Markets
1,649 active markets across 14 chains · $5.05B active loans · $286.8M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-08
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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | USDC | HERMES | 98% | $62.25M | $62.25M | 100.0% | N/A | N/A | N/A | 177d |
| Base | USDC | HERMES | 98% | $62.25M | $62.25M | 100.0% | N/A | N/A | N/A | 177d |
| Base | USDC | cbXRP | 63% | $51.81M | $46.35M | 89.5% | 5.50% | 6.17% | $2.86M | 236d |
| Ethereum | USDC | RLP | 86% | $50.49M | $50.49M | 100.0% | N/A | N/A | N/A | 615d |
| Monad | WETH | wstETH | 95% | $46.51M | $41.97M | 90.2% | 1.66% | 1.84% | $772.28K | 237d |
| HyperEVM | USDC | WHYPE | 77% | $45.4M | $37.95M | 83.6% | 5.76% | 6.93% | $2.63M | 281d |
| Ethereum | USDT | USDT | 95% | $40.6M | $40.6M | 100.0% | N/A | N/A | N/A | 186d |
| Ethereum | USDC | AA_FalconXUSDC | 77% | $39.03M | $33.28M | 85.3% | 4.77% | 5.62% | $1.87M | 432d |
| Monad | USDC | aHYPER | 77% | $38.99M | $34.96M | 89.7% | 8.27% | 9.27% | $3.24M | 228d |
| Ethereum | WBTC | N/A | 0% | $32.21M | $0 | 0.0% | 0.00% | 0.00% | N/A | 911d |
| Worldchain | USDC | sdeUSD | 92% | $32.14M | $32.14M | 100.0% | N/A | N/A | N/A | 337d |
| Robinhood Chain | USDG | mGLO | 92% | $31.13M | $28.47M | 91.5% | 5.02% | 5.51% | $1.57M | 26d |
| Ethereum | WETH | wstETH | 95% | $30.2M | $27.13M | 89.8% | 1.69% | 1.88% | $510.08K | 897d |
| Ethereum | USDC | AZND | 86% | $29.88M | $29.88M | 100.0% | N/A | N/A | N/A | 173d |
| Arbitrum | USDC | GVLT | 63% | $29.13M | $29.13M | 100.0% | N/A | N/A | N/A | 154d |
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 8, 2026 from /markets.