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Exit depth / cbADA/USDC 77%

Market · Morpho Blue on Base · snapshot

cbADA / USDC 77%

loss from $25k

Even a $25k sale of cbADA costs 10.8%, more than the 7.4% bonus: a single liquidation of that size loses money; it has to be split across blocks into smaller parts.

borrowed
$825k
in this market; LLTV (liquidation loan-to-value) 77%
liquidation bonus
7.4%
fixed by the LLTV
clearing size
below $25k
largest measured size with positive clearance
clearance at $1M
-41.4 pp
bonus minus exit cost, all sources

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Exit cost against the bonus

Clearance by size

Exit cost against sale size, cbADA/USDC, LLTV 77%Exit cost with all sources at $25k: 10.8%; $200k: 11.1%; $1M: 48.8%. Liquidation bonus 7.41%.0%10%20%30%40%50%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: a single liquidation loses moneyLLTV 62.5%: 12.7%bonus 7.4%LLTV 77%on-chain only: >50%on-chain only: >50%on-chain only: >50%10.8%11.1%48.8%
Exit cost against sale size, cbADA/USDC, LLTV 77%Exit cost with all sources at $25k: 10.8%; $200k: 11.1%; $1M: 48.8%. Liquidation bonus 7.41%.0%10%20%30%40%50%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: loss7.4%bonuson-chain only: >50%on-chain only: >50%on-chain only: >50%10.8%11.1%48.8%

Source: KyberSwap Aggregator API, Morpho API · snapshot 2026-11-14 21:23 UTC

Solid line: best route, all sources including RFQ market makers (a square marks a loss). Dashed line, diamonds: on-chain pools only, drawn where it differs. Hatched: the sale costs more than the bonus. Three sizes are measured; the lines between them are a guide, not a measurement. Faint lines: the bonuses of the same pair's other LLTVs. A diamond on the top edge is off the scale; its value is written next to it.

Exit cost and clearance by sale size
SaleAll sourcesClearanceOn-chain onlyClearanceStatus
$25k10.8%-3.4 pp>50%<-43 pploss
$200k11.1%-3.6 pp>50%<-43 pploss
$1M48.8%-41.4 pp>50%<-43 pploss

Clearance: bonus minus exit cost, in percentage points (pp). Positive - room for a liquidator; negative - a single liquidation of that size loses money and has to be split across blocks. Terms.

Venues

Where the sale goes

$25k
pmm-19 100%
pmm-19 100% RFQ maker · RFQ share 100%
$200k
pmm-19 100%
pmm-19 100% RFQ maker · RFQ share 100%
$1M
pmm-19 57%uniswap-v4 20%
pmm-19 57% RFQ maker · uniswap-v4 20% AMM pool · aerodrome-cl 8% AMM pool · aero-cl 6% AMM pool · hydrex-v4 4% AMM pool · uniswap-v4-fee 4% AMM pool · RFQ share 57%
AMM poolRFQ market maker (pmm-N: numbered by the aggregator)market-maker pool or vault

Share of the collateral each venue takes on the route's first hops (out of cbADA); later hops, such as WETH into USDC, are not shown. pmm-N are RFQ (request for quote) market makers KyberSwap identifies only by number.

Collateral near liquidation

Positions close to liquidation

health factor below 1.1
$0
within 10% of liquidation
between 1.1 and 1.25
$13k
within 10-20% of liquidation
health factor below 1.25
$13k
within 20%, includes the 10% band

Collateral of the market's positions by health factor (Morpho API). It is spread over positions of different sizes; a large position is liquidated in parts across blocks, which this site does not measure.

Same pair

Other LLTVs of cbADA/USDC

The exit is quoted once per pair; the bonus is what differs, and with it the clearance.

Markets of the same pair
LLTVBonusBorrowedClears toStatus
62.5%12.7%$2.1M$200kRFQ-only from $25kloss from $1M
77% (this market)7.4%$825kbelow $25kloss from $25k

Liquidations

This pair, last 30 days

154 liquidations of cbADA/USDC on Morpho Blue, Base, over the last 30 days (all LLTVs together): $39k of bonus, 98% of it through Chainlink SVR (Smart Value Recapture) auctions. Liquidations.

For curators

Curate or supply this market?

A review measures cbADA/USDC 77% at the sizes of your own positions, adds a 10% and a 20% fall in the price and shows the venue split. The first one is free and private to you.

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Cite

Cite or quote this market

Cite as: Underkeel, Clearance v2, cbADA/USDC 77% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/cbada-usdc-77.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): selling $25k of cbADA into USDC costs 10.8% against a 7.4% liquidation bonus on cbADA/USDC 77% on Morpho, Base - clearance -3.4 pp; clearing size below $25k. One liquidation in one transaction. https://underkeel.xyz/markets/cbada-usdc-77.html

Raw data: data/exit-depth.json; how it is measured: Method; how to cite: Method.