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 | USDT | N/A | 0% | $36.97K | $0 | 0.0% | 0.00% | 0.00% | N/A | 952d |
| Ethereum | USDC | ONDO | 63% | $36.94K | $33.26K | 90.0% | 4.49% | 5.00% | $1.66K | 229d |
| Base | USDC | WELL | 63% | $36.83K | $0 | 0.0% | 0.00% | 0.03% | $0 | 354d |
| Ethereum | DAI | USDe | 92% | $35.9K | $30.94K | 86.2% | 13.53% | 15.86% | $4.91K | 909d |
| Ethereum | USDU | cbBTC | 86% | $34.93K | $0 | 0.0% | 0.00% | 0.03% | N/A | 417d |
| HyperEVM | WHYPE | PT-kHYPE-13NOV2025 | 86% | $34.93K | $30.64K | 87.7% | 3.15% | 3.60% | $1.1K | 404d |
| Ethereum | wARS | wstETH | 63% | $34.56K | $31.72K | 91.8% | 25.81% | 28.43% | $9.02K | 26d |
| HyperEVM | WHYPE | hbHYPE | 92% | $34.19K | $27.08K | 79.2% | 2.93% | 3.71% | $1K | 416d |
| Polygon | JPYC | WBTC | 86% | $33.76K | $33.73K | 99.9% | 4.07% | 4.07% | $1.37K | 258d |
| Ethereum | USDC | NGI+ | 63% | $33.37K | $30.03K | 90.0% | 5.39% | 6.01% | $1.8K | 84d |
| Ethereum | USDC | syrupUSDC | 92% | $33.37K | $24.04K | 72.1% | 2.38% | 3.31% | $796.85 | 548d |
| Ethereum | USDC | PT-sUSDat-27AUG2026 | 92% | $33.14K | $23.14K | 69.8% | 5.32% | 7.70% | $1.78K | 90d |
| Ethereum | USDC | LsETH | 86% | $33.13K | $29.51K | 89.1% | 3.16% | 3.55% | $1.05K | 78d |
| Ethereum | WETH | ARM-WETH-eETH | 86% | $33.06K | $1.14 | 0.0% | 0.00% | 0.34% | $0 | 176d |
| Base | USDC | PT-apxUSD-18JUN2026 | 92% | $32.36K | $28.05K | 86.7% | 8.20% | 9.52% | $2.67K | 144d |
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.