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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Base | USDC | WXRWA1 | 86% | $381.31 | $363.3 | 95.3% | N/A | N/A | N/A | 631d |
| Ethereum | USDC | QQQon | 63% | $379.31 | $0.1 | 0.0% | 0.00% | 5.70% | $0.01 | 211d |
| Katana | vbWBTC | N/A | 0% | $379.18 | $0 | 0.0% | 0.00% | 0.00% | N/A | 442d |
| Ethereum | WBTC | sBTCD | 77% | $369.17 | $0 | 0.0% | 0.00% | 0.46% | N/A | 169d |
| Ethereum | USDC | wsrUSD | 92% | $363.84 | $320.81 | 88.2% | 3.11% | 3.53% | $11.34 | 376d |
| Ethereum | rUSD | wsrUSD | 98% | $359.95 | $304.4 | 84.6% | 0.14% | 0.17% | $0.52 | 182d |
| Ethereum | USDC | SPYon | 63% | $357.75 | $326 | 91.1% | 4.26% | 4.68% | $15.26 | 211d |
| Ethereum | USDC | TTVusdc | 39% | $350.32 | $330.89 | 94.5% | N/A | N/A | N/A | 54d |
| Worldchain | WLD | WETH | 86% | $345.8 | $309.01 | 89.4% | 2.42% | 2.71% | $8.37 | 434d |
| HyperEVM | USD₮0 | beHYPE | 77% | $334.7 | $121.49 | 36.3% | 12.42% | 38.08% | $46.26 | 360d |
| Ethereum | USDT | Wrapped-LP-eUSDE-14AUG2025 | 92% | $328.1 | $328.1 | 100.0% | N/A | N/A | N/A | 442d |
| Ethereum | USDT | Wrapped-LP-sUSDE-27NOV2025 | 92% | $327.89 | $9.31 | 2.8% | 0.00% | 0.03% | $0 | 365d |
| Base | MAI | N/A | 0% | $327.18 | $0 | 0.0% | 0.00% | 0.00% | N/A | 811d |
| Ethereum | DAI | PT-eUSDE-29MAY2025 | 92% | $323.47 | $323.47 | 100.0% | N/A | N/A | N/A | 546d |
| Ethereum | USDC | PT-mEDGE-31JUL2025 | 86% | $323.34 | $320.45 | 99.1% | N/A | N/A | N/A | 492d |
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.