Markets
1,272 active markets across 12 chains · $3.43B active loans · $163.16M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-06-10
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: 1,777 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Base | USDC | HERMES | 98% | $19.96M | $19.96M | 100.0% | N/A | N/A | N/A | 87d |
| Ethereum | msUSD | siUSD | 92% | $19.94M | $16.66M | 83.6% | 2.53% | 3.04% | $506.37K | 117d |
| Ethereum | WETH | wstETH | 95% | $19.2M | $16.9M | 88.0% | 1.59% | 1.80% | $304.94K | 807d |
| Ethereum | USDC | savUSD | 92% | $17.11M | $15.61M | 91.2% | 9.24% | 10.17% | $1.59M | 145d |
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 June 10, 2026 from /markets.