Exit depth / cbZEC/USDC 62.5%

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

cbZEC / USDC 62.5%

loss from $200k

Selling $200k of cbZEC costs >50%, more than the 12.7% bonus: a single liquidation of that size loses money; it has to be split across blocks. Up to $25k the sale costs 1.2% and clearance stays positive.

borrowed

$3.3M

in this market; LLTV (liquidation loan-to-value) 62.5%

liquidation bonus

12.7%

fixed by the LLTV

clearing size

$25k

largest measured size with positive clearance

clearance at $1M

<-37 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	1.2%	+11.5 pp	1.9%	+10.8 pp	clears
$200k	>50%	<-37 pp	>50%	<-37 pp	loss
$1M	>50%	<-37 pp	>50%	<-37 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

aero-cl 77%uniswapv3 23%

aero-cl 77% AMM pool · uniswapv3 23% AMM pool · RFQ share 0%

$200k

uniswap-v4 56%uniswapv3 25%

uniswap-v4 56% AMM pool · uniswapv3 25% AMM pool · aero-cl 16% AMM pool · aero-v2-volatile 4% AMM pool · RFQ share 0%

$1M

uniswap-v4 88%

uniswap-v4 88% AMM pool · uniswapv3 6% AMM pool · aero-v2-volatile 4% AMM pool · aero-cl 2% 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 cbZEC); 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

$233k

within 10% of liquidation

between 1.1 and 1.25

$1.6M

within 10-20% of liquidation

health factor below 1.25

$1.9M

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

117 liquidations of cbZEC/USDC on Morpho Blue, Base, over the last 30 days (all LLTVs together): $27k of bonus, 93% of it through Chainlink SVR (Smart Value Recapture) auctions. Liquidations.

For curators

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

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): selling $200k of cbZEC into USDC costs >50% against a 12.7% liquidation bonus on cbZEC/USDC 62.5% on Morpho, Base - clearance <-37 pp; clearing size $25k. One liquidation in one transaction. https://underkeel.xyz/markets/cbzec-usdc-62-5.html

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