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One day. Same accounts.
10 Oct 2025 · 2,350 liquidated accounts
$67M protected
from forced debt closure
Aave
$144M
Membrane
$77M
Debt closed across the measured Oct. 10 cohort. Lower is less forced repayment.
4% sounds small. It would have kept $1.2B of collateral over 3.6 years of Aave V3.
$67M of debt protected from forced closure on 10 Oct 2025 alone.
4%.
You aren't liquidated when you cross the LLTV. Staying within 4% of it delays your liquidation for 8 hours. You get automatic protection from wicks and time to manage your debt.
Past 4% the partial liquidation is immediate down to the maximum borrowable LTV.
what the delay would have done to your own history
the product
Carry that recalls debt instead of liquidating you.
Borrow against your collateral, deploy the debt into a venue, and the venue capital is what answers a margin call.
why carry here
01Carry Spread Protections
Borrow cost comes out of the carry yield. If the spread inverts, curators cover 14 days of yield to give you time to act.
02In-protocol unwinds
No babysitting, no keeper to fail. Unwinds run in-house at the liquidation fee.
03Carry Curators, bounded by rails
Pick the curator. Each venue has a cap; increases wait the vault’s 1–14 day timelock. Reallocations must move equal amounts out and in, and a guardian can cancel a pending increase.
capital across tracked strategies
stored · /api/strats · no completed scanlatest measured capacity move
Higher Yield Comes With Risks
Staked USDat · 11.53% net vs Morpho Vault V2 · 3.44% net · what you keep after exit costs, over 90 days, at your size, ×10 and ×100
Each line: what a deposit is worth after paying to exit, as % of what you put in, day by day. Green numbers are ahead, red are behind. Hover for the model’s cost range at any day.
Staked USDat · 11.53% net · higher yield, thinner exit
Morpho Vault V2 · 3.44% net · lower yield, deeper exit
your size · $65,381
×10 · $653,813
×100 · $6,538,125
Past ~$590,000 the cheaper venue wins: the higher yield costs more to leave than it pays.
what to take from it
At your size ($65,381), after 90 days you keep +2.74% on Staked USDat vs +0.80% on Morpho Vault V2. Staked USDat wins.
At ×10 ($653,813) it is +0.46% vs +0.80%. Morpho Vault V2 wins; the higher yield is eaten by a deeper exit.
The crossover is near $590,000. Below it, chase the yield; above it, pay for the exit.
modelled — route APRs are the measured Aug 2026 table; depth tiers and exit costs are a model, not a measurement, and the band width is the model’s cost range. The venue recorder replaces this with observed withdrawal-ability as history accrues.
the run
where the capital sits
venue scan · snapshot 2026-09-12detected on-chain
$59,060
recall / fast in force
97.0% / 97.0%
| venue | balance | value | default recall | default fast | how the exit works |
|---|---|---|---|---|---|
| sUSDe | 0.0000008 | $0 | 30% | 0% | a 7-day cooldown must elapse before staked USDe can be redeemed |
| sUSDS | 59,060 | $59,060 | 97% | 97% | redeemable on demand against the Sky savings rate |
Balances on-chain at $1/unit · rate columns modelled, not measured
before you quote thisread the method ↓
- Membrane has no Ethereum mainnet deployment. Its liquidation lines are modelled, not live protocol settings.
- The price path is measured: 1-minute Chainlink rounds, 10-11 Oct 2025.
- The venue recall rate is an assumption and moves the result most.
- A simulation is not a forecast.
- 20,567 of 21,791 episodes were priced. 1,224 unpriced episodes are excluded from every dollar figure.
- 48 ‘worse’ replay episodes by anchor (worse / total priced): UNI 19/133 (14.3% worse; max 1.08× Aave) · AAVE 24/1,127 (2.1% worse; max 1.18× Aave) · LINK 5/1,449 (0.35% worse; max 1.03× Aave). 3 included more than one collateral asset. The replay anchor is the first priced event used for the path, not the asset responsible.
- This run uses a modelled Membrane max LTV of 76.3%, liquidation fee 0.0%, detected deployable venue capital $59,060, recall rate 97.0%, and fast rate 97.0%. URL parameters can override these inputs; none are live Membrane settings.
- Membrane charges no interest on debt deployed in a canonical venue; it is paid a curator-set share of that venue's yield. In a worst case the spread can invert — curators cover 14 days of yield to give the borrower time to act. Undeployed debt pays a curator-set base rate. Your rate moves in one case: a curator vault repriced to the avoidance rate (the AUM-weighted rate of the lowest-paying vaults), and a curator can change the yield split only with seven days' notice.
- Aave V3 borrow rate read on-chain at snapshot.
- The default wallet is a real mainnet borrower, snapshot 2026-09-12. No venue deployment was detected for it, so no cost line is shown; paste a wallet that borrows and deploys to see yours.
LiquidationEngine.sol · 28,800 s · break = max LTV × (1 + 4%) · no mainnet deployment yet
where every number came from