Exit depth / cbETH/USDC 77%

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

cbETH / USDC 77%

clears all sizes

Selling $1M of cbETH costs 0.5% against a 7.4% bonus: clearance is +6.9 pp there and positive at every smaller measured size.

borrowed

$14.8M

in this market; LLTV (liquidation loan-to-value) 77%

liquidation bonus

7.4%

fixed by the LLTV

clearing size

$1M+

positive at every measured size; larger sizes not measured

clearance at $1M

+6.9 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. Faint lines: the bonuses of the same pair's other LLTVs.

Exit cost and clearance by sale size
Sale	All sources	Clearance	On-chain only	Clearance	Status
$25k	0.0%	+7.4 pp	0.0%	+7.4 pp	clears
$200k	0.0%	+7.4 pp	0.0%	+7.4 pp	clears
$1M	0.5%	+6.9 pp	0.3%	+7.1 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

aero-cl 76%maverick-v2 24%

aero-cl 76% AMM pool · maverick-v2 24% AMM pool · RFQ share 0%

$200k

aero-cl 100%

aero-cl 100% AMM pool · RFQ share 0%

$1M

aero-cl 100%

aero-cl 100% AMM pool · RFQ share 0%

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 cbETH); 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

$1.1M

within 10% of liquidation

between 1.1 and 1.25

$5.5M

within 10-20% of liquidation

health factor below 1.25

$6.6M

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 cbETH/USDC

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

Markets of the same pair
LLTV	Bonus	Borrowed	Clears to	Status
77% (this market)	7.4%	$14.8M	$1M+	clears all sizes
86% (0x1c21c5)	4.4%	$909k	$1M+	clears all sizes
86% (0xdba352)	4.4%	$658k	$1M+	clears all sizes

Liquidations

This pair, last 30 days

1,214 liquidations of cbETH/USDC on Morpho Blue, Base, over the last 30 days (all LLTVs together): $103k of bonus, 1% of it through Chainlink SVR (Smart Value Recapture) auctions. Liquidations.

For curators

Curate or supply this market?

A review measures cbETH/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.

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, cbETH/USDC 77% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/cbeth-usdc-77.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): cbETH/USDC 77% on Morpho, Base clears every measured size; at $1M the exit costs 0.5% against a 7.4% bonus (clearance +6.9 pp). One liquidation in one transaction. https://underkeel.xyz/markets/cbeth-usdc-77.html

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