M | $80.95M | 87.5% | 1.68% | 1.92% | $1.56M | 908d |
| Base | USDC | WETH | 86% | $89.95M | $80.91M | 89.9% | 4.31% | 4.80% | $3.88M | 822d |
| Ethereum | PYUSD | sUSDe | 92% | $88.79M | $81.67M | 92.0% | 5.76% | 6.28% | $5.13M | 268d |
| Ethereum | USDC | PT-reUSD-10DEC2026 | 92% | $83.3M | $75.98M | 91.2% | 10.02% | 11.04% | $8.39M | 84d |
| Ethereum | USDT | WBTC | 86% | $77.35M | $69.97M | 90.5% | 3.50% | 3.88% | $2.72M | 951d |
| Ethereum | PYUSD | syrupUSDC | 92% | $70.58M | $63.94M | 90.6% | 5.03% | 5.57% | $3.56M | 268d |
| Ethereum | PYUSD | weETH | 86% | $65.16M | $59.2M | 90.9% | 5.04% | 5.56% | $3.29M | 188d |
| Ethereum | USDT | sUSDS | 97% | $63.58M | $57.64M | 90.6% | 3.02% | 3.34% | $1.92M | 60d |
| Base | USDC | HERMES | 98% | $62.25M | $62.25M | 100.0% | N/A | N/A | N/A | 177d |
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 8, 2026 from /markets.