Markets
1,655 active markets across 14 chains · $5.07B active loans · $291.04M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-10
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: 2,145 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Arbitrum | USDC | wstUSR | 92% | $4.38K | $4.38K | 100.0% | N/A | N/A | N/A | 376d |
| Polygon | JPYC | USDC | 86% | $4.35K | $4.35K | 100.0% | 4.27% | 4.27% | $185.44 | 285d |
| Worldchain | WLD | WBTC | 86% | $4.28K | $3.73K | 87.2% | 1.96% | 2.25% | $84.18 | 434d |
| Base | verUSDC | N/A | 0% | $4.22K | $0 | 0.0% | 0.00% | 0.00% | N/A | 800d |
| Ethereum | RLUSD | N/A | 0% | $4.12K | $0 | 0.0% | 0.00% | 0.00% | N/A | 189d |
| Ethereum | apxUSD | PT-apxUSD-18JUN2026 | 86% | $4.11K | $86.68 | 2.1% | 0.00% | 0.15% | $0.13 | 174d |
| Ethereum | USDC | PT-srUSDat-27AUG2026 | 92% | $4.02K | $3.81K | 94.8% | 37.58% | 40.02% | $1.52K | 117d |
| HyperEVM | USDH | kHYPE | 77% | $3.95K | $3.79K | 95.9% | N/A | N/A | N/A | 282d |
| Ethereum | wARS | WETH | 63% | $3.9K | $3.49K | 89.4% | 17.52% | 19.80% | $690.33 | 43d |
| Ethereum | USDC | PT-cUSDO-20NOV2025 | 92% | $3.87K | $0.71 | 0.0% | 0.00% | 0.03% | $0 | 455d |
| HyperEVM | USD₮0 | hbUSDT | 86% | $3.86K | $3.49K | 90.6% | 19.17% | 21.36% | $746.05 | 425d |
| Base | eUSD | wstETH | 86% | $3.84K | $6.82 | 0.2% | 0.00% | 0.23% | $0.02 | 795d |
| Katana | vbUSDC | LBTC | 86% | $3.81K | $110.36 | 2.9% | 0.06% | 2.05% | $2.27 | 437d |
| Ethereum | wARS | sUSDS | 63% | $3.73K | $3.38K | 90.5% | 15.57% | 17.35% | $586.01 | 26d |
| Base | USDC | doginme | 77% | $3.63K | $2.95K | 81.4% | 1.89% | 2.32% | $68.6 | 378d |
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 10, 2026 from /markets.