Exit depth / cbBTC/USDC 86%

Market · Morpho Blue on Base · snapshot 2026-11-14 21:23 UTC

cbBTC / USDC 86%

clears all sizes

Selling $1M of cbBTC costs 0.6% against a 4.4% bonus: clearance is +3.8 pp there and positive at every smaller measured size.

borrowed

$1.55B

in this market; LLTV (liquidation loan-to-value) 86%

liquidation bonus

4.4%

fixed by the LLTV

clearing size

$1M+

positive at every measured size; larger sizes not measured

clearance at $1M

+3.8 pp

bonus minus exit cost, all sources

Supply or curate this market? Get a free review.

Exit cost against the bonus

Clearance by size

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.

Exit cost and clearance by sale size
Sale	All sources	Clearance	On-chain only	Clearance	Status
$25k	0.0%	+4.3 pp	0.0%	+4.4 pp	clears
$200k	0.1%	+4.2 pp	0.0%	+4.4 pp	clears
$1M	0.6%	+3.8 pp	0.7%	+3.7 pp	clears

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

kipseli-prop 46%metric-propamm/kipseli-prop 30%aero-cl 24%

kipseli-prop 46% MM pool · metric-propamm/kipseli-prop 30% MM pool · aero-cl 24% AMM pool · RFQ share 0%

$200k

pmm-19 50%metric-propamm 21%

pmm-19 50% RFQ maker · metric-propamm 21% MM pool · kipseli-prop 16% MM pool · spire-prop 6% MM pool · aero-cl 5% AMM pool · uniswapv3 2% AMM pool · RFQ share 50%

$1M

pmm-19/uniswapv3 92%

pmm-19/uniswapv3 92% RFQ maker · pmm-19/uniswap-v4 4% RFQ maker · pmm-13/aero-cl 4% RFQ maker · RFQ share 100%

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 cbBTC); 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

$176M

within 10% of liquidation

between 1.1 and 1.25

$557M

within 10-20% of liquidation

health factor below 1.25

$732M

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.

Liquidations

This pair, last 30 days

5,497 liquidations of cbBTC/USDC on Morpho Blue, Base, over the last 30 days (all LLTVs together): $3.8M of bonus, 94% of it through Chainlink SVR (Smart Value Recapture) auctions. Liquidations.

For curators

Curate or supply this market?

A review measures cbBTC/USDC 86% 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.

Request a review of this market By email What a review covers

Opens Telegram with a message ready to send. Nothing is sent until you press send.

Cite

Cite or quote this market

Cite as: Underkeel, Clearance v2, cbBTC/USDC 86% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/cbbtc-usdc-86.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): cbBTC/USDC 86% on Morpho, Base clears every measured size; at $1M the exit costs 0.6% against a 4.4% bonus (clearance +3.8 pp). One liquidation in one transaction. https://underkeel.xyz/markets/cbbtc-usdc-86.html

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