Seismograph by Cryptograph Club

Liquidation wave · Closed

$15.6M on-chain liquidation wave, 28 Jul 2026

Magnitude M 4.2 on-chain, scale v1
Liquidated $15.6M USD at the block
Busiest hour $7.8M to 28 Jul 2026, 14:35 UTC

Liquidations on GMX v2, Morpho Blue and Aave v3 (Arbitrum, Base and Ethereum) totalled $15.6M between 13:35 and 15:25 UTC on 28 Jul 2026. The busiest hour saw $7.8M. 53 positions were liquidated.

Timeline

$0$2.0M$4.0M$6.0M$8.0M28 Jul 12:35–12:40 UTC: $012:3528 Jul 12:40–12:45 UTC: $028 Jul 12:45–12:50 UTC: $8K28 Jul 12:50–12:55 UTC: $028 Jul 12:55–13:00 UTC: $028 Jul 13:00–13:05 UTC: $2K28 Jul 13:05–13:10 UTC: $013:0528 Jul 13:10–13:15 UTC: $028 Jul 13:15–13:20 UTC: $028 Jul 13:20–13:25 UTC: $028 Jul 13:25–13:30 UTC: $15K28 Jul 13:30–13:35 UTC: $2K28 Jul 13:35–13:40 UTC: $5.1M13:3528 Jul 13:40–13:45 UTC: $13K28 Jul 13:45–13:50 UTC: $1.9M28 Jul 13:50–13:55 UTC: $028 Jul 13:55–14:00 UTC: $028 Jul 14:00–14:05 UTC: $40528 Jul 14:05–14:10 UTC: $6114:0528 Jul 14:10–14:15 UTC: $820K28 Jul 14:15–14:20 UTC: $028 Jul 14:20–14:25 UTC: $028 Jul 14:25–14:30 UTC: $028 Jul 14:30–14:35 UTC: $028 Jul 14:35–14:40 UTC: $6K14:3528 Jul 14:40–14:45 UTC: $028 Jul 14:45–14:50 UTC: $028 Jul 14:50–14:55 UTC: $028 Jul 14:55–15:00 UTC: $028 Jul 15:00–15:05 UTC: $7828 Jul 15:05–15:10 UTC: $015:0528 Jul 15:10–15:15 UTC: $1K28 Jul 15:15–15:20 UTC: $028 Jul 15:20–15:25 UTC: $7.8M28 Jul 15:25–15:30 UTC: $028 Jul 15:30–15:35 UTC: $24928 Jul 15:35–15:40 UTC: $7915:3528 Jul 15:40–15:45 UTC: $7928 Jul 15:45–15:50 UTC: $028 Jul 15:50–15:55 UTC: $028 Jul 15:55–16:00 UTC: $028 Jul 16:00–16:05 UTC: $7928 Jul 16:05–16:10 UTC: $016:0528 Jul 16:10–16:15 UTC: $028 Jul 16:15–16:20 UTC: $10028 Jul 16:20–16:25 UTC: $0

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

Facts

Started
28 Jul 2026, 13:35 UTC
Peak
5 minutes from 28 Jul 2026, 15:20 UTC
Ended
28 Jul 2026, 15:25 UTC
Duration
1 h 50 min
Positions liquidated
53 (53 liquidation events)
Normal level
Median hourly total $6K, 95th percentile $196K, 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$15.6M100%
Morpho Blue$19K<1%
Aave v3$4K<1%
By chain
ValuedShare
Arbitrum$15.6M100%
Base$14K<1%
Ethereum$9K<1%
By asset
ValuedShare
Ethereum$14.5M93%
Other$955K6%
Bitcoin$120K<1%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0x41c3cb90…3d9199 GMX v2 (Arbitrum) $7.7M
0x2efecc9a…da879b GMX v2 (Arbitrum) $4.9M
0x3e6d9384…04d7f9 GMX v2 (Arbitrum) $1.8M
0xa66bc58c…d38d3a GMX v2 (Arbitrum) $820K
0x12d17608…7f8024 GMX v2 (Arbitrum) $84K
0x89213523…2bbb7b GMX v2 (Arbitrum) $58K
0x9e99aa68…e81b7a GMX v2 (Arbitrum) $43K
0x82415c58…b8bd3e GMX v2 (Arbitrum) $40K
0xc01815a1…77540d GMX v2 (Arbitrum) $35K
0xc3874c5d…6072c5 GMX v2 (Arbitrum) $24K

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