Underkeel
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Exit depth / weETH/WETH 94.5%

Market · Morpho Blue on Base · snapshot

weETH / WETH 94.5%

clears all sizes pegged pair

Selling $1M of weETH costs 0.2% against a 1.7% bonus: clearance is +1.4 pp there and positive at every smaller measured size.

borrowed
$958k
in this market; LLTV (liquidation loan-to-value) 94.5%
liquidation bonus
1.7%
fixed by the LLTV
clearing size
$1M+
positive at every measured size; larger sizes not measured
clearance at $1M
+1.4 pp
bonus minus exit cost, all sources

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Exit cost against the bonus

Clearance by size

Exit cost against sale size, weETH/WETH, LLTV 94.5%Exit cost with all sources at $25k: 0.0%; $200k: 0.0%; $1M: 0.2%. Liquidation bonus 1.68%.0%1%2%3%4%5%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: a single liquidation loses moneyLLTV 91.5%: 2.6%bonus 1.7%LLTV 94.5%0.0%0.0%0.2%
Exit cost against sale size, weETH/WETH, LLTV 94.5%Exit cost with all sources at $25k: 0.0%; $200k: 0.0%; $1M: 0.2%. Liquidation bonus 1.68%.0%1%2%3%4%5%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: loss1.7%bonus0.0%0.0%0.2%

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.

Exit cost and clearance by sale size
SaleAll sourcesClearanceOn-chain onlyClearanceStatus
$25k0.0%+1.7 pp0.0%+1.7 ppclears
$200k0.0%+1.7 pp0.0%+1.7 ppclears
$1M0.2%+1.4 pp0.2%+1.4 ppclears

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
fluid-dex-t1 88%
fluid-dex-t1 88% AMM pool · aero-cl 12% AMM pool · RFQ share 0%
$200k
fluid-dex-t1 95%
fluid-dex-t1 95% AMM pool · aero-cl 5% AMM pool · RFQ share 0%
$1M
fluid-dex-t1 96%
fluid-dex-t1 96% AMM pool · quickswap-v4 4% 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 weETH); 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

Pegged pair. weETH and WETH track each other, so the health factor follows the peg, not the market price. At a 94.5% LLTV positions sit close to liquidation as a matter of course; they move only if the peg or the exchange rate slips.

health factor below 1.1
$852k
within 10% of liquidation - normal for a pegged pair
between 1.1 and 1.25
$49k
within 10-20% of liquidation
health factor below 1.25
$901k
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 weETH/WETH

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

Markets of the same pair
LLTVBonusBorrowedClears toStatus
91.5%2.6%$336k$1M+clears all sizes
94.5% (this market)1.7%$958k$1M+clears all sizes

Liquidations

This pair, last 30 days

weETH/WETH 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 weETH/WETH 94.5% 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, weETH/WETH 94.5% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/weeth-weth-94-5.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): weETH/WETH 94.5% on Morpho, Base clears every measured size; at $1M the exit costs 0.2% against a 1.7% bonus (clearance +1.4 pp). One liquidation in one transaction. https://underkeel.xyz/markets/weeth-weth-94-5.html

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