Help Diagnose my Pedal's Clipping Problem?

[Guitarfreak]

I've got an MXR KFK 10 band EQ and whenever it's in my signal path I experience some kind of slight clipping on the harder picked notes.  You can hear it on this quick comparison.

http://soundclick.com/share?songid=9026319

The first run through was recorded guitar > EQ (bypassed) > amp, with EQ set with all settings flat and volume/gain at flat and using the supplied power supply.  The second was guitar > BOSS SD-1 (bypassed) > amp.  Let me know what you think.

[GibsonGM]

Yup, it's clipping like you said.   I guess the question I have is, did it always do this?  If it's always done that, I'd say your input signal is too hot for the input circuitry (opamp).  Have you tried a guitar with wimpier pickups with it?  How many volts does the power supply say it provides?  Could just have too little headroom.....

If the clipping is new (pedal was fine before), then I'd suspect possibly a dying electrolytic capacitor in there (if the pedal is at all old). EQ's can suck to work on, too - they are pretty compact.  Signal tracing w/audio probe could help narrow it down if you choose to open it up. 

Does it clip if you turn it on, and try lowering your bass sliders, 1 by 1?  Can you get rid of the clipping by lowering the level slide, but not going lower than unbypassed (unity)?  That info might say something.