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Exit depth / cbXRP/USDC 86%

Market · Morpho Blue on Base · snapshot

cbXRP / USDC 86%

RFQ-only from $200kloss from $1M

Selling $1M of cbXRP costs 17.0%, 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 3.0% 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 7.5%.

borrowed
$712k
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; on-chain only: $25k
clearance at $1M
-12.6 pp
bonus minus exit cost, all sources

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Exit cost against the bonus

Clearance by size

Exit cost against sale size, cbXRP/USDC, LLTV 86%Exit cost with all sources at $25k: 0.2%; $200k: 3.0%; $1M: 17.0%. Liquidation bonus 4.38%.0%5%10%15%20%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: a single liquidation loses moneyLLTV 62.5%: 12.7%LLTV 77%: 7.4%bonus 4.4%LLTV 86%7.5%on-chain only: >50%0.2%3.0%17.0%
Exit cost against sale size, cbXRP/USDC, LLTV 86%Exit cost with all sources at $25k: 0.2%; $200k: 3.0%; $1M: 17.0%. Liquidation bonus 4.38%.0%5%10%15%20%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: loss4.4%bonus7.5%on-chain only: >50%0.2%3.0%17.0%

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. 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
$25k0.2%+4.2 pp0.4%+4.0 ppclears
$200k3.0%+1.4 pp7.5%-3.1 ppRFQ-only
$1M17.0%-12.6 pp>50%<-46 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-19 100%
pmm-19 100% RFQ maker · RFQ share 100%
$200k
pmm-19 100%
pmm-19 100% RFQ maker · RFQ share 100%
$1M
pmm-19 58%bebop 24%
pmm-19 58% RFQ maker · bebop 24% RFQ maker · aero-cl 14% AMM pool · pancake-v3 4% AMM pool · RFQ share 82%
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 cbXRP); 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
$118k
within 10% of liquidation
between 1.1 and 1.25
$604k
within 10-20% of liquidation
health factor below 1.25
$722k
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 cbXRP/USDC

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

Markets of the same pair
LLTVBonusBorrowedClears toStatus
62.5%12.7%$49.2M$200kloss from $1M
77%7.4%$1.5M$200kRFQ-only from $200kloss from $1M
86% (this market)4.4%$712k$200kRFQ-only from $200kloss from $1M

Liquidations

This pair, last 30 days

2,378 liquidations of cbXRP/USDC on Morpho Blue, Base, over the last 30 days (all LLTVs together): $1.4M of bonus, 94% of it through Chainlink SVR (Smart Value Recapture) auctions. Liquidations.

For curators

Curate or supply this market?

A review measures cbXRP/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.

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Cite

Cite or quote this market

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

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): selling $1M of cbXRP into USDC costs 17.0% against a 4.4% liquidation bonus on cbXRP/USDC 86% on Morpho, Base - clearance -12.6 pp; clearing size $200k. From $200k it clears only with RFQ quotes. One liquidation in one transaction. https://underkeel.xyz/markets/cbxrp-usdc-86.html

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