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 | RSS | 77% | $16.7M | $16.7M | 100.0% | 49.45% | 49.45% | $8.26M | 48d |
| Ethereum | USDC | USD3 | 92% | $16.56M | $15M | 90.6% | 6.93% | 7.67% | $1.15M | 293d |
| Ethereum | USDC | PT-sUSDS-26NOV2026 | 92% | $15.94M | $14.35M | 90.0% | 4.11% | 4.57% | $656.21K | 39d |
| Katana | vbUSDC | vbWBTC | 86% | $15.86M | $13.46M | 84.9% | 2.58% | 3.05% | $409.93K | 439d |
| Ethereum | USDC | dCOMP | 63% | $14.51M | $13.04M | 89.8% | 9.19% | 10.28% | $1.34M | 195d |
| Ethereum | USDC | wsrUSD | 95% | $14.15M | $12.76M | 90.2% | 4.48% | 4.98% | $635.68K | 243d |
| Ethereum | USDC | apyUSD | 86% | $14.06M | $12.8M | 91.0% | 9.31% | 10.27% | $1.31M | 169d |
| Ethereum | USDC | stUSDS | 86% | $13.51M | $11.13M | 82.4% | 4.14% | 5.04% | $561.35K | 199d |
| Ethereum | EURCV | cbBTC | 86% | $13.44M | $12.15M | 90.4% | 1.83% | 2.02% | $245.73K | 455d |
| Ethereum | USDC | steakEURCV | 92% | $12.64M | $11.37M | 90.0% | 4.08% | 4.54% | $516.36K | 77d |
| Ethereum | USDC | msY | 92% | $12.51M | $12.51M | 100.0% | N/A | N/A | N/A | 105d |
| Ethereum | RLUSD | cbBTC | 86% | $12.46M | $11.22M | 90.0% | 3.32% | 3.70% | $415.12K | 188d |
| Base | USDC | HERMES | 98% | $12.45M | $12.45M | 100.0% | N/A | N/A | N/A | 177d |
| Base | USDC | HERMES | 98% | $12.45M | $12.45M | 100.0% | N/A | N/A | N/A | 177d |
| Base | USDC | HERMES | 98% | $12.45M | $12.45M | 100.0% | N/A | N/A | N/A | 177d |
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.