Markets
1,649 active markets across 14 chains · $5.07B active loans · $290.17M 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 | USDC | stMXN | 86% | $149.99K | $0.92 | 0.0% | 0.00% | 0.48% | $0 | 62d |
| Ethereum | USDC | stBRL | 86% | $149.99K | $0.92 | 0.0% | 0.00% | 0.48% | $0 | 62d |
| HyperEVM | UETH | N/A | 0% | $148.37K | $0 | 0.0% | 0.00% | 0.00% | N/A | 490d |
| Ethereum | PYUSD | wstETH | 86% | $144.83K | $130.51K | 90.1% | 5.54% | 6.16% | $8.04K | 947d |
| Ethereum | USDC | reUSDe | 77% | $144.81K | $131.46K | 90.8% | 11.76% | 13.03% | $17.12K | 99d |
| HyperEVM | USDe | WHYPE | 63% | $143.55K | $118.01K | 82.2% | 7.32% | 8.98% | $10.59K | 489d |
| Worldchain | EURC | N/A | 0% | $143.11K | $0 | 0.0% | 0.00% | 0.00% | N/A | 274d |
| Monad | USDC | syrupUSDC | 92% | $142.08K | $0.91 | 0.0% | 0.00% | 0.74% | $0.01 | 75d |
| Polygon | USDT0 | N/A | 0% | $140.42K | $0 | 0.0% | 0.00% | 0.00% | N/A | 567d |
| HyperEVM | USDHL | N/A | 0% | $137.6K | $0 | 0.0% | 0.00% | 0.00% | N/A | 449d |
| Arbitrum | USDC | sUSDai | 92% | $137.06K | $122.06K | 89.1% | 4.65% | 5.24% | $6.39K | 372d |
| Ethereum | PYUSD | PAXG | 77% | $136.63K | $123.24K | 90.2% | 5.69% | 6.32% | $7.79K | 713d |
| Monad | USDC | mHYPER | 77% | $133.73K | $127.05K | 95.0% | 4.52% | 4.76% | $6.05K | 219d |
| Base | WETH | rETH | 95% | $133.33K | $119.09K | 89.3% | 1.86% | 2.08% | $2.48K | 820d |
| Katana | vbUSDC | yvvbUSDT | 86% | $131.37K | $32.44K | 24.7% | 0.28% | 1.16% | $375.2 | 407d |
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.