Markets
1,655 active markets across 14 chains · $5.08B active loans · $283.38M 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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Robinhood Chain | USDG | NVDA | 63% | $180.99 | $0.04 | 0.0% | 0.00% | 0.48% | $0 | 5d |
| Polygon | USDC | 77% | $180.72 | $0 | 0.0% | 0.00% | 0.03% | N/A | 270d | |
| Monad | USDC | WBTC | 86% | $178.68 | $90.55 | 50.7% | 0.67% | 1.32% | $1.2 | 129d |
| Polygon | USDC | 77% | $177.67 | $177.5 | 99.9% | N/A | N/A | N/A | 381d | |
| HyperEVM | USH | bbHLP | 86% | $172.02 | $0.05 | 0.0% | 0.00% | 0.03% | $0 | 358d |
| Arbitrum | WETH | wstETH | 95% | $171.71 | $154.34 | 89.9% | 0.09% | 0.10% | $0.15 | 419d |
| Ethereum | USDT | PT-reUSD-25JUN2026 | 92% | $171.62 | $40.61 | 23.7% | 3.29% | 14.65% | $5.95 | 156d |
| Robinhood Chain | USDG | AAPL | 63% | $171.1 | $0 | 0.0% | 0.00% | 0.12% | N/A | 48d |
| Ethereum | USDC | nALPHA | 86% | $170.99 | $5.04 | 2.9% | 0.01% | 0.35% | $0.02 | 16d |
| Ethereum | USDC | nFALCON | 77% | $170.99 | $1.62 | 0.9% | 0.00% | 0.33% | $0.01 | 14d |
| Arbitrum | USDC | GM | 77% | $165.21 | $165.21 | 100.0% | N/A | N/A | N/A | 406d |
| Ethereum | LBTC | PT-LBTC-27MAR2025 | 92% | $163.74 | $0.82 | 0.5% | 0.00% | 0.03% | $0 | 659d |
| Base | XSGD | cbETH | 86% | $162.84 | $146.56 | 90.0% | 0.68% | 0.76% | $1.11 | 295d |
| Ethereum | USDT | USDe | 92% | $162.48 | $15.53 | 9.6% | 0.00% | 0.03% | $0.01 | 910d |
| HyperEVM | UETH | UBTC | 86% | $161.66 | $125.8 | 77.8% | 29.48% | 39.65% | $49.88 | 491d |
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.