About this Chart

Margin is liquidation LTV minus current LTV, measured per position and then weighted by PT collateral, since a market-level average nets a conservative large position against a stretched small one and hides the tail. Positions past liquidation LTV are above their threshold and eligible to be liquidated, not necessarily liquidated. Margin reads better than reality twice over: debt is principal only against daily-repriced collateral, and liquidation LTV falls back to borrow LTV on Morpho and on Aave V4, so treat the thin bands as a floor on risk.