Liquidation wave · Closed
$7.5M on-chain liquidation wave, 7 Dec 2025
Magnitude
M 3.9
on-chain, scale v1
Liquidated
$7.5M
USD at the block
Liquidations on GMX v2, Aave v3 and Morpho Blue (Arbitrum, Ethereum and Base) totalled $7.5M between 14:15 and 14:35 UTC on 7 Dec 2025. 82 positions were liquidated. 1 liquidation could not be valued and is not included.
Timeline
All covered venues, with an hour before and after the wave for comparison.
Facts
- Started
- 7 Dec 2025, 14:15 UTC
- Peak
- 5 minutes from 7 Dec 2025, 14:15 UTC
- Ended
- 7 Dec 2025, 14:35 UTC
- Duration
- 20 min
- Positions liquidated
- 82 (82 liquidation events)
- Normal level
- Median hourly total $30K, 95th percentile $2.3M, over the 30 days before the day it started
- Not valued
- 1 liquidation could not be valued and is not included
- Coverage
- On-chain DeFi venues only; verified automatically from the blockchain
| Valued | Share | |
|---|---|---|
| GMX v2 | $7.2M | 96% |
| Aave v3 | $269K | 4% |
| Morpho Blue | $207 | <1% |
| Valued | Share | |
|---|---|---|
| Arbitrum | $7.2M | 97% |
| Ethereum | $245K | 3% |
| Base | $11K | <1% |
| Valued | Share | |
|---|---|---|
| Other | $5.9M | 79% |
| Ethereum | $1.5M | 20% |
| Bitcoin | $58K | <1% |
Sources
| Transaction | Venue | Value |
|---|---|---|
| 0x302dc3e6…4de3c3 | GMX v2 (Arbitrum) | $5.5M |
| 0x5f74db84…e2d636 | GMX v2 (Arbitrum) | $1.0M |
| 0xfaad385b…2a39d8 | Aave v3 (Ethereum) | $234K |
| 0x85bbeb0d…87ac59 | GMX v2 (Arbitrum) | $177K |
| 0x027d6d5e…9d7ffd | GMX v2 (Arbitrum) | $66K |
| 0x0941f10d…6395ad | GMX v2 (Arbitrum) | $41K |
| 0xa6551e5f…f7e794 | GMX v2 (Arbitrum) | $39K |
| 0xd771664b…a7d68a | GMX v2 (Arbitrum) | $30K |
| 0x7588ae88…db48a8 | GMX v2 (Arbitrum) | $30K |
| 0xb9ff6d5b…d3fc84 | GMX v2 (Arbitrum) | $26K |
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