Seismograph by Cryptograph Club

Liquidation wave · Closed

$7.5M on-chain liquidation wave, 15 Dec 2025

Magnitude M 3.9 on-chain, scale v1
Liquidated $7.5M USD at the block
Busiest hour $5.6M to 15 Dec 2025, 18:30 UTC

Liquidations on GMX v2, Morpho Blue, Aave v3 and Compound v3 (Arbitrum, Base and Ethereum) totalled $7.5M between 16:40 and 19:05 UTC on 15 Dec 2025. The busiest hour saw $5.6M. 177 positions were liquidated.

Timeline

$0$1.0M$2.0M$3.0M$4.0M15 Dec 15:40–15:45 UTC: $90K15:4015 Dec 15:45–15:50 UTC: $015 Dec 15:50–15:55 UTC: $54K15 Dec 15:55–16:00 UTC: $4K15 Dec 16:00–16:05 UTC: $2K15 Dec 16:05–16:10 UTC: $015 Dec 16:10–16:15 UTC: $8K16:1015 Dec 16:15–16:20 UTC: $84615 Dec 16:20–16:25 UTC: $3K15 Dec 16:25–16:30 UTC: $015 Dec 16:30–16:35 UTC: $25K15 Dec 16:35–16:40 UTC: $341K15 Dec 16:40–16:45 UTC: $334K16:4015 Dec 16:45–16:50 UTC: $78515 Dec 16:50–16:55 UTC: $4K15 Dec 16:55–17:00 UTC: $13K15 Dec 17:00–17:05 UTC: $78815 Dec 17:05–17:10 UTC: $36315 Dec 17:10–17:15 UTC: $4317:1015 Dec 17:15–17:20 UTC: $13K15 Dec 17:20–17:25 UTC: $015 Dec 17:25–17:30 UTC: $11K15 Dec 17:30–17:35 UTC: $3.2M15 Dec 17:35–17:40 UTC: $1.7M15 Dec 17:40–17:45 UTC: $29017:4015 Dec 17:45–17:50 UTC: $015 Dec 17:50–17:55 UTC: $134K15 Dec 17:55–18:00 UTC: $115 Dec 18:00–18:05 UTC: $451K15 Dec 18:05–18:10 UTC: $10K15 Dec 18:10–18:15 UTC: $16K18:1015 Dec 18:15–18:20 UTC: $015 Dec 18:20–18:25 UTC: $8K15 Dec 18:25–18:30 UTC: $142K15 Dec 18:30–18:35 UTC: $123K15 Dec 18:35–18:40 UTC: $1.2M15 Dec 18:40–18:45 UTC: $018:4015 Dec 18:45–18:50 UTC: $15K15 Dec 18:50–18:55 UTC: $015 Dec 18:55–19:00 UTC: $2K15 Dec 19:00–19:05 UTC: $163K15 Dec 19:05–19:10 UTC: $015 Dec 19:10–19:15 UTC: $2K19:1015 Dec 19:15–19:20 UTC: $015 Dec 19:20–19:25 UTC: $015 Dec 19:25–19:30 UTC: $015 Dec 19:30–19:35 UTC: $015 Dec 19:35–19:40 UTC: $015 Dec 19:40–19:45 UTC: $019:4015 Dec 19:45–19:50 UTC: $015 Dec 19:50–19:55 UTC: $015 Dec 19:55–20:00 UTC: $015 Dec 20:00–20:05 UTC: $20K

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

Facts

Started
15 Dec 2025, 16:40 UTC
Peak
5 minutes from 15 Dec 2025, 17:30 UTC
Ended
15 Dec 2025, 19:05 UTC
Duration
2 h 25 min
Positions liquidated
177 (177 liquidation events)
Normal level
Median hourly total $20K, 95th percentile $1.5M, 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$6.1M81%
Morpho Blue$954K13%
Aave v3$464K6%
Compound v3$3<1%
By chain
ValuedShare
Arbitrum$6.1M82%
Base$1.1M14%
Ethereum$292K4%
By asset
ValuedShare
Bitcoin$5.1M68%
Ethereum$1.9M26%
Other$430K6%
Stablecoins$1<1%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0xa3308dd1…e03f41 GMX v2 (Arbitrum) $2.9M
0xd6b381e2…958380 Morpho Blue (Base) $840K
0x50408736…8938e9 GMX v2 (Arbitrum) $822K
0x458d17dc…458b97 GMX v2 (Arbitrum) $743K
0x1a310b1a…8bce3e GMX v2 (Arbitrum) $415K
0xc056a1e5…2b7880 GMX v2 (Arbitrum) $260K
0x7ea117a1…856a1f GMX v2 (Arbitrum) $123K
0x11d0820e…19acd4 Aave v3 (Ethereum) $117K
0x54f7a783…8f6670 GMX v2 (Arbitrum) $115K
0xd972f6f0…8e94c8 GMX v2 (Arbitrum) $113K

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