Exit depth / WETH/USDC 86%

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

WETH / USDC 86%

clears all sizes

Selling $1M of WETH costs 0.7% against a 4.4% bonus: clearance is +3.7 pp there and positive at every smaller measured size.

borrowed

$85.7M

in this market; LLTV (liquidation loan-to-value) 86%

liquidation bonus

4.4%

fixed by the LLTV

clearing size

$1M+

positive at every measured size; larger sizes not measured

clearance at $1M

+3.7 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	0.2%	+4.2 pp	0.1%	+4.3 pp	clears
$200k	0.3%	+4.1 pp	0.5%	+3.8 pp	clears
$1M	0.7%	+3.7 pp	0.6%	+3.8 pp	clears

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/kipseli-prop 76%bebop/kipseli-prop 24%

pmm-19/kipseli-prop 76% RFQ maker · bebop/kipseli-prop 24% RFQ maker · RFQ share 100%

$200k

pmm-19/uniswapv3 85%

pmm-19/uniswapv3 85% RFQ maker · lunarbase 6% AMM pool · pmm-1/kipseli-prop 5% RFQ maker · bebop/kipseli-prop 3% RFQ maker · pmm-19/aero-cl 0% RFQ maker · RFQ share 94%

$1M

pmm-19/uniswapv3 80%

pmm-19/uniswapv3 80% RFQ maker · pmm-19/aero-cl 7% RFQ maker · pmm-1/dodo-dpp 6% RFQ maker · kipseli-prop 6% MM pool · bebop/spire-prop 1% RFQ maker · RFQ share 94%

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 WETH); 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

$18.8M

within 10% of liquidation

between 1.1 and 1.25

$25.9M

within 10-20% of liquidation

health factor below 1.25

$44.8M

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

1,408 liquidations of WETH/USDC on Morpho Blue, Base, over the last 30 days (all LLTVs together): $447k of bonus, 91% of it through Chainlink SVR (Smart Value Recapture) auctions. Liquidations.

For curators

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A review measures WETH/USDC 86% 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, WETH/USDC 86% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/weth-usdc-86.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): WETH/USDC 86% on Morpho, Base clears every measured size; at $1M the exit costs 0.7% against a 4.4% bonus (clearance +3.7 pp). One liquidation in one transaction. https://underkeel.xyz/markets/weth-usdc-86.html

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