Seismograph by Cryptograph Club

Liquidation wave · Closed

$9.7M on-chain liquidation wave, 22 May 2026

Magnitude M 4.0 on-chain, scale v1
Liquidated $9.7M USD at the block
Busiest hour $9.6M to 22 May 2026, 19:35 UTC

Liquidations on GMX v2, Morpho Blue, Aave v3 and Aave v4 (Arbitrum, Base and Ethereum) totalled $9.7M between 18:35 and 20:20 UTC on 22 May 2026. The busiest hour saw $9.6M. 185 positions were liquidated. 1 liquidation could not be valued and is not included.

Timeline

$0$5.0M$10.0M22 May 17:35–17:40 UTC: $017:3522 May 17:40–17:45 UTC: $522 May 17:45–17:50 UTC: $022 May 17:50–17:55 UTC: $10K22 May 17:55–18:00 UTC: $40K22 May 18:00–18:05 UTC: $14K18:0022 May 18:05–18:10 UTC: $022 May 18:10–18:15 UTC: $022 May 18:15–18:20 UTC: $022 May 18:20–18:25 UTC: $022 May 18:25–18:30 UTC: $018:2522 May 18:30–18:35 UTC: $5K22 May 18:35–18:40 UTC: $101K22 May 18:40–18:45 UTC: $20K22 May 18:45–18:50 UTC: $1.0M22 May 18:50–18:55 UTC: $018:5022 May 18:55–19:00 UTC: $19222 May 19:00–19:05 UTC: $20K22 May 19:05–19:10 UTC: $11K22 May 19:10–19:15 UTC: $022 May 19:15–19:20 UTC: $89919:1522 May 19:20–19:25 UTC: $022 May 19:25–19:30 UTC: $11K22 May 19:30–19:35 UTC: $8.4M22 May 19:35–19:40 UTC: $022 May 19:40–19:45 UTC: $35K19:4022 May 19:45–19:50 UTC: $022 May 19:50–19:55 UTC: $022 May 19:55–20:00 UTC: $022 May 20:00–20:05 UTC: $022 May 20:05–20:10 UTC: $59020:0522 May 20:10–20:15 UTC: $022 May 20:15–20:20 UTC: $46K22 May 20:20–20:25 UTC: $022 May 20:25–20:30 UTC: $022 May 20:30–20:35 UTC: $020:3022 May 20:35–20:40 UTC: $222 May 20:40–20:45 UTC: $722 May 20:45–20:50 UTC: $1K22 May 20:50–20:55 UTC: $8K22 May 20:55–21:00 UTC: $020:5522 May 21:00–21:05 UTC: $022 May 21:05–21:10 UTC: $022 May 21:10–21:15 UTC: $022 May 21:15–21:20 UTC: $0

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

Facts

Started
22 May 2026, 18:35 UTC
Peak
5 minutes from 22 May 2026, 19:30 UTC
Ended
22 May 2026, 20:20 UTC
Duration
1 h 45 min
Positions liquidated
185 (185 liquidation events)
Normal level
Median hourly total $13K, 95th percentile $261K, 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
By venue
ValuedShare
GMX v2$9.4M97%
Morpho Blue$207K2%
Aave v3$62K<1%
Aave v4$4K<1%
By chain
ValuedShare
Arbitrum$9.4M97%
Base$225K2%
Ethereum$32K<1%
By asset
ValuedShare
Ethereum$9.1M94%
Bitcoin$316K3%
Other$312K3%
Stablecoins$1<1%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0xedf0f944…f12250 GMX v2 (Arbitrum) $5.3M
0x2661747a…2b1985 GMX v2 (Arbitrum) $2.5M
0x77b0f1ae…a509c5 GMX v2 (Arbitrum) $766K
0x4da841d8…937c2c GMX v2 (Arbitrum) $149K
0xc04e4ad1…89b888 Morpho Blue (Base) $119K
0xbdcedc64…b9f0d5 GMX v2 (Arbitrum) $93K
0x582f6f4e…4cf1bc GMX v2 (Arbitrum) $77K
0xed050a9f…ed0aa1 GMX v2 (Arbitrum) $74K
0xf952948d…e445ec GMX v2 (Arbitrum) $64K
0xdee8b228…49bd79 GMX v2 (Arbitrum) $49K

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