Underkeel
For curators

Exit depth / yoETH/WETH 91.5%

Market · Morpho Blue on Base · snapshot

yoETH / WETH 91.5%

loss from $25k pegged pair

Even a $25k sale of yoETH costs >50%, 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
$110k
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

Exit cost against sale size, yoETH/WETH, LLTV 91.5%Exit cost with all sources at $25k: >50%; $200k: >50%; $1M: >50%. Liquidation bonus 2.62%.0%10%20%30%40%50%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: a single liquidation loses moneybonus 2.6%LLTV 91.5%>50%>50%>50%
Exit cost against sale size, yoETH/WETH, LLTV 91.5%Exit cost with all sources at $25k: >50%; $200k: >50%; $1M: >50%. Liquidation bonus 2.62%.0%10%20%30%40%50%$25k$200k$1Msize of the sale (USD, log scale)above the bonus: loss2.6%bonus>50%>50%>50%

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
SaleAll sourcesClearanceOn-chain onlyClearanceStatus
$25k>50%<-47 pp>50%<-47 pploss
$200k>50%<-47 pp>50%<-47 pploss
$1M>50%<-47 pp>50%<-47 pploss

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
uniswap-v4 100%
uniswap-v4 100% AMM pool · RFQ share 0%
$200k
uniswap-v4 100%
uniswap-v4 100% AMM pool · RFQ share 0%
$1M
uniswap-v4 96%
uniswap-v4 96% AMM pool · kyberswap-limit-order-v2 4% RFQ maker · RFQ share 4%
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 yoETH); 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. yoETH and WETH track each other, so the health factor follows the peg, not the market price. At a 91.5% 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
$76k
within 10% of liquidation - normal for a pegged pair
between 1.1 and 1.25
$37k
within 10-20% of liquidation
health factor below 1.25
$113k
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

yoETH/WETH is not among the 10 pairs with the most liquidation bonus over the last 30 days. Liquidations.

For curators

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A review measures yoETH/WETH 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, yoETH/WETH 91.5% on Morpho Blue, Base, snapshot 2026-11-14T21:23Z, data sha256 81b87af3. https://underkeel.xyz/markets/yoeth-weth-91-5.html

Quote this: Underkeel (Clearance v2, snapshot 2026-11-14 21:23 UTC): selling $25k of yoETH into WETH costs >50% against a 2.6% liquidation bonus on yoETH/WETH 91.5% on Morpho, Base - clearance <-47 pp; clearing size below $25k. One liquidation in one transaction. https://underkeel.xyz/markets/yoeth-weth-91-5.html

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