Seismograph by Cryptograph Club

Liquidation wave · Closed

$33.9M on-chain liquidation wave, 17 Nov 2025

Magnitude M 4.5 on-chain, scale v1
Liquidated $33.9M USD at the block
Busiest hour $11.9M to 17 Nov 2025, 20:05 UTC

Liquidations on Morpho Blue, Aave v3, GMX v2, Compound v3, Spark and Sky (Ethereum, Base and Arbitrum) totalled $33.9M between 19:00 UTC on 17 Nov and 08:05 UTC on 18 Nov 2025. The busiest hour saw $11.9M. 1,614 positions were liquidated. 4 liquidations could not be valued and are not included.

Timeline

$0$5.0M$10.0M$15.0M17 Nov 18:00–19:00 UTC: $2.2M17 Nov 18:0017 Nov 19:00–20:00 UTC: $10.6M17 Nov 20:00–21:00 UTC: $1.6M17 Nov 20:0017 Nov 21:00–22:00 UTC: $998K17 Nov 22:00–23:00 UTC: $2.1M17 Nov 22:0017 Nov 23:00–00:00 UTC: $4K18 Nov 00:00–01:00 UTC: $658K18 Nov 00:0018 Nov 01:00–02:00 UTC: $373K18 Nov 02:00–03:00 UTC: $3.7M18 Nov 02:0018 Nov 03:00–04:00 UTC: $8.9M18 Nov 04:00–05:00 UTC: $3.2M18 Nov 04:0018 Nov 05:00–06:00 UTC: $213K18 Nov 06:00–07:00 UTC: $731K18 Nov 06:0018 Nov 07:00–08:00 UTC: $705K18 Nov 08:00–09:00 UTC: $221K18 Nov 08:0018 Nov 09:00–10:00 UTC: $1K

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

Facts

Started
17 Nov 2025, 19:00 UTC
Peak
5 minutes from 18 Nov 2025, 03:00 UTC
Ended
18 Nov 2025, 08:05 UTC
Duration
13 h 5 min
Positions liquidated
1,614 (1,623 liquidation events)
Normal level
Median hourly total $36K, 95th percentile $2.1M, over the 30 days before the day it started
Not valued
4 liquidations could not be valued and are not included
Coverage
On-chain DeFi venues only; verified automatically from the blockchain
By venue
ValuedShare
Morpho Blue$19.0M56%
Aave v3$6.3M19%
GMX v2$5.1M15%
Compound v3$3.4M10%
Spark$50K<1%
Sky$12K<1%
By chain
ValuedShare
Ethereum$14.5M43%
Base$13.8M41%
Arbitrum$5.6M17%
By asset
ValuedShare
Bitcoin$25.3M75%
Other$5.5M16%
Ethereum$3.1M9%
Stablecoins$12K<1%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0x8445fc51…b0799c Compound v3 (Ethereum) $3.3M
0x3383365a…0efce5 Morpho Blue (Ethereum) $1.4M
0xd581b6f7…8d36fb Aave v3 (Ethereum) $1.2M
0x252b8927…b3e429 Morpho Blue (Base) $1.1M
0xc600b99c…5c63f5 GMX v2 (Arbitrum) $865K
0x2508abab…906d6e Morpho Blue (Ethereum) $817K
0x88e5f686…1c7842 Morpho Blue (Base) $802K
0x05337309…434eb5 Morpho Blue (Base) $764K
0xc79b75b9…8eade4 Morpho Blue (Base) $755K
0x7f2b266a…f959fd Aave v3 (Ethereum) $740K

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