Exit depth / cbETH/WETH 94.5%

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

cbETH / WETH 94.5%

clears all sizes pegged pair

Selling $1M of cbETH costs 0.0% against a 1.7% bonus: clearance is +1.7 pp there and positive at every smaller measured size.

borrowed

$5.4M

in this market; LLTV (liquidation loan-to-value) 94.5%

liquidation bonus

1.7%

fixed by the LLTV

clearing size

$1M+

positive at every measured size; larger sizes not measured

clearance at $1M

+1.7 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.

Exit cost and clearance by sale size
Sale	All sources	Clearance	On-chain only	Clearance	Status
$25k	0.0%	+1.7 pp	0.0%	+1.7 pp	clears
$200k	0.0%	+1.7 pp	0.0%	+1.7 pp	clears
$1M	0.0%	+1.7 pp	0.0%	+1.7 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

aero-cl 100%

aero-cl 100% AMM pool · RFQ share 0%

$200k

aero-cl 100%

aero-cl 100% AMM pool · RFQ share 0%

$1M

aero-cl 94%

aero-cl 94% AMM pool · hydrex-v4 6% 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

Pegged pair. cbETH and WETH track each other, so the health factor follows the peg, not the market price. At a 94.5% LLTV positions sit close to liquidation as a matter of course; they move only if the peg or the exchange rate slips.

health factor below 1.1

$2.5M

within 10% of liquidation - normal for a pegged pair

between 1.1 and 1.25

$3.7M

within 10-20% of liquidation

health factor below 1.25

$6.2M

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

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

For curators

Curate or supply this market?

A review measures cbETH/WETH 94.5% 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, cbETH/WETH 94.5% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/cbeth-weth-94-5.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): cbETH/WETH 94.5% on Morpho, Base clears every measured size; at $1M the exit costs 0.0% against a 1.7% bonus (clearance +1.7 pp). One liquidation in one transaction. https://underkeel.xyz/markets/cbeth-weth-94-5.html

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