How much liquidation value does your protocol give away?
We measure liquidation bonuses, OEV recapture and liquidator concentration for lending protocols, directly from on-chain data. Read-only, reproducible, aggregates only.
What the data shows
of the liquidation bonus on Aave v3 Ethereum Core, Arbitrum and Base is auctioned through Chainlink SVR.
in liquidation bonus over 90 days on an Aave-code market on Ethereum without SVR. One liquidation made up 99 % of it.
of that liquidation's bonus was bid on to the Ethereum validator. Without an OEV auction, the value still leaves the protocol.
Window 6 Aug – 4 Nov 2026, current oracle prices. Method and limitations are in the sample note.
Why it matters
When a borrower is liquidated, the liquidator is paid a bonus out of the borrower's collateral. An OEV auction lets the protocol sell the first right to liquidate after an oracle update, so most of that bonus comes back as auction revenue, shared with the oracle provider.
Without an auction, the bonus goes to whoever is fastest, often one or two operators. Our reports show how large that flow is in your markets, who takes it, and what an auction would likely have recovered.
Who it is for
- Lending protocols and DAOs deciding whether to adopt OEV recapture, or checking that it works.
- Risk teams who need liquidation economics per asset and per crash day.
- OEV and oracle providers looking for the markets where recapture would matter most.
Services
Leakage report
Monthly liquidation bonus and share recaptured, breakdown by asset and crash day, liquidator concentration (anonymised), peer comparison with SVR markets, and recapture scenarios.
Quarterly monitoring
The same metrics updated every quarter, with a short note after each volatile period.
Market map
For OEV and oracle providers: lending markets and chains ranked by liquidation bonus that is not recaptured today.
Measured so far: nine lending markets built on Aave code, on seven chains. Morpho, Compound III, Euler and Fluid are in development.
Method
- Read-only. Public blockchain data through read-only RPC calls. No keys, no transactions, no access to your systems.
- Every liquidation. All
LiquidationCallevents, with the bonus computed from reserve parameters and E-Mode, net of the protocol fee. - Auction detection. Chainlink SVR updates in the same transaction, or 1–3 transactions earlier in the same block.
- Aggregates only. Liquidators appear as "sender #1", "sender #2". No borrower data is published.
- Reproducible. Each report ships with the scripts that produced every number.
- Limitations stated. Price method, window length and detection limits are listed in every report.
We provide information about protocols and markets. We do not give investment advice or recommendations on individual positions, and we never handle funds or keys.
Get a report for your protocol
Tell us which protocol and chains you care about. We reply within two working days and can usually deliver the first report within two weeks.
research@oevscope.com