Liquidation cascades
Every on-chain liquidation wave on record since 1 September 2025, ranked by magnitude. A wave is a period when liquidations across all covered venues run far above their normal level; Seismograph finds them automatically.
| Magnitude (on-chain) | Started (UTC) | Duration | Liquidated | Venues |
|---|---|---|---|---|
| M 5.6 | 4 Feb 2026, 14:55 UTC | 34 h 15 min | $442.9M | Aave v3, Morpho Blue, GMX v2, Compound v3 … |
| M 5.6 | 10 Oct 2025, 14:55 UTC | 11 h | $359.3M | Aave v3, GMX v2, Compound v3, Morpho Blue … |
| M 5.4 | 31 Jan 2026, 13:30 UTC | 5 h 20 min | $226.8M | Aave v3, Morpho Blue, GMX v2, Compound v3 … |
| M 5.4 | 6 May 2026, 18:10 UTC | 25 min | $225.3M | Aave v3, GMX v2 |
| M 5.2 | 4 Nov 2025, 05:15 UTC | 16 h 50 min | $177.7M | Aave v3, GMX v2, Morpho Blue, Compound v3 … |
| M 5.1 | 21 Nov 2025, 06:35 UTC | 9 h 35 min | $130.1M | Aave v3, Morpho Blue, Compound v3, GMX v2 … |
| M 5.1 | 5 Jun 2026, 13:40 UTC | 6 h 40 min | $119.2M | Aave v3, Morpho Blue, GMX v2, Compound v3 … |
| M 4.9 | 1 Feb 2026, 21:45 UTC | 8 h 55 min | $81.6M | Aave v3, GMX v2, Morpho Blue, Compound v3 … |
| M 4.8 | 3 Jun 2026, 23:35 UTC | 3 h 30 min | $59.6M | Morpho Blue, Aave v3, GMX v2, Sky … |
| M 4.8 | 16 Nov 2025, 15:50 UTC | 7 h 35 min | $59.0M | Aave v3, GMX v2, Morpho Blue, Spark … |
| M 4.8 | 19 Jan 2026, 14:35 UTC | 4 h 5 min | $56.4M | Sky, GMX v2, Aave v3, Morpho Blue |
| M 4.7 | 20 Nov 2025, 16:00 UTC | 3 h 30 min | $56.1M | Aave v3, Morpho Blue, GMX v2, Compound v3 … |
| M 4.7 | 17 Oct 2025, 06:20 UTC | 8 h 25 min | $49.4M | GMX v2, Morpho Blue, Aave v3, Compound v3 |
| M 4.7 | 6 Jun 2026, 04:05 UTC | 1 h 55 min | $49.3M | Aave v3, Spark, Morpho Blue, Compound v3 … |
| M 4.7 | 3 Feb 2026, 17:40 UTC | 2 h 55 min | $48.3M | Aave v3, Morpho Blue, GMX v2, Compound v3 … |
| M 4.7 | 20 Jan 2026, 14:45 UTC | 9 h 55 min | $48.0M | GMX v2, Aave v3, Morpho Blue, Compound v3 … |
| M 4.6 | 25 Aug 2026, 04:35 UTC | 20 min | $37.1M | Morpho Blue |
| M 4.5 | 5 Jun 2026, 05:35 UTC | 1 h 30 min | $34.4M | Aave v3, Morpho Blue, GMX v2, Compound v3 … |
| M 4.5 | 17 Nov 2025, 19:00 UTC | 13 h 5 min | $33.9M | Morpho Blue, Aave v3, GMX v2, Compound v3 … |
| M 4.5 | 14 Nov 2025, 03:45 UTC | 10 h 10 min | $31.9M | Morpho Blue, GMX v2, Aave v3, Compound v3 … |
| M 4.4 | 10 Mar 2026, 11:45 UTC | 5 min | $26.9M | Aave v3, GMX v2 |
| M 4.4 | 2 Jun 2026, 22:45 UTC | 5 h 10 min | $26.8M | Aave v3, Morpho Blue, GMX v2, Sky … |
| M 4.4 | 25 Jun 2026, 13:45 UTC | 50 min | $24.3M | Morpho Blue, Aave v3, GMX v2, Compound v3 … |
| M 4.4 | 29 Jan 2026, 14:50 UTC | 4 h 10 min | $23.3M | Morpho Blue, GMX v2, Aave v3, Compound v3 … |
| M 4.3 | 30 Jan 2026, 01:35 UTC | 1 h 30 min | $21.2M | Morpho Blue, GMX v2, Aave v3, Compound v3 … |
| M 4.3 | 9 May 2026, 03:50 UTC | 25 min | $20.6M | GMX v2, Aave v3 |
| M 4.3 | 22 Aug 2026, 05:05 UTC | 1 h 5 min | $20.0M | GMX v2, Morpho Blue, Aave v3, Aave v4 … |
| M 4.3 | 25 Mar 2026, 05:05 UTC | 5 min | $18.6M | GMX v2 |
| M 4.3 | 30 Nov 2025, 23:20 UTC | 5 h 20 min | $18.0M | GMX v2, Aave v3, Compound v3, Morpho Blue … |
| M 4.2 | 28 Jul 2026, 13:35 UTC | 1 h 50 min | $15.6M | GMX v2, Morpho Blue, Aave v3 |
| M 4.2 | 12 Oct 2025, 00:25 UTC | 30 min | $15.2M | Aave v3, GMX v2 |
| M 4.2 | 19 Nov 2025, 17:20 UTC | 2 h 55 min | $14.9M | Aave v3, Compound v3, Morpho Blue, GMX v2 … |
| M 4.2 | 13 Nov 2025, 17:50 UTC | 2 h 35 min | $14.9M | Morpho Blue, GMX v2, Compound v3, Aave v3 … |
| M 4.2 | 2 Jun 2026, 13:35 UTC | 2 h 5 min | $14.5M | Morpho Blue, GMX v2, Aave v3, Compound v3 … |
| M 4.1 | 6 Mar 2026, 15:50 UTC | 5 min | $14.1M | GMX v2, Aave v3 |
| M 4.1 | 20 Mar 2026, 22:00 UTC | 5 min | $13.5M | GMX v2, Compound v3 |
| M 4.1 | 19 Aug 2026, 14:50 UTC | 6 h 20 min | $13.5M | GMX v2, Aave v3, Aave v4, Morpho Blue … |
| M 4.1 | 3 Nov 2025, 03:10 UTC | 4 h 15 min | $12.9M | GMX v2, Aave v3, Morpho Blue, Compound v3 … |
| M 4.1 | 24 Jun 2026, 16:45 UTC | 1 h 10 min | $11.2M | Morpho Blue, GMX v2, Aave v3, Aave v4 … |
| M 4.0 | 16 Oct 2025, 15:45 UTC | 4 h 55 min | $11.0M | GMX v2, Morpho Blue, Aave v3, Compound v3 … |
| M 4.0 | 2 Jul 2026, 12:30 UTC | 50 min | $10.6M | GMX v2, Aave v3, Compound v3 |
| M 4.0 | 28 May 2026, 03:10 UTC | 3 h 25 min | $10.0M | Morpho Blue, GMX v2, Aave v3, Spark … |
| M 4.0 | 18 Mar 2026, 14:40 UTC | 1 h 30 min | $9.9M | GMX v2, Aave v3, Compound v3, Morpho Blue |
| M 4.0 | 17 Dec 2025, 14:45 UTC | 4 h 25 min | $9.7M | GMX v2, Sky, Aave v3, Morpho Blue … |
| M 4.0 | 22 May 2026, 18:35 UTC | 1 h 45 min | $9.7M | GMX v2, Morpho Blue, Aave v3, Aave v4 |
| M 4.0 | 4 Dec 2025, 13:00 UTC | 30 min | $9.5M | GMX v2, Aave v3 |
| M 4.0 | 8 Oct 2026, 15:00 UTC | 3 h 35 min | $9.1M | Morpho Blue, GMX v2, Aave v3, Aave v4 … |
| M 4.0 | 22 Dec 2025, 19:05 UTC | 5 min | $8.9M | GMX v2, Aave v3 |
| M 3.9 | 17 May 2026, 23:15 UTC | 40 min | $8.6M | GMX v2, Morpho Blue, Aave v3, Aave v4 … |
| M 3.9 | 3 Nov 2025, 15:25 UTC | 50 min | $8.6M | GMX v2, Aave v3, Compound v3, Morpho Blue … |
| M 3.9 | 27 Mar 2026, 10:35 UTC | 45 min | $8.5M | Aave v3, GMX v2, Morpho Blue, Compound v3 … |
| M 3.9 | 20 Sep 2026, 02:40 UTC | 20 min | $7.6M | GMX v2, Aave v3 |
| M 3.9 | 27 Oct 2025, 20:30 UTC | 1 h 10 min | $7.6M | GMX v2, Aave v3, Morpho Blue |
| M 3.9 | 7 Dec 2025, 14:15 UTC | 20 min | $7.5M | GMX v2, Aave v3, Morpho Blue |
| M 3.9 | 15 Dec 2025, 16:40 UTC | 2 h 25 min | $7.5M | GMX v2, Morpho Blue, Aave v3, Compound v3 |
| M 3.8 | 10 Sep 2026, 12:30 UTC | 20 min | $6.5M | GMX v2, Morpho Blue, Aave v3 |
| M 3.8 | 28 Oct 2025, 19:30 UTC | 1 h 40 min | $6.4M | GMX v2, Aave v3, Morpho Blue |
| M 3.8 | 23 Jun 2026, 08:15 UTC | 10 min | $6.0M | Aave v3, GMX v2, Morpho Blue |
| M 3.8 | 13 Mar 2026, 12:45 UTC | 35 min | $5.8M | GMX v2, Aave v3, Morpho Blue |
| M 3.7 | 18 Aug 2026, 14:25 UTC | 5 min | $5.4M | GMX v2, Morpho Blue |
| M 3.7 | 26 Jan 2026, 15:10 UTC | 5 min | $5.0M | GMX v2 |
How a wave is found
- Liquidations are summed in 5-minute steps over all chains, venues and assets; the hourly total is the sum of the last twelve steps.
- A wave starts when the hourly total reaches $5.0M and 3 times the 95th percentile of the hourly totals of the previous 30 days.
- It ends after the hourly total stays below 3 times the median of those 30 days (at least $500K) for 2 h.
- Waves less than 6 hours apart are one event. The value is the sum of the wave's own 5-minute steps; the magnitude follows from it.