Exit depth / PAXG/USDC 77%

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

PAXG / USDC 77%

loss from $1M

Selling $1M of PAXG costs 45.9%, more than the 7.4% bonus: a single liquidation of that size loses money; it has to be split across blocks. Up to $200k the sale costs 2.4% and clearance stays positive.

borrowed

$129k

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

liquidation bonus

7.4%

fixed by the LLTV

clearing size

$200k

largest measured size with positive clearance

clearance at $1M

-38.5 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	0.3%	+7.1 pp	0.3%	+7.1 pp	clears
$200k	2.4%	+5.0 pp	2.4%	+5.0 pp	clears
$1M	45.9%	-38.5 pp	45.9%	-38.4 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

pancake-v3 55%aero-cl 45%

pancake-v3 55% AMM pool · aero-cl 45% AMM pool · RFQ share 0%

$200k

pancake-v3 53%aero-cl 47%

pancake-v3 53% AMM pool · aero-cl 47% AMM pool · RFQ share 0%

$1M

pancake-v3 34%aero-cl 29%uniswap-v4 28%

pancake-v3 34% AMM pool · aero-cl 29% AMM pool · uniswap-v4 28% AMM pool · uniswap-v4-doppler 9% 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 PAXG); 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

$391

within 10% of liquidation

between 1.1 and 1.25

$2.4k

within 10-20% of liquidation

health factor below 1.25

$2.8k

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

PAXG/USDC 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 PAXG/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.

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Cite

Cite or quote this market

Cite as: Underkeel, Clearance v2, PAXG/USDC 77% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/paxg-usdc-77.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): selling $1M of PAXG into USDC costs 45.9% against a 7.4% liquidation bonus on PAXG/USDC 77% on Morpho, Base - clearance -38.5 pp; clearing size $200k. One liquidation in one transaction. https://underkeel.xyz/markets/paxg-usdc-77.html

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