Seismograph by Cryptograph Club

Liquidation wave · Closed

$56.1M on-chain liquidation wave, 20 Nov 2025

Magnitude M 4.7 on-chain, scale v1
Liquidated $56.1M USD at the block
Busiest hour $43.4M to 20 Nov 2025, 17:20 UTC

Liquidations on Aave v3, Morpho Blue, GMX v2, Compound v3, Sky and Spark (Ethereum, Base and Arbitrum) totalled $56.1M between 16:00 and 19:30 UTC on 20 Nov 2025. The busiest hour saw $43.4M. 887 positions were liquidated. 4 liquidations could not be valued and are not included.

Timeline

$0$5.0M$10.0M$15.0M20 Nov 15:00–15:05 UTC: $015:0020 Nov 15:05–15:10 UTC: $345K20 Nov 15:10–15:15 UTC: $020 Nov 15:15–15:20 UTC: $5K20 Nov 15:20–15:25 UTC: $020 Nov 15:25–15:30 UTC: $020 Nov 15:30–15:35 UTC: $020 Nov 15:35–15:40 UTC: $46820 Nov 15:40–15:45 UTC: $19615:4020 Nov 15:45–15:50 UTC: $1K20 Nov 15:50–15:55 UTC: $3K20 Nov 15:55–16:00 UTC: $40K20 Nov 16:00–16:05 UTC: $54K20 Nov 16:05–16:10 UTC: $79K20 Nov 16:10–16:15 UTC: $134K20 Nov 16:15–16:20 UTC: $27K20 Nov 16:20–16:25 UTC: $2.6M16:2020 Nov 16:25–16:30 UTC: $020 Nov 16:30–16:35 UTC: $2K20 Nov 16:35–16:40 UTC: $17K20 Nov 16:40–16:45 UTC: $520K20 Nov 16:45–16:50 UTC: $12.3M20 Nov 16:50–16:55 UTC: $20K20 Nov 16:55–17:00 UTC: $6.1M20 Nov 17:00–17:05 UTC: $27K17:0020 Nov 17:05–17:10 UTC: $8.9M20 Nov 17:10–17:15 UTC: $12.8M20 Nov 17:15–17:20 UTC: $108K20 Nov 17:20–17:25 UTC: $57920 Nov 17:25–17:30 UTC: $502K20 Nov 17:30–17:35 UTC: $7K20 Nov 17:35–17:40 UTC: $1.8M20 Nov 17:40–17:45 UTC: $24K17:4020 Nov 17:45–17:50 UTC: $3K20 Nov 17:50–17:55 UTC: $2K20 Nov 17:55–18:00 UTC: $22320 Nov 18:00–18:05 UTC: $74520 Nov 18:05–18:10 UTC: $82820 Nov 18:10–18:15 UTC: $3K20 Nov 18:15–18:20 UTC: $27K20 Nov 18:20–18:25 UTC: $7K18:2020 Nov 18:25–18:30 UTC: $93420 Nov 18:30–18:35 UTC: $33K20 Nov 18:35–18:40 UTC: $23K20 Nov 18:40–18:45 UTC: $15K20 Nov 18:45–18:50 UTC: $39K20 Nov 18:50–18:55 UTC: $4.0M20 Nov 18:55–19:00 UTC: $9K20 Nov 19:00–19:05 UTC: $5.7M19:0020 Nov 19:05–19:10 UTC: $020 Nov 19:10–19:15 UTC: $3K20 Nov 19:15–19:20 UTC: $147K20 Nov 19:20–19:25 UTC: $3K20 Nov 19:25–19:30 UTC: $45K20 Nov 19:30–19:35 UTC: $020 Nov 19:35–19:40 UTC: $620 Nov 19:40–19:45 UTC: $019:4020 Nov 19:45–19:50 UTC: $4K20 Nov 19:50–19:55 UTC: $2K20 Nov 19:55–20:00 UTC: $1K20 Nov 20:00–20:05 UTC: $120 Nov 20:05–20:10 UTC: $12920 Nov 20:10–20:15 UTC: $95420 Nov 20:15–20:20 UTC: $120 Nov 20:20–20:25 UTC: $48K20:2020 Nov 20:25–20:30 UTC: $6K

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

Facts

Started
20 Nov 2025, 16:00 UTC
Peak
5 minutes from 20 Nov 2025, 17:10 UTC
Ended
20 Nov 2025, 19:30 UTC
Duration
3 h 30 min
Positions liquidated
887 (891 liquidation events)
Normal level
Median hourly total $42K, 95th percentile $2.7M, 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
Aave v3$38.1M68%
Morpho Blue$9.5M17%
GMX v2$4.1M7%
Compound v3$3.0M5%
Sky$1.3M2%
Spark$106K<1%
By chain
ValuedShare
Ethereum$41.2M73%
Base$8.8M16%
Arbitrum$6.2M11%
By asset
ValuedShare
Ethereum$27.8M50%
Bitcoin$27.3M49%
Other$1.1M2%
Stablecoins$5K<1%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0x40a68b14…f80978 Aave v3 (Ethereum) $8.3M
0xe0d191f8…40fc6d Aave v3 (Ethereum) $6.3M
0x999f98dc…5fb7b7 Aave v3 (Ethereum) $3.3M
0xc0f60582…5e30fc Aave v3 (Ethereum) $3.3M
0xb68cc59a…80676d Aave v3 (Ethereum) $2.9M
0x4e48129c…c503eb Aave v3 (Ethereum) $2.9M
0x518368fd…9fd3e9 Aave v3 (Ethereum) $2.8M
0xef914f52…1d6fa6 Compound v3 (Ethereum) $2.4M
0xe4b09d18…ef36b2 Sky (Ethereum) $1.2M
0x7e6c23d3…de8c39 Aave v3 (Arbitrum) $1.2M

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