About this Chart

Liquidations only. ADL is excluded and has its own chart, because it is a different event rather than a more severe liquidation: a liquidation has a single victim and a keeper who profits from the discounted takeover and pays the protocol a fee, whereas ADL has no keeper and no fee and instead nets a profitable position against a bankrupt one, force-closing both. Verified with a present-value proxy, the ADL receiving party is 93.1% in profit while the giving party is 97% in loss, so blending the two would mix a fee-bearing keeper trade with a confiscation. Leg is the side of the liquidated position, so leg_long means a long was closed out; across both event types longs are hit harder all-time, $132.4m (61.2%) against $83.8m short (38.8%). A SINGLE account has performed all 2,265 normal liquidations against 410 distinct violators, so liquidation throughput depends on one keeper, and that keeper is in profit on 100% of sampled events by construction since the discount is its compensation. The fee series is the protocol's cut alone -- the liquidator's incentive is embedded in the discounted price of the transferred position and is never a field. The Market group uses the exchange-and-underlying pair rather than the individual market, because 119 markets have liquidated and their top 15 covers only 66.2% of notional whereas 12 of the 31 pairs cover 95.2%, and pairs never go stale as contracts roll. Expect a spiky series: 227 active days out of roughly 400.