Seismograph by Cryptograph Club

Liquidation wave · Closed

$6.4M on-chain liquidation wave, 28 Oct 2025

Magnitude M 3.8 on-chain, scale v1
Liquidated $6.4M USD at the block
Busiest hour $5.9M to 28 Oct 2025, 20:45 UTC

Liquidations on GMX v2, Aave v3 and Morpho Blue (Arbitrum, Ethereum and Base) totalled $6.4M between 19:30 and 21:10 UTC on 28 Oct 2025. The busiest hour saw $5.9M. 141 positions were liquidated.

Timeline

$0$1.0M$2.0M$3.0M28 Oct 18:30–18:35 UTC: $018:3028 Oct 18:35–18:40 UTC: $27K28 Oct 18:40–18:45 UTC: $028 Oct 18:45–18:50 UTC: $12K28 Oct 18:50–18:55 UTC: $028 Oct 18:55–19:00 UTC: $018:5528 Oct 19:00–19:05 UTC: $028 Oct 19:05–19:10 UTC: $028 Oct 19:10–19:15 UTC: $028 Oct 19:15–19:20 UTC: $22K28 Oct 19:20–19:25 UTC: $28K19:2028 Oct 19:25–19:30 UTC: $10K28 Oct 19:30–19:35 UTC: $47K28 Oct 19:35–19:40 UTC: $028 Oct 19:40–19:45 UTC: $028 Oct 19:45–19:50 UTC: $11K19:4528 Oct 19:50–19:55 UTC: $246K28 Oct 19:55–20:00 UTC: $1K28 Oct 20:00–20:05 UTC: $13K28 Oct 20:05–20:10 UTC: $2.3M28 Oct 20:10–20:15 UTC: $67K20:1028 Oct 20:15–20:20 UTC: $3.0M28 Oct 20:20–20:25 UTC: $22628 Oct 20:25–20:30 UTC: $1K28 Oct 20:30–20:35 UTC: $327K28 Oct 20:35–20:40 UTC: $11K20:3528 Oct 20:40–20:45 UTC: $63228 Oct 20:45–20:50 UTC: $5K28 Oct 20:50–20:55 UTC: $5K28 Oct 20:55–21:00 UTC: $028 Oct 21:00–21:05 UTC: $13K21:0028 Oct 21:05–21:10 UTC: $447K28 Oct 21:10–21:15 UTC: $19K28 Oct 21:15–21:20 UTC: $028 Oct 21:20–21:25 UTC: $028 Oct 21:25–21:30 UTC: $4K21:2528 Oct 21:30–21:35 UTC: $1128 Oct 21:35–21:40 UTC: $028 Oct 21:40–21:45 UTC: $28K28 Oct 21:45–21:50 UTC: $028 Oct 21:50–21:55 UTC: $2K21:5028 Oct 21:55–22:00 UTC: $1K28 Oct 22:00–22:05 UTC: $17128 Oct 22:05–22:10 UTC: $0

All covered venues, with an hour before and after the wave for comparison.

Facts

Started
28 Oct 2025, 19:30 UTC
Peak
5 minutes from 28 Oct 2025, 20:15 UTC
Ended
28 Oct 2025, 21:10 UTC
Duration
1 h 40 min
Positions liquidated
141 (141 liquidation events)
Normal level
Median hourly total $38K, 95th percentile $983K, over the 30 days before the day it started
Coverage
On-chain DeFi venues only; verified automatically from the blockchain
By venue
ValuedShare
GMX v2$5.9M91%
Aave v3$562K9%
Morpho Blue$2K<1%
By chain
ValuedShare
Arbitrum$5.9M92%
Ethereum$475K7%
Base$32K<1%
By asset
ValuedShare
Other$3.0M47%
Bitcoin$2.3M36%
Ethereum$1.1M17%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0xe67ee731…1e2579 GMX v2 (Arbitrum) $2.4M
0xd0740414…3c829f GMX v2 (Arbitrum) $2.1M
0x757e4d78…721a22 Aave v3 (Ethereum) $321K
0xcd92c632…159336 Aave v3 (Ethereum) $152K
0xc2ac6db3…201730 GMX v2 (Arbitrum) $145K
0x7d46d25b…f5bd66 GMX v2 (Arbitrum) $139K
0xdd371c4d…59e1d9 GMX v2 (Arbitrum) $109K
0x87cb5627…4cf911 GMX v2 (Arbitrum) $100K
0xdebdbdf7…7e4884 GMX v2 (Arbitrum) $81K
0x15d87336…3e2f9f GMX v2 (Arbitrum) $71K

Values are in USD at the block of each liquidation, from on-chain prices. On-chain liquidation magnitudes measure DeFi venues only and are not yet comparable with hack or depeg magnitudes. Methodology · The magnitude scale