Markets
1,649 active markets across 14 chains · $5.07B active loans · $288.86M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Katana | AUSD | BTC.b | 77% | $31.57K | $31.57K | 100.0% | 23.23% | 23.23% | $7.33K | 437d |
| Ethereum | USDC | csUSDL | 97% | $31.15K | $31.15K | 100.0% | N/A | N/A | N/A | 597d |
| Polygon | JPYC | WETH | 86% | $31.09K | $31.09K | 100.0% | 4.14% | 4.14% | $1.29K | 258d |
| Ethereum | USDT | PT-sUSDD-27AUG2026 | 92% | $30.84K | $28.08K | 91.1% | 7.26% | 8.00% | $2.25K | 99d |
| HyperEVM | USD₮0 | hwHLP | 77% | $30.56K | $21.69K | 71.0% | 11.88% | 17.14% | $3.72K | 420d |
| Base | VCHF | N/A | 0% | $30.4K | $0 | 0.0% | 0.00% | 0.00% | N/A | 357d |
| Worldchain | WBTC | N/A | 0% | $29.99K | $0 | 0.0% | 0.00% | 0.00% | N/A | 523d |
| Base | VCHF | cbBTC | 77% | $29.78K | $27.12K | 91.0% | 0.96% | 1.06% | $287.2 | 357d |
| Ethereum | EURC | WETH | 86% | $29.58K | $25.57K | 86.5% | 2.27% | 2.63% | $671.51 | 432d |
| Ethereum | USDC | USD0++ | 97% | $29.06K | $9.73K | 33.5% | 0.02% | 0.05% | $5.15 | 609d |
| HyperEVM | WHYPE | PT-kHYPE-24SEP2026 | 86% | $28.91K | $21.58K | 74.6% | 0.53% | 0.71% | $153.49 | 96d |
| Ethereum | DAI | sUSDe | 95% | $28.24K | $25.59K | 90.6% | 3.16% | 3.50% | $894.59 | 909d |
| Base | WETH | cbETH | 97% | $28.1K | $25.67K | 91.3% | 2.27% | 2.49% | $639.98 | 830d |
| Arbitrum | USDC | sUSDe | 92% | $27.97K | $24.85K | 88.9% | 10.89% | 12.34% | $3.07K | 377d |
| Ethereum | frxUSD | stakedao-FrxMsUSD | 92% | $27.91K | $25.11K | 90.0% | 8.46% | 9.45% | $2.37K | 85d |
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.