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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | USDC | CTOKEN2 | 86% | $18.36K | $18.36K | 100.0% | N/A | N/A | N/A | 112d |
| Ethereum | USDC | CTOKEN3 | 86% | $18.34K | $18.34K | 100.0% | N/A | N/A | N/A | 118d |
| Robinhood Chain | USDG | WETH | 77% | $17.94K | $15.73K | 87.7% | 0.10% | 0.11% | $17.46 | 44d |
| Monad | AUSD | XAUt0 | 77% | $17.85K | $4.21K | 23.6% | 0.59% | 2.54% | $106.97 | 292d |
| Ethereum | AUSD | stcUSD | 92% | $17.78K | $16.11K | 90.6% | 4.07% | 4.51% | $725.75 | 245d |
| Monad | USDT0 | XAUt0 | 77% | $17.26K | $13.82K | 80.1% | 13.30% | 16.88% | $2.33K | 292d |
| Arbitrum | USDC | thBILL | 95% | $17.21K | $15.43K | 89.6% | 11.42% | 12.83% | $1.98K | 377d |
| HyperEVM | USDH | N/A | 0% | $17.2K | $0 | 0.0% | 0.00% | 0.00% | N/A | 284d |
| Arbitrum | USDC | N/A | 0% | $16.88K | $0 | 0.0% | 0.00% | 0.00% | N/A | 421d |
| Ethereum | USUAL | USUALX | 95% | $16.77K | $14.31K | 85.3% | 18.08% | 21.51% | $3.08K | 506d |
| OP Mainnet | USDC | WETH | 86% | $16.66K | $15.1K | 90.7% | 3.95% | 4.37% | $659.66 | 567d |
| Ethereum | USDC | weETH | 86% | $16.43K | $14.91K | 90.8% | 5.17% | 5.71% | $852.05 | 142d |
| Ethereum | USDC | WETH | 86% | $16.23K | $8.72K | 53.7% | 0.11% | 0.21% | $18.34 | 966d |
| Ethereum | WETH | beraSTONE | 92% | $16.06K | $12.93K | 80.6% | 3.85% | 4.80% | $620.69 | 612d |
| Katana | vbUSDC | yUSD | 86% | $15.85K | $15.85K | 100.0% | N/A | N/A | N/A | 413d |
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.