Markets
1,649 active markets across 14 chains · $5.06B active loans · $286.28M 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 | WETH | yoETH | 92% | $197.25K | $177.9K | 90.2% | 1.95% | 2.16% | $3.85K | 392d |
| Monad | AUSD | wsrUSD | 86% | $189.84K | $189.84K | 100.0% | 35.56% | 35.56% | $67.5K | 280d |
| Base | MXNB | USDC | 92% | $189.53K | $170.78K | 90.1% | 5.54% | 6.17% | $10.53K | 110d |
| Polygon | USDT0 | MaticX | 77% | $189.19K | $171.88K | 90.9% | 14.86% | 16.48% | $28.32K | 565d |
| Base | WETH | VVV | 63% | $187.14K | $172.22K | 92.0% | 0.36% | 0.40% | $682.62 | 41d |
| Ethereum | WETH | cbBTC | 92% | $186.41K | $77.26K | 41.4% | 0.02% | 0.06% | $46.01 | 734d |
| Katana | vbUSDC | FXRP | 77% | $185.33K | $167.13K | 90.2% | 2.54% | 2.82% | $4.71K | 22d |
| Base | XSGD | steakUSDC | 92% | $174.41K | $144.98K | 83.1% | 0.66% | 0.80% | $1.16K | 291d |
| Ethereum | cbBTC | LBTC | 95% | $174.33K | $148.16K | 85.0% | 3.67% | 4.33% | $6.41K | 705d |
| Ethereum | USDC | PT-sUSDat-14JAN2027 | 92% | $170.66K | $120.66K | 70.7% | 1.94% | 2.76% | $3.33K | 28d |
| Arbitrum | USDT0 | sUSDS | 95% | $166.79K | $150.99K | 90.5% | 3.44% | 3.81% | $5.75K | 266d |
| HyperEVM | USD₮0 | WHYPE | 77% | $163.14K | $148.01K | 90.7% | 8.61% | 9.53% | $14.1K | 391d |
| Ethereum | tGBP | WBTC | 86% | $161.17K | $79.91K | 49.6% | 0.32% | 0.65% | $518.29 | 153d |
| Monad | AUSD | WBTC | 86% | $156.24K | $88.48K | 56.6% | 0.95% | 1.68% | $1.48K | 291d |
| Katana | vbUSDC | stcUSD | 86% | $153.11K | $82.1K | 53.6% | 1.24% | 2.32% | $1.91K | 88d |
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.