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 | vbUSDT | avKAT | 63% | $12.47K | $1.67K | 13.4% | 0.20% | 1.48% | $24.66 | 116d |
| Robinhood Chain | USDG | PONS | 39% | $12.39K | $9 | 0.1% | 0.00% | 0.38% | $0.03 | 8d |
| Ethereum | WETH | STONE | 95% | $12.29K | $11.38K | 92.6% | 15.52% | 16.87% | $1.92K | 735d |
| Ethereum | XAUt | XAUE | 77% | $12.21K | $9.33K | 76.5% | 0.75% | 0.99% | $92.02 | 56d |
| Ethereum | USDC | PWrUSDC-hyper | 98% | $11.89K | $0 | 0.0% | 0.00% | 0.00% | N/A | 457d |
| Ethereum | EUROP | cbBTC | 86% | $11.64K | $2.34 | 0.0% | 0.00% | 0.85% | $0.02 | 58d |
| Katana | dUSD | LBTC | 77% | $11.62K | $11.62K | 100.0% | N/A | N/A | N/A | 317d |
| Ethereum | WETH | yETH | 92% | $11.57K | $11.57K | 100.0% | N/A | N/A | N/A | 354d |
| Arbitrum | USDC | GM:ETH/USD[WETH-USDC] | 77% | $11.44K | $10.08K | 88.1% | 6.76% | 7.71% | $776.35 | 405d |
| HyperEVM | USDe | UBTC | 86% | $11.34K | $11.34K | 100.0% | 54.39% | 54.39% | $6.17K | 490d |
| Base | USDC | PT-sjEUR(jEURx)-2026/10/13 | 77% | $11.01K | $11.01K | 100.0% | 2.07% | 2.07% | $227.59 | 50d |
| Polygon | WPOL | N/A | 0% | $10.98K | $0 | 0.0% | 0.00% | 0.00% | N/A | 567d |
| Ethereum | frxUSD | sDOLA | 92% | $10.78K | $9.16K | 85.0% | 0.84% | 0.99% | $90.94 | 145d |
| HyperEVM | USD₮0 | hbUSDT | 86% | $10.75K | $7.75K | 72.1% | 10.39% | 14.70% | $1.14K | 391d |
| Polygon | WPOL | WBTC | 77% | $10.7K | $8.71K | 81.4% | 8.32% | 10.32% | $899.17 | 490d |
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.