Seismograph by Cryptograph Club

Liquidation wave · Closed

$9.7M on-chain liquidation wave, 17 Dec 2025

Magnitude M 4.0 on-chain, scale v1
Liquidated $9.7M USD at the block
Busiest hour $5.9M to 17 Dec 2025, 15:50 UTC

Liquidations on GMX v2, Sky, Aave v3, Morpho Blue, Compound v3 and Spark (Arbitrum, Ethereum and Base) totalled $9.7M between 14:45 and 19:10 UTC on 17 Dec 2025. The busiest hour saw $5.9M. 293 positions were liquidated.

Timeline

$0$2.0M$4.0M$6.0M17 Dec 13:45–13:50 UTC: $32K13:4517 Dec 13:50–13:55 UTC: $017 Dec 13:55–14:00 UTC: $017 Dec 14:00–14:05 UTC: $017 Dec 14:05–14:10 UTC: $017 Dec 14:10–14:15 UTC: $017 Dec 14:15–14:20 UTC: $29117 Dec 14:20–14:25 UTC: $83317 Dec 14:25–14:30 UTC: $21617 Dec 14:30–14:35 UTC: $014:3017 Dec 14:35–14:40 UTC: $017 Dec 14:40–14:45 UTC: $017 Dec 14:45–14:50 UTC: $42K17 Dec 14:50–14:55 UTC: $126K17 Dec 14:55–15:00 UTC: $5.3M17 Dec 15:00–15:05 UTC: $36K17 Dec 15:05–15:10 UTC: $9K17 Dec 15:10–15:15 UTC: $017 Dec 15:15–15:20 UTC: $94615:1517 Dec 15:20–15:25 UTC: $2K17 Dec 15:25–15:30 UTC: $29617 Dec 15:30–15:35 UTC: $69117 Dec 15:35–15:40 UTC: $16K17 Dec 15:40–15:45 UTC: $207K17 Dec 15:45–15:50 UTC: $158K17 Dec 15:50–15:55 UTC: $53K17 Dec 15:55–16:00 UTC: $19K17 Dec 16:00–16:05 UTC: $230K16:0017 Dec 16:05–16:10 UTC: $017 Dec 16:10–16:15 UTC: $40K17 Dec 16:15–16:20 UTC: $262K17 Dec 16:20–16:25 UTC: $205K17 Dec 16:25–16:30 UTC: $3K17 Dec 16:30–16:35 UTC: $207K17 Dec 16:35–16:40 UTC: $53K17 Dec 16:40–16:45 UTC: $44K17 Dec 16:45–16:50 UTC: $2K16:4517 Dec 16:50–16:55 UTC: $3K17 Dec 16:55–17:00 UTC: $017 Dec 17:00–17:05 UTC: $49K17 Dec 17:05–17:10 UTC: $12K17 Dec 17:10–17:15 UTC: $017 Dec 17:15–17:20 UTC: $017 Dec 17:20–17:25 UTC: $3K17 Dec 17:25–17:30 UTC: $017 Dec 17:30–17:35 UTC: $017:3017 Dec 17:35–17:40 UTC: $1K17 Dec 17:40–17:45 UTC: $18217 Dec 17:45–17:50 UTC: $41K17 Dec 17:50–17:55 UTC: $217 Dec 17:55–18:00 UTC: $10K17 Dec 18:00–18:05 UTC: $017 Dec 18:05–18:10 UTC: $017 Dec 18:10–18:15 UTC: $017 Dec 18:15–18:20 UTC: $018:1517 Dec 18:20–18:25 UTC: $017 Dec 18:25–18:30 UTC: $2K17 Dec 18:30–18:35 UTC: $26K17 Dec 18:35–18:40 UTC: $017 Dec 18:40–18:45 UTC: $2.0M17 Dec 18:45–18:50 UTC: $161K17 Dec 18:50–18:55 UTC: $71K17 Dec 18:55–19:00 UTC: $60K17 Dec 19:00–19:05 UTC: $41K19:0017 Dec 19:05–19:10 UTC: $109K17 Dec 19:10–19:15 UTC: $44017 Dec 19:15–19:20 UTC: $017 Dec 19:20–19:25 UTC: $017 Dec 19:25–19:30 UTC: $017 Dec 19:30–19:35 UTC: $30017 Dec 19:35–19:40 UTC: $017 Dec 19:40–19:45 UTC: $3K17 Dec 19:45–19:50 UTC: $019:4517 Dec 19:50–19:55 UTC: $017 Dec 19:55–20:00 UTC: $017 Dec 20:00–20:05 UTC: $017 Dec 20:05–20:10 UTC: $0

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

Facts

Started
17 Dec 2025, 14:45 UTC
Peak
5 minutes from 17 Dec 2025, 14:55 UTC
Ended
17 Dec 2025, 19:10 UTC
Duration
4 h 25 min
Positions liquidated
293 (293 liquidation events)
Normal level
Median hourly total $20K, 95th percentile $1.3M, 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$9.2M95%
Sky$226K2%
Aave v3$147K2%
Morpho Blue$105K1%
Compound v3$700<1%
Spark$149<1%
By chain
ValuedShare
Arbitrum$9.3M96%
Ethereum$325K3%
Base$105K1%
By asset
ValuedShare
Other$6.9M71%
Bitcoin$1.4M15%
Ethereum$1.4M14%
Stablecoins$183<1%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0xe8ddd59c…c6d3b4 GMX v2 (Arbitrum) $5.3M
0xe20f6917…1587bd GMX v2 (Arbitrum) $1.1M
0xec76251c…57de23 GMX v2 (Arbitrum) $689K
0x864e45b6…c6cabf Sky (Ethereum) $226K
0x458d3563…a82db9 GMX v2 (Arbitrum) $200K
0xf68cf0e3…2f7585 GMX v2 (Arbitrum) $139K
0xd855faaf…e23f7f GMX v2 (Arbitrum) $111K
0xf2edae5b…73fb98 GMX v2 (Arbitrum) $96K
0x51e6ec33…fead00 GMX v2 (Arbitrum) $77K
0xccd3fe1a…44502d GMX v2 (Arbitrum) $71K

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