Risk overview
One market, from current book to stress replay.
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Full book figures and capacity breakdown
The book
borrowed, all nine markets
Distance to capacity, cbBTC
Red at 10% or under, amber at 20% or under. Alts are 3% of the book.
cbBTC · March 2020 replay
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Market watchlist
Compare the nine markets. Select one to carry it through every view.
Threshold is the modeled price fall at which liquidatable debt exceeds stressed capacity. “Needs attention” means a threshold of 20% or less; it is not a forecast.
Inspect a price shock · cbBTC
What crosses the liquidation line if the price falls all at once?
A static inspection of the saved loan book, at the selected price fall. No borrower top-ups, repayments, elapsed time or liquidator execution. Liquidatable debt is not realized loss. The historical stress test models a path over time.
Check a loan
Paste a Base address to see, for each of its loans in the markets on this page, the price at which it gets liquidated, how far the price can fall before that, and what the worst replayed crash would do to it.
Your browser asks Morpho's public API directly; no key, and nothing passes through this site. The liquidation price comes from Morpho's health factor, which uses the market's oracle. The crash paths are the backtest's seven, applied to this one position as it stands, with no top-up or repayment.
Enter a public Base address to inspect its loans. No wallet connection is required.
Book
Who owes what, at what loan-to-value, and how close each position sits to its liquidation line.
Market
LTV distribution
Borrow USD per 2% LTV bin; the tooltip carries the number of positions. Dashed lines: the LLTV where liquidation starts and the LTV past which seized collateral no longer covers the debt (bad debt).
Top 25 borrowers
Liquidations · cbBTC
How much debt a price drop would put up for liquidation, what liquidators can absorb, and what they have cleared before.
Liquidatable borrow vs price drop
Blue shows debt crossing LLTV at each sampled instantaneous price fall. The gray dashed line is the portion already past bad-debt LTV. The black dotted line is modeled stressed capacity. The labeled annotation marks the whole market’s first sampled exceedance; a filtered wallet subset has no asserted crossing.
Liquidation history
Daily repaid USD. Blue identifies the highest repayment day in the selected range; the other days provide context.
Trend
Each snapshot since the tracker started: book LTV, distance to capacity and borrow liquidatable at a 20% drop, for the selected market.
Top 10 liquidators (all time, by repaid USD)
Liquidator leaderboard (stress windows)
Top-10 liquidators of each stress window, merged across cbBTC and WETH. Gross bonus is seized minus repaid, before gas. Latency: median seconds from the oracle crossing to the liquidation, where the address has at least 5 measured events.
Stress test · cbBTC loading
A saved book replayed through seven historical crashes to estimate lender losses.
March 2020 and May 2021, at the selected market’s LLTV
The saved replay book at the selected market’s current LLTV, liquidators selling on-chain and on exchanges (scenario AB): three separate measures: the loss by the end of the path, the supply left unserved (underwater) at the lowest print, and the loss if the low had held for a day.
Who carries a loss · cbBTC
The vaults funding the selected market, largest first, and their cut of the worst modeled path (March 2020, scenario AB, the row above). Morpho socializes bad debt pro rata to suppliers, so each vault's cut is its share of market supply; the last column sets the held-a-day loss against the vault's total assets. Other suppliers are wallets supplying the market directly.
Bad debt by LLTV and crash path
Liquidator capital, cbBTC on March 2020 (AB)
How the selected market’s March 2020 replay changes as liquidator capital increases. Read the selected replay measure as the daily cap on exchange-hedged liquidators rises from the largest day the book has seen (1×).
Warning time
Median time in the warning band before liquidation, scenario AB.
All Base markets
Every Morpho Blue market on Base with more than $10M borrowed, not only Coinbase's. Market-level numbers from Morpho's API, refreshed with the rest of the page; the charts above cover Coinbase's nine markets only.
Markets Morpho does not list
Markets Morpho's app does not list, with the warnings its API attaches. Most lend real USDC against a token Morpho cannot price, so their collateral value and LTV are unknown; their size is what borrowers drew, not what backs it.