How the number is made

1. Which markets

Every Morpho market on chain 4663 is read from the Morpho API. Markets holding less than $1,000 of borrow are left out of the coverage table — they carry no exposure worth measuring. Today that leaves a handful of rows out of 43 deployed markets.

Markets that hold real exposure but have no probe yet are shown as not measured. They are never folded into an average. Counting an unmeasured market as covered would be the same error as counting a bridged one as redeemable.

2. Can it be redeemed here

Each collateral is checked for a local redemption path.

redeemable

An ERC-4626 vault whose asset() is the loan asset and whose backing sits in the contract. previewRedeem is laddered to find the size that still clears. spUSDG is in this category.

bridged

A LayerZero OFT. The backing lives on another chain, so redeeming means bridging out first — not atomic, and not something a liquidator can do inside one transaction. USDe is in this category.

bridge-minted

An AccessControl ERC-20 where a single authority holds MINTER_ROLE and BURNER_ROLE. If that authority holds no backing locally, burning destroys the token here and credits elsewhere, asynchronously. syrupUSDG is in this category.

unidentified

No standard interface responded. The pool is treated as the only exit, and this is recorded as absence of evidence rather than proof of absence.

3. What a pool will absorb

Sell sizes are laddered through the Uniswap v4 Quoter until the output stops tracking the input. A deliberately absurd input is then quoted to find the ceiling — in a v4 pool the output asymptotes to the loan asset available in range, so the number returned is a ceiling rather than a rate.

Two venues are reachable from a contract on this chain: Uniswap v4, and a v2 factory at 0x8bcEaA40B9AcdfAedF85AdF4FF01F5Ad6517937f that was used in a real liquidation here. Both are measured and summed, since a liquidator can hit both in one transaction. For these three assets the v2 side currently holds about $2,000. Nothing else is reachable: 0x returns TOKEN_NOT_AUTHORIZED_FOR_TRADE, Arcus and Lighter take orders signed off-chain, Meridian is RFQ, and the UniswapX reactor address carries no code.

4. Coverage

Coverage is the larger of the two exits, capped at the collateral itself, divided by the collateral. The chain-wide figure is an average and hides the split that matters: collateral that can be redeemed locally is currently 87.0% covered, while the $233,225,775 that cannot is 1.09% covered.

Addresses read

RPC https://rpc.mainnet.chain.robinhood.com · chain ID 4663

Reproduce it

python3 probe/markets.py      # Morpho markets on RHC
python3 probe/exit_depth.py   # pool depth, laddered
python3 probe/redemption.py   # local redemption paths

All three are read-only and need no API key, account, or funds. A dated snapshot lands in data/ every day. Or run hatch/proof USDe in the console on the front page and paste what it hands you into a terminal.

What these numbers are not

1. Not a forecast. A low ratio says an orderly exit at size is unavailable today. It does not predict a liquidation, and reported bad debt across these markets is currently $0.
2. Not settled transactions. Pool depth comes from Quoter calls and redemption from previewRedeem. A quote and an executed transaction can disagree where hooks or transfer restrictions are involved.
3. Not withdrawable supply. A vault reporting available liquidity is answering a different question — whether a depositor can leave, not whether a liquidator can convert seized collateral.
4. Not static. Redemption capacity depends on backing the vault holds right now, which other redeemers can draw down. One block is one block; the series in data/ is the part worth trusting.