Exit depth / SOL/USDC 62.5%

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

SOL / USDC 62.5%

RFQ-only from $1M

Selling $1M of SOL costs 11.2% against a 12.7% bonus: clearance is +1.4 pp there and positive at every smaller measured size. From $1M the sale stays under the bonus only while off-chain RFQ market makers quote: through on-chain pools alone it costs >50%.

borrowed

$6.0M

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

liquidation bonus

12.7%

fixed by the LLTV

clearing size

$1M+

positive at every measured size; larger sizes not measured; on-chain only: $200k

clearance at $1M

+1.4 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	0.2%	+12.5 pp	0.5%	+12.2 pp	clears
$200k	3.4%	+9.2 pp	2.5%	+10.1 pp	clears
$1M	11.2%	+1.4 pp	>50%	<-37 pp	RFQ-only

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 75%pancake-v3 25%

pmm-19 75% RFQ maker · pancake-v3 25% AMM pool · RFQ share 75%

$200k

pmm-19 98%

pmm-19 98% RFQ maker · pancake-v3 2% AMM pool · RFQ share 98%

$1M

bebop 52%pmm-19 46%

bebop 52% RFQ maker · pmm-19 46% RFQ maker · pancake-v3 3% AMM pool · RFQ share 97%

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 SOL); 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

$1.7M

within 10% of liquidation

between 1.1 and 1.25

$3.4M

within 10-20% of liquidation

health factor below 1.25

$5.1M

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

520 liquidations of SOL/USDC on Morpho Blue, Base, over the last 30 days (all LLTVs together): $120k of bonus, 99% of it through Chainlink SVR (Smart Value Recapture) auctions. Liquidations.

For curators

Curate or supply this market?

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

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): SOL/USDC 62.5% on Morpho, Base clears every measured size; at $1M the exit costs 11.2% against a 12.7% bonus (clearance +1.4 pp). From $1M it clears only with RFQ quotes. One liquidation in one transaction. https://underkeel.xyz/markets/sol-usdc-62-5.html

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