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· |
|---|---|---|---|---|---|---|---|---|---|---|
| Katana | vbETH | weETH | 92% | $6.33M | $5.7M | 90.0% | 1.80% | 2.00% | $113.96K | 436d |
| Base | WETH | wstETH | 95% | $6.3M | $5.73M | 90.9% | 2.00% | 2.20% | $125.79K | 819d |
| Base | USDC | cbETH | 86% | $6.16M | $5.45M | 88.4% | 4.17% | 4.73% | $257.74K | 788d |
| Ethereum | apxUSD | apyUSD | 86% | $6.05M | $5.51M | 91.1% | 6.92% | 7.63% | $420.58K | 181d |
| Ethereum | AUSD | RLP | 86% | $6M | $6M | 100.0% | N/A | N/A | N/A | 265d |
| Ethereum | USDC | PT-apyUSD-5NOV2026 | 86% | $5.99M | $5.45M | 91.0% | 10.41% | 11.49% | $626.53K | 103d |
| Ethereum | RLUSD | FXRP | 77% | $5.88M | $5.31M | 90.4% | 5.34% | 5.92% | $314.8K | 42d |
| HyperEVM | USD₮0 | kHYPE | 63% | $5.81M | $4.89M | 84.3% | 6.54% | 7.81% | $382.28K | 420d |
| Base | USDC | SOL | 63% | $5.72M | $4.99M | 87.2% | 5.22% | 6.01% | $299.63K | 178d |
| Base | msETH | N/A | 0% | $5.57M | $0 | 0.0% | 0.00% | 0.00% | N/A | 683d |
| Ethereum | msETH | sETHv | 92% | $5.42M | $5.81K | 0.1% | 0.00% | 0.05% | $2.77 | 64d |
| Ethereum | USDC | v-wmtUSDC | 86% | $5.35M | $4.82M | 90.1% | 6.06% | 6.75% | $325.22K | 134d |
| Ethereum | AUSD | PST | 86% | $5.21M | $4.55M | 87.4% | 2.86% | 3.27% | $148.99K | 102d |
| HyperEVM | USD₮0 | WHYPE | 63% | $5.17M | $4.41M | 85.4% | 6.63% | 7.81% | $344.77K | 487d |
| Ethereum | USDC | WETH | 86% | $5.06M | $4.57M | 90.3% | 4.33% | 4.81% | $219.65K | 218d |
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.