Your Morpho loan,
on belay.
Borrow USDC against cbBTC or ETH on Base. When the price falls, Belay sells just enough collateral and repays your loan before Morpho liquidates it. You keep the rest, without the liquidation penalty.
Position on $10,000 of collateral.
Nothing to do yet.
Example on $10,000 of collateral. Liquidation costs the Morpho incentive of 4.38% of the debt repaid; Belay costs the 0.05% pool fee, the price impact and its 0.1% fee.
Two markets, live
The deepest Morpho markets on Base. Rates and free liquidity come straight from Morpho.
Liquidation or belay
Same loan, same price drop. The difference is who sells your collateral and at what cost.
| Morpho liquidation | Belay | |
|---|---|---|
| When it happens | At 86% LTV, by a liquidator | At your trigger, before 86% |
| Cost on the repaid debt | 4.38% incentive to the liquidator | ~0.05% pool fee + price impact + 0.1% |
| How much is sold | Whatever the liquidator chooses, up to all | Just enough to reach your target |
| Where the money goes | Your collateral to the liquidator | Every dollar of the sale repays your debt |
| Your position | Stays on Morpho | Stays on Morpho, in your wallet |
How it works
One contract, one permission, two numbers you choose.
Borrow on Morpho
Open a USDC loan against cbBTC or WETH from the app, or use a loan you already have.
Give Belay the rope
Authorize Belay on Morpho and set a trigger and a target, like 75% and 65%.
The keeper watches
Every minute the keeper checks your LTV at Morpho's own oracle price.
Caught, not liquidated
Past the trigger, Belay repays debt, takes the matching collateral, sells it on Uniswap and lands you at the target.
What the contract can and cannot do
Belay is allowed to touch your position for one thing only.
protect() reverts while your LTV is under the trigger you set.
It sells the collateral needed to reach the target, never more.
The sale must return at least the oracle price minus 1.5%, or nothing happens.
Debt is repaid before collateral leaves, so the position is never weaker mid-way.
The owner lists markets and sets a fee capped at 0.5%. No function moves your money.
Clear your rule or revoke the Morpho permission in one transaction.
Questions
Does Belay hold my collateral?
No. Your loan stays on Morpho in your own address. Belay only gets Morpho's permission to repay and withdraw for you, and its code only uses it inside a rescue.
What does it cost?
Nothing while you are safe. A rescue costs the Uniswap pool fee (0.05%), the price impact of the sale and Belay's fee of 0.1% of the sale.
Which price does it use?
Morpho's own oracle for the market, the same price that decides liquidations.
Can it still be liquidated?
On a crash faster than the keeper's minute, or if the sale cannot meet the price bound, yes. Belay narrows the risk, it does not remove it.
Audited?
No. The contract is short, tested on a fork of Base mainnet against the real markets and open source. Start small.