Exit depth / USDC/MXNB 91.5%

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

USDC / MXNB 91.5%

loss from $25k

Even a $25k sale of USDC costs 3.5%, more than the 2.6% bonus: a single liquidation of that size loses money; it has to be split across blocks into smaller parts.

borrowed

$228k

in this market; LLTV (liquidation loan-to-value) 91.5%

liquidation bonus

2.6%

fixed by the LLTV

clearing size

below $25k

largest measured size with positive clearance

clearance at $1M

<-47 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	3.5%	-0.9 pp	3.5%	-0.9 pp	loss
$200k	>50%	<-47 pp	>50%	<-47 pp	loss
$1M	>50%	<-47 pp	>50%	<-47 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 100%

aero-cl 100% AMM pool · RFQ share 0%

$200k

aero-cl 62%pmm-19/uniswapv3 32%

aero-cl 62% AMM pool · pmm-19/uniswapv3 32% RFQ maker · uniswap 4% AMM pool · uniswap-v4 2% AMM pool · aerodrome-cl-3 0% AMM pool · RFQ share 32%

$1M

aero-cl 80%

aero-cl 80% AMM pool · pmm-19/uniswapv3 8% RFQ maker · aerodrome-cl-3 4% AMM pool · uniswap-v4 4% AMM pool · uniswap 4% AMM pool · RFQ share 8%

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 USDC); 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

within 10% of liquidation

between 1.1 and 1.25

$33

within 10-20% of liquidation

health factor below 1.25

$33

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

USDC/MXNB 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 USDC/MXNB 91.5% 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, USDC/MXNB 91.5% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/usdc-mxnb-91-5.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): selling $25k of USDC into MXNB costs 3.5% against a 2.6% liquidation bonus on USDC/MXNB 91.5% on Morpho, Base - clearance -0.9 pp; clearing size below $25k. One liquidation in one transaction. https://underkeel.xyz/markets/usdc-mxnb-91-5.html

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