Exit depth / cbBTC/XSGD 86%

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

cbBTC / XSGD 86%

loss from $1M

Selling $1M of cbBTC costs >50%, more than the 4.4% bonus: a single liquidation of that size loses money; it has to be split across blocks. Up to $200k the sale costs 1.4% and clearance stays positive.

borrowed

$255k

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

liquidation bonus

4.4%

fixed by the LLTV

clearing size

$200k

largest measured size with positive clearance

clearance at $1M

<-46 pp

bonus minus exit cost, all sources

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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. A diamond on the top edge is off the scale; its value is written next to it.

Exit cost and clearance by sale size
Sale	All sources	Clearance	On-chain only	Clearance	Status
$25k	0.3%	+4.1 pp	0.6%	+3.8 pp	clears
$200k	1.4%	+3.0 pp	1.6%	+2.8 pp	clears
$1M	>50%	<-46 pp	>50%	<-46 pp	loss

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 40%aero-cl 28%

kipseli-prop 40% MM pool · aero-cl 28% AMM pool · pancake-v3 13% AMM pool · uniswapv3 12% AMM pool · aerodrome-cl-3 8% AMM pool · RFQ share 0%

$200k

pmm-19/aero-cl 49%

pmm-19/aero-cl 49% RFQ maker · kipseli-prop 16% MM pool · pmm-13/aero-cl 8% RFQ maker · metric-propamm/uniswapv3 8% MM pool · spire-prop 6% MM pool · bebop/aero-cl 5% RFQ maker · aero-cl 4% AMM pool · aerodrome-cl-3 4% AMM pool · RFQ share 62%

$1M

pmm-19 85%

pmm-19 85% RFQ maker · aero-cl 15% AMM pool · RFQ share 85%

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

$189

within 10% of liquidation

between 1.1 and 1.25

$185k

within 10-20% of liquidation

health factor below 1.25

$185k

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

cbBTC/XSGD is not among the 10 pairs with the most liquidation bonus over the last 30 days. Liquidations.

For curators

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A review measures cbBTC/XSGD 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.

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Cite

Cite or quote this market

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

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): selling $1M of cbBTC into XSGD costs >50% against a 4.4% liquidation bonus on cbBTC/XSGD 86% on Morpho, Base - clearance <-46 pp; clearing size $200k. One liquidation in one transaction. https://underkeel.xyz/markets/cbbtc-xsgd-86.html

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