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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Robinhood Chain | USDG | spUSDG | 92% | $29M | $26.08M | 89.9% | 2.43% | 2.70% | $704.32K | 95d |
| Ethereum | USDC | wstETH | 86% | $27.75M | $25.04M | 90.2% | 4.27% | 4.75% | $1.19M | 979d |
| Ethereum | USDC | mF-ONE | 92% | $26.37M | $23.76M | 90.1% | 5.77% | 6.43% | $1.53M | 446d |
| Ethereum | PYUSD | mWIN | 77% | $25.58M | $23.11M | 90.3% | 1.54% | 1.70% | $392.96K | 39d |
| Ethereum | PYUSD | PST | 86% | $24.98M | $21.91M | 87.7% | 4.61% | 5.27% | $1.16M | 25d |
| Base | USDC | mGLO | 92% | $24.3M | $21.88M | 90.0% | 4.99% | 5.56% | $1.22M | 83d |
| Ethereum | USDT | cbBTC | 86% | $22.07M | $19.97M | 90.5% | 3.51% | 3.89% | $776.64K | 144d |
| Ethereum | USDC | wFalconX | 92% | $21.9M | $18.47M | 84.3% | 4.68% | 5.58% | $1.03M | 110d |
| HyperEVM | WHYPE | kHYPE | 86% | $21.41M | $16.31M | 76.2% | 1.37% | 1.80% | $292.98K | 421d |
| Ethereum | USDT | sUSDS | 97% | $20.12M | $18.03M | 89.6% | 2.97% | 3.32% | $598.11K | 664d |
| Ethereum | USDC | PST | 86% | $19.5M | $17.57M | 90.1% | 5.90% | 6.57% | $1.16M | 102d |
| Base | USDC | USR | 92% | $19.46M | $19.46M | 100.0% | N/A | N/A | N/A | 567d |
| Ethereum | USDC | PT-USD3-17DEC2026 | 86% | $18.81M | $17.05M | 90.7% | 7.20% | 7.97% | $1.36M | 96d |
| Stable | USDT0 | sthUSD | 86% | $18.75M | $16.96M | 90.4% | 6.15% | 6.83% | $1.16M | 120d |
| Ethereum | WETH | weETH | 95% | $18.46M | $16M | 86.7% | 1.59% | 1.83% | $293.36K | 715d |
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.