Seismograph by Cryptograph Club

Liquidation wave · Closed

$7.6M on-chain liquidation wave, 20 Sep 2026

Magnitude M 3.9 on-chain, scale v1
Liquidated $7.6M USD at the block

Liquidations on GMX v2 and Aave v3 (Arbitrum and Ethereum) totalled $7.6M between 02:40 and 03:00 UTC on 20 Sep 2026. 28 positions were liquidated.

Timeline

$0$2.0M$4.0M$6.0M20 Sep 01:40–01:45 UTC: $001:4020 Sep 01:45–01:50 UTC: $020 Sep 01:50–01:55 UTC: $020 Sep 01:55–02:00 UTC: $020 Sep 02:00–02:05 UTC: $2K02:0020 Sep 02:05–02:10 UTC: $020 Sep 02:10–02:15 UTC: $020 Sep 02:15–02:20 UTC: $020 Sep 02:20–02:25 UTC: $002:2020 Sep 02:25–02:30 UTC: $2K20 Sep 02:30–02:35 UTC: $3K20 Sep 02:35–02:40 UTC: $24K20 Sep 02:40–02:45 UTC: $83K02:4020 Sep 02:45–02:50 UTC: $5.9M20 Sep 02:50–02:55 UTC: $76K20 Sep 02:55–03:00 UTC: $1.6M20 Sep 03:00–03:05 UTC: $21603:0020 Sep 03:05–03:10 UTC: $8K20 Sep 03:10–03:15 UTC: $020 Sep 03:15–03:20 UTC: $66020 Sep 03:20–03:25 UTC: $003:2020 Sep 03:25–03:30 UTC: $020 Sep 03:30–03:35 UTC: $020 Sep 03:35–03:40 UTC: $220 Sep 03:40–03:45 UTC: $003:4020 Sep 03:45–03:50 UTC: $020 Sep 03:50–03:55 UTC: $020 Sep 03:55–04:00 UTC: $0

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

Facts

Started
20 Sep 2026, 02:40 UTC
Peak
5 minutes from 20 Sep 2026, 02:45 UTC
Ended
20 Sep 2026, 03:00 UTC
Duration
20 min
Positions liquidated
28 (28 liquidation events)
Normal level
Median hourly total $14K, 95th percentile $471K, 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$7.6M100%
Aave v3$2K<1%
By chain
ValuedShare
Arbitrum$7.6M100%
Ethereum$2K<1%
By asset
ValuedShare
Bitcoin$5.9M77%
Ethereum$1.4M19%
Other$285K4%

Sources

The largest transactions in the wave, on the chain's block explorer
TransactionVenueValue
0x831f091c…4132e3 GMX v2 (Arbitrum) $5.9M
0xc640fcda…52c6b3 GMX v2 (Arbitrum) $1.4M
0xce2683d8…2b1eba GMX v2 (Arbitrum) $140K
0x5362dab2…65f784 GMX v2 (Arbitrum) $55K
0x86c361e2…0e8157 GMX v2 (Arbitrum) $30K
0x9dcabd43…52ec22 GMX v2 (Arbitrum) $19K
0x8101e5fb…6bb204 GMX v2 (Arbitrum) $13K
0x9aa4f3eb…47ee92 GMX v2 (Arbitrum) $10K
0x2d5e1249…f7eeef GMX v2 (Arbitrum) $10K
0x7215e451…df9fb8 GMX v2 (Arbitrum) $10K

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