Seismograph by Cryptograph Club

Liquidation wave · Closed

$20.6M on-chain liquidation wave, 9 May 2026

Magnitude M 4.3 on-chain, scale v1
Liquidated $20.6M USD at the block

Liquidations on GMX v2 and Aave v3 (Arbitrum) totalled $20.6M between 03:50 and 04:15 UTC on 9 May 2026. 8 positions were liquidated.

Timeline

$0$10.0M$20.0M$30.0M9 May 02:50–02:55 UTC: $002:509 May 02:55–03:00 UTC: $09 May 03:00–03:05 UTC: $1K9 May 03:05–03:10 UTC: $09 May 03:10–03:15 UTC: $003:109 May 03:15–03:20 UTC: $09 May 03:20–03:25 UTC: $3879 May 03:25–03:30 UTC: $09 May 03:30–03:35 UTC: $003:309 May 03:35–03:40 UTC: $1K9 May 03:40–03:45 UTC: $09 May 03:45–03:50 UTC: $09 May 03:50–03:55 UTC: $46K03:509 May 03:55–04:00 UTC: $09 May 04:00–04:05 UTC: $09 May 04:05–04:10 UTC: $20.5M9 May 04:10–04:15 UTC: $51K04:109 May 04:15–04:20 UTC: $1969 May 04:20–04:25 UTC: $09 May 04:25–04:30 UTC: $09 May 04:30–04:35 UTC: $004:309 May 04:35–04:40 UTC: $4K9 May 04:40–04:45 UTC: $09 May 04:45–04:50 UTC: $09 May 04:50–04:55 UTC: $004:509 May 04:55–05:00 UTC: $09 May 05:00–05:05 UTC: $9K9 May 05:05–05:10 UTC: $09 May 05:10–05:15 UTC: $18K05:10

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

Facts

Started
9 May 2026, 03:50 UTC
Peak
5 minutes from 9 May 2026, 04:05 UTC
Ended
9 May 2026, 04:15 UTC
Duration
25 min
Positions liquidated
8 (8 liquidation events)
Normal level
Median hourly total $11K, 95th percentile $218K, 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$20.6M100%
Aave v3$5<1%
By chain
ValuedShare
Arbitrum$20.6M100%
By asset
ValuedShare
Bitcoin$20.5M99%
Other$110K<1%
Stablecoins$5<1%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0xf3d1c730…00acda GMX v2 (Arbitrum) $20.5M
0x9dea0f3a…d2b5fe GMX v2 (Arbitrum) $51K
0xb8adb2b5…5a1675 GMX v2 (Arbitrum) $46K
0xd4bc52d1…c7be70 GMX v2 (Arbitrum) $12K
0x4720f560…475aa4 GMX v2 (Arbitrum) $2K
0x5683ee5b…f851b5 GMX v2 (Arbitrum) $658
0xc3daa41f…a9dfa7 GMX v2 (Arbitrum) $107
0x020c0684…b2dc27 Aave v3 (Arbitrum) $5

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