Markets
1,649 active markets across 14 chains · $5.06B active loans · $296.61M borrow interest annualized
Markets as lending products · Source: Morpho GraphQL · market_state_daily · as of 2026-09-09
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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Ethereum | RLUSD | syrupUSDC | 92% | $9.73M | $8.76M | 90.1% | 4.04% | 4.50% | $394.22K | 188d |
| Ethereum | msETH | vaSTETH | 95% | $9.67M | $8.39M | 86.8% | 1.93% | 2.23% | $186.98K | 60d |
| Monad | mUSD | PT-AUSD-8OCT2026 | 92% | $9.3M | $8.65M | 92.9% | 7.13% | 7.70% | $665.32K | 75d |
| Ethereum | USDC | mM1-USD | 86% | $8.54M | $7.72M | 90.4% | 9.27% | 10.30% | $794.83K | 82d |
| HyperEVM | USDC | kHYPE | 77% | $8.35M | $6.99M | 83.7% | 5.75% | 6.91% | $483.29K | 297d |
| Monad | USDC | PT-AUSD-8OCT2026 | 92% | $7.83M | $6.98M | 89.2% | 3.85% | 4.33% | $302.1K | 75d |
| Ethereum | USDT | PT-reUSD-10DEC2026 | 92% | $7.8M | $7.11M | 91.1% | 9.07% | 10.00% | $710.49K | 85d |
| Ethereum | USDT | PT-sUSDS-26NOV2026 | 92% | $7.77M | $7.03M | 90.5% | 4.40% | 4.87% | $342.2K | 39d |
| Ethereum | AUSD | sUSDat | 86% | $7.47M | $6.91M | 92.5% | 19.49% | 21.23% | $1.47M | 152d |
| Ethereum | USDC | siUSD | 92% | $7.38M | $6.2M | 84.0% | 5.41% | 6.47% | $401.15K | 424d |
| Ethereum | USDC | USR | 92% | $7.27M | $7.27M | 100.0% | N/A | N/A | N/A | 616d |
| Ethereum | USDC | savUSD | 92% | $6.85M | $6.17M | 90.1% | 6.80% | 7.57% | $467.36K | 235d |
| Ethereum | apxUSD | PT-apyUSD-5NOV2026 | 92% | $6.82M | $6.44M | 94.4% | 15.41% | 16.40% | $1.06M | 103d |
| Monad | USDC | PT-earnAUSD-8OCT2026 | 92% | $6.61M | $5.99M | 90.6% | 7.28% | 8.06% | $482.67K | 22d |
| Ethereum | msUSD | sUSDv | 97% | $6.35M | $5.7M | 89.8% | 2.47% | 2.76% | $157.19K | 57d |
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 9, 2026 from /markets.