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 | 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 |
| Ethereum | USDC | strUSD | 86% | $11.85M | $10.73M | 90.5% | 5.88% | 6.52% | $699.21K | 47d |
| Monad | USDC | PT-USDat-14JAN2027 | 92% | $11.63M | $10.47M | 90.1% | 4.92% | 5.47% | $573.01K | 35d |
| Base | USDC | cbETH | 77% | $11.57M | $10.42M | 90.0% | 4.34% | 4.83% | $503.1K | 272d |
| Base | WETH | cbETH | 95% | $11.55M | $10.39M | 90.0% | 1.50% | 1.67% | $173.08K | 829d |
| Ethereum | USDC | reUSD | 92% | $11.52M | $10.52M | 91.3% | 8.31% | 9.13% | $960.87K | 401d |
| Worldchain | WLD | N/A | 0% | $11.46M | $0 | 0.0% | 0.00% | 0.00% | N/A | 515d |
| Tempo | pathUSD | cbBTC | 77% | $11.45M | $10.87M | 94.9% | 1.38% | 1.46% | $158.24K | 120d |
| Ethereum | msUSD | N/A | 0% | $11.26M | $0 | 0.0% | 0.00% | 0.00% | N/A | 659d |
| Ethereum | USDC | wstETH | 86% | $11.14M | $10.05M | 90.2% | 4.28% | 4.75% | $478.03K | 145d |
| HyperEVM | USDC | kHYPE | 63% | $10.64M | $8.93M | 83.9% | 5.79% | 6.93% | $619.06K | 361d |
| Ethereum | USDC | fxSAVE | 92% | $10.22M | $9.09M | 89.0% | 4.17% | 4.70% | $427K | 19d |
| Ethereum | USDC | PT-RLP-9APR2026 | 86% | $10.01M | $10.01M | 100.0% | N/A | N/A | N/A | 277d |
| Ethereum | USDC | OETH | 86% | $9.87M | $8.93M | 90.5% | 7.90% | 8.76% | $782.59K | 351d |
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.