Seismograph by Cryptograph Club

Liquidation wave · Closed

$177.7M on-chain liquidation wave, 4 Nov 2025

Magnitude M 5.2 on-chain, scale v1
Liquidated $177.7M USD at the block
Busiest hour $59.7M to 4 Nov 2025, 20:20 UTC

Liquidations on Aave v3, GMX v2, Morpho Blue, Compound v3, Sky and Spark (Ethereum, Arbitrum and Base) totalled $177.7M between 05:15 and 22:05 UTC on 4 Nov 2025. The busiest hour saw $59.7M. 3,119 positions were liquidated. 9 liquidations could not be valued and are not included.

Timeline

$0$20.0M$40.0M$60.0M4 Nov 04:00–05:00 UTC: $6K4 Nov 04:004 Nov 05:00–06:00 UTC: $4.3M4 Nov 06:00–07:00 UTC: $1.5M4 Nov 07:00–08:00 UTC: $750K4 Nov 07:004 Nov 08:00–09:00 UTC: $917K4 Nov 09:00–10:00 UTC: $200K4 Nov 10:00–11:00 UTC: $967K4 Nov 10:004 Nov 11:00–12:00 UTC: $70K4 Nov 12:00–13:00 UTC: $23K4 Nov 13:00–14:00 UTC: $10K4 Nov 13:004 Nov 14:00–15:00 UTC: $2.5M4 Nov 15:00–16:00 UTC: $399K4 Nov 16:00–17:00 UTC: $7.2M4 Nov 16:004 Nov 17:00–18:00 UTC: $45.1M4 Nov 18:00–19:00 UTC: $27.9M4 Nov 19:00–20:00 UTC: $12.5M4 Nov 19:004 Nov 20:00–21:00 UTC: $48.2M4 Nov 21:00–22:00 UTC: $25.1M4 Nov 22:00–23:00 UTC: $133K4 Nov 22:004 Nov 23:00–00:00 UTC: $55K

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

Facts

Started
4 Nov 2025, 05:15 UTC
Peak
5 minutes from 4 Nov 2025, 20:15 UTC
Ended
4 Nov 2025, 22:05 UTC
Duration
16 h 50 min
Positions liquidated
3,119 (3,120 liquidation events)
Normal level
Median hourly total $37K, 95th percentile $1.6M, over the 30 days before the day it started
Merged
1 later wave started less than 6 hours after this one ended and is counted here
Not valued
9 liquidations could not be valued and are not included
Coverage
On-chain DeFi venues only; verified automatically from the blockchain
By venue
ValuedShare
Aave v3$106.7M60%
GMX v2$32.5M18%
Morpho Blue$19.2M11%
Compound v3$11.5M6%
Sky$7.3M4%
Spark$489K<1%
By chain
ValuedShare
Ethereum$122.8M69%
Arbitrum$40.0M23%
Base$14.8M8%
By asset
ValuedShare
Ethereum$106.7M60%
Bitcoin$63.7M36%
Other$7.2M4%
Stablecoins$32K<1%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0xa25b6193…3d2eb5 Aave v3 (Ethereum) $26.7M
0x33bd4e30…a4583d GMX v2 (Arbitrum) $9.7M
0x8d7181bd…d1bbc1 Aave v3 (Ethereum) $9.0M
0x726ffe5b…a5235d Aave v3 (Ethereum) $8.7M
0x7266f016…3d9783 Aave v3 (Ethereum) $8.6M
0x45105902…142767 Aave v3 (Ethereum) $7.0M
0xd9623939…b77c83 Sky (Ethereum) $6.5M
0x262fc1ed…4b0870 Compound v3 (Ethereum) $5.3M
0xd20d73bf…50404d Aave v3 (Ethereum) $4.8M
0x5b514eb6…9dcb6e Compound v3 (Ethereum) $4.2M

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