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Exit depth / cbLTC/USDC 62.5%

Market · Morpho Blue on Base · snapshot

cbLTC / USDC 62.5%

RFQ-only from $200kloss from $1M

Selling $1M of cbLTC costs 45.6%, more than the 12.7% bonus: a single liquidation of that size loses money; it has to be split across blocks. Up to $200k the sale costs 10.8% and clearance stays positive. From $200k the sale stays under the bonus only while off-chain RFQ market makers quote: through on-chain pools alone it costs >50%.

borrowed
$727k
in this market; LLTV (liquidation loan-to-value) 62.5%
liquidation bonus
12.7%
fixed by the LLTV
clearing size
$200k
largest measured size with positive clearance; on-chain only: $25k
clearance at $1M
-32.9 pp
bonus minus exit cost, all sources

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Exit cost against the bonus

Clearance by size

Exit cost against sale size, cbLTC/USDC, LLTV 62.5%Exit cost with all sources at $25k: 3.2%; $200k: 10.8%; $1M: 45.6%. Liquidation bonus 12.68%.0%10%20%30%40%50%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: a single liquidation loses moneybonus 12.7%LLTV 62.5%3.8%on-chain only: >50%on-chain only: >50%3.2%10.8%45.6%
Exit cost against sale size, cbLTC/USDC, LLTV 62.5%Exit cost with all sources at $25k: 3.2%; $200k: 10.8%; $1M: 45.6%. Liquidation bonus 12.68%.0%10%20%30%40%50%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: loss12.7%bonus3.8%on-chain only: >50%on-chain only: >50%3.2%10.8%45.6%

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
SaleAll sourcesClearanceOn-chain onlyClearanceStatus
$25k3.2%+9.4 pp3.8%+8.9 ppclears
$200k10.8%+1.9 pp>50%<-37 ppRFQ-only
$1M45.6%-32.9 pp>50%<-37 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 98%
pmm-19 98% RFQ maker · aero-cl 2% AMM pool · RFQ share 98%
$200k
pmm-19 100%
pmm-19 100% RFQ maker · RFQ share 100%
$1M
pmm-19 58%
pmm-19 58% RFQ maker · uniswap-v4 12% AMM pool · aero-cl 8% AMM pool · aerodrome-cl 8% AMM pool · uniswap 6% AMM pool · hydrex-v4 4% AMM pool · uniswapv3 4% AMM pool · RFQ share 58%
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 cbLTC); 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
$223k
within 10% of liquidation
between 1.1 and 1.25
$144k
within 10-20% of liquidation
health factor below 1.25
$367k
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

128 liquidations of cbLTC/USDC on Morpho Blue, Base, over the last 30 days (all LLTVs together): $25k of bonus, 100% of it through Chainlink SVR (Smart Value Recapture) auctions. Liquidations.

For curators

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A review measures cbLTC/USDC 62.5% 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, cbLTC/USDC 62.5% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/cbltc-usdc-62-5.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): selling $1M of cbLTC into USDC costs 45.6% against a 12.7% liquidation bonus on cbLTC/USDC 62.5% on Morpho, Base - clearance -32.9 pp; clearing size $200k. From $200k it clears only with RFQ quotes. One liquidation in one transaction. https://underkeel.xyz/markets/cbltc-usdc-62-5.html

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