Markets
1,655 active markets across 14 chains · $5.07B active loans · $281.52M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Polygon | USDC | vDEMKAMALANO | 77% | $513.36 | $492.83 | 96.0% | 16.02% | 16.77% | $82.63 | 93d |
| HyperEVM | USDH | WHYPE | 63% | $510.93 | $470.92 | 92.2% | N/A | N/A | N/A | 344d |
| Ethereum | waEthUSDC | gtusdcp | 95% | $507.46 | $0.41 | 0.1% | 0.00% | 0.22% | $0 | 98d |
| Ethereum | waEthUSDC | steakUSDC | 95% | $507.46 | $0.57 | 0.1% | 0.00% | 0.06% | $0 | 97d |
| Base | USDC | cbHYPE | 63% | $501.39 | $1.36 | 0.3% | 0.00% | 0.99% | $0.01 | 1d |
| Base | USDC | cbZEC | 63% | $501.39 | $1.36 | 0.3% | 0.00% | 0.99% | $0.01 | 1d |
| Ethereum | USDC | WETH | 63% | $500.3 | $500.3 | 100.0% | 20.98% | 20.98% | $104.97 | 85d |
| Robinhood Chain | USDG | pSPY-MAR27 | 63% | $500.28 | $100.29 | 20.0% | 0.63% | 3.18% | $3.19 | 5d |
| Base | jEUR | USDC | 86% | $500.15 | $2.8 | 0.6% | 0.00% | 0.03% | $0 | 706d |
| Polygon | USDC | vVANCEYES | 77% | $500.15 | $386.5 | 77.3% | 0.13% | 0.17% | $0.64 | 98d |
| Polygon | USDC | 63% | $500.01 | $0 | 0.0% | 0.00% | 0.20% | N/A | 30d | |
| Robinhood Chain | USDG | AAPL | 39% | $500 | $0 | 0.0% | 0.00% | 0.76% | N/A | 7d |
| Robinhood Chain | USDG | LULU | 39% | $499.99 | $0 | 0.0% | 0.00% | 0.97% | N/A | 0d |
| Polygon | USDC | vRUBIONO | 77% | $499.97 | $449.06 | 89.8% | 0.09% | 0.10% | $0.45 | 93d |
| Polygon | USDC | vDEMNEWSOMYES | 77% | $499.91 | $53.91 | 10.8% | 0.02% | 0.15% | $0.08 | 93d |
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.