Seismograph by Cryptograph Club

Liquidation wave · Closed

$48.0M on-chain liquidation wave, 20 Jan 2026

Magnitude M 4.7 on-chain, scale v1
Liquidated $48.0M USD at the block
Busiest hour $27.5M to 20 Jan 2026, 17:40 UTC

Liquidations on GMX v2, Aave v3, Morpho Blue, Compound v3 and Spark (Arbitrum, Ethereum and Base) totalled $48.0M between 14:45 UTC on 20 Jan and 00:40 UTC on 21 Jan 2026. The busiest hour saw $27.5M. 488 positions were liquidated.

Timeline

$0$10.0M$20.0M$30.0M20 Jan 13:45–13:50 UTC: $40913:4520 Jan 13:50–13:55 UTC: $44420 Jan 13:55–14:00 UTC: $2K20 Jan 14:00–14:05 UTC: $020 Jan 14:05–14:10 UTC: $020 Jan 14:10–14:15 UTC: $020 Jan 14:15–14:20 UTC: $38K20 Jan 14:20–14:25 UTC: $020 Jan 14:25–14:30 UTC: $020 Jan 14:30–14:35 UTC: $3K20 Jan 14:35–14:40 UTC: $020 Jan 14:40–14:45 UTC: $020 Jan 14:45–14:50 UTC: $6.8M20 Jan 14:50–14:55 UTC: $99K20 Jan 14:55–15:00 UTC: $020 Jan 15:00–15:05 UTC: $1.4M20 Jan 15:05–15:10 UTC: $1.1M15:0520 Jan 15:10–15:15 UTC: $8K20 Jan 15:15–15:20 UTC: $020 Jan 15:20–15:25 UTC: $6K20 Jan 15:25–15:30 UTC: $320 Jan 15:30–15:35 UTC: $4K20 Jan 15:35–15:40 UTC: $820 Jan 15:40–15:45 UTC: $5K20 Jan 15:45–15:50 UTC: $69420 Jan 15:50–15:55 UTC: $020 Jan 15:55–16:00 UTC: $020 Jan 16:00–16:05 UTC: $1K20 Jan 16:05–16:10 UTC: $30420 Jan 16:10–16:15 UTC: $020 Jan 16:15–16:20 UTC: $39220 Jan 16:20–16:25 UTC: $020 Jan 16:25–16:30 UTC: $016:2520 Jan 16:30–16:35 UTC: $2K20 Jan 16:35–16:40 UTC: $020 Jan 16:40–16:45 UTC: $26.7M20 Jan 16:45–16:50 UTC: $257K20 Jan 16:50–16:55 UTC: $020 Jan 16:55–17:00 UTC: $2K20 Jan 17:00–17:05 UTC: $020 Jan 17:05–17:10 UTC: $020 Jan 17:10–17:15 UTC: $020 Jan 17:15–17:20 UTC: $020 Jan 17:20–17:25 UTC: $68720 Jan 17:25–17:30 UTC: $14K20 Jan 17:30–17:35 UTC: $31K20 Jan 17:35–17:40 UTC: $472K20 Jan 17:40–17:45 UTC: $11K20 Jan 17:45–17:50 UTC: $134K17:4520 Jan 17:50–17:55 UTC: $137K20 Jan 17:55–18:00 UTC: $020 Jan 18:00–18:05 UTC: $020 Jan 18:05–18:10 UTC: $4K20 Jan 18:10–18:15 UTC: $020 Jan 18:15–18:20 UTC: $020 Jan 18:20–18:25 UTC: $86620 Jan 18:25–18:30 UTC: $2K20 Jan 18:30–18:35 UTC: $3K20 Jan 18:35–18:40 UTC: $46K20 Jan 18:40–18:45 UTC: $20K20 Jan 18:45–18:50 UTC: $13820 Jan 18:50–18:55 UTC: $21K20 Jan 18:55–19:00 UTC: $520 Jan 19:00–19:05 UTC: $020 Jan 19:05–19:10 UTC: $4K19:0520 Jan 19:10–19:15 UTC: $1K20 Jan 19:15–19:20 UTC: $020 Jan 19:20–19:25 UTC: $020 Jan 19:25–19:30 UTC: $020 Jan 19:30–19:35 UTC: $4.1M20 Jan 19:35–19:40 UTC: $52K20 Jan 19:40–19:45 UTC: $49020 Jan 19:45–19:50 UTC: $020 Jan 19:50–19:55 UTC: $020 Jan 19:55–20:00 UTC: $020 Jan 20:00–20:05 UTC: $020 Jan 20:05–20:10 UTC: $020 Jan 20:10–20:15 UTC: $24520 Jan 20:15–20:20 UTC: $2K20 Jan 20:20–20:25 UTC: $020 Jan 20:25–20:30 UTC: $020:2520 Jan 20:30–20:35 UTC: $020 Jan 20:35–20:40 UTC: $020 Jan 20:40–20:45 UTC: $020 Jan 20:45–20:50 UTC: $020 Jan 20:50–20:55 UTC: $020 Jan 20:55–21:00 UTC: $020 Jan 21:00–21:05 UTC: $020 Jan 21:05–21:10 UTC: $020 Jan 21:10–21:15 UTC: $2K20 Jan 21:15–21:20 UTC: $020 Jan 21:20–21:25 UTC: $020 Jan 21:25–21:30 UTC: $520 Jan 21:30–21:35 UTC: $020 Jan 21:35–21:40 UTC: $020 Jan 21:40–21:45 UTC: $020 Jan 21:45–21:50 UTC: $021:4520 Jan 21:50–21:55 UTC: $020 Jan 21:55–22:00 UTC: $13K20 Jan 22:00–22:05 UTC: $020 Jan 22:05–22:10 UTC: $020 Jan 22:10–22:15 UTC: $020 Jan 22:15–22:20 UTC: $8020 Jan 22:20–22:25 UTC: $020 Jan 22:25–22:30 UTC: $28820 Jan 22:30–22:35 UTC: $5.9M20 Jan 22:35–22:40 UTC: $25K20 Jan 22:40–22:45 UTC: $120 Jan 22:45–22:50 UTC: $120 Jan 22:50–22:55 UTC: $36920 Jan 22:55–23:00 UTC: $020 Jan 23:00–23:05 UTC: $2K20 Jan 23:05–23:10 UTC: $10723:0520 Jan 23:10–23:15 UTC: $020 Jan 23:15–23:20 UTC: $22K20 Jan 23:20–23:25 UTC: $020 Jan 23:25–23:30 UTC: $020 Jan 23:30–23:35 UTC: $020 Jan 23:35–23:40 UTC: $020 Jan 23:40–23:45 UTC: $020 Jan 23:45–23:50 UTC: $020 Jan 23:50–23:55 UTC: $020 Jan 23:55–00:00 UTC: $021 Jan 00:00–00:05 UTC: $021 Jan 00:05–00:10 UTC: $021 Jan 00:10–00:15 UTC: $021 Jan 00:15–00:20 UTC: $17K21 Jan 00:20–00:25 UTC: $20K21 Jan 00:25–00:30 UTC: $43200:2521 Jan 00:30–00:35 UTC: $021 Jan 00:35–00:40 UTC: $639K21 Jan 00:40–00:45 UTC: $021 Jan 00:45–00:50 UTC: $64221 Jan 00:50–00:55 UTC: $5K21 Jan 00:55–01:00 UTC: $021 Jan 01:00–01:05 UTC: $021 Jan 01:05–01:10 UTC: $121 Jan 01:10–01:15 UTC: $11K21 Jan 01:15–01:20 UTC: $021 Jan 01:20–01:25 UTC: $021 Jan 01:25–01:30 UTC: $021 Jan 01:30–01:35 UTC: $021 Jan 01:35–01:40 UTC: $0

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

Facts

Started
20 Jan 2026, 14:45 UTC
Peak
5 minutes from 20 Jan 2026, 16:40 UTC
Ended
21 Jan 2026, 00:40 UTC
Duration
9 h 55 min
Positions liquidated
488 (488 liquidation events)
Normal level
Median hourly total $11K, 95th percentile $304K, over the 30 days before the day it started
Merged
1 later wave started less than 6 hours after this one ended and is counted here
Coverage
On-chain DeFi venues only; verified automatically from the blockchain
By venue
ValuedShare
GMX v2$47.0M98%
Aave v3$641K1%
Morpho Blue$329K<1%
Compound v3$34K<1%
Spark$4K<1%
By chain
ValuedShare
Arbitrum$47.1M98%
Ethereum$545K1%
Base$431K<1%
By asset
ValuedShare
Bitcoin$36.5M76%
Ethereum$9.8M20%
Other$1.8M4%
Stablecoins$3K<1%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0x7e7add3c…0deae2 GMX v2 (Arbitrum) $26.6M
0x105e36fd…1d7ec4 GMX v2 (Arbitrum) $4.1M
0xe4cc07b0…568e83 GMX v2 (Arbitrum) $3.7M
0x2b905b17…d19d41 GMX v2 (Arbitrum) $3.6M
0x690fc84f…b9faf5 GMX v2 (Arbitrum) $2.7M
0xb1fb3063…907dae GMX v2 (Arbitrum) $903K
0xd5d66e42…3d1ca3 GMX v2 (Arbitrum) $638K
0xd8c7dc06…238e5b GMX v2 (Arbitrum) $545K
0x129ab2b7…c39020 GMX v2 (Arbitrum) $497K
0xc5dcf8b9…380265 GMX v2 (Arbitrum) $485K

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