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Liquidation Arbitrage

CEX / Lending

How It Works

When leveraged positions fall below maintenance margin, exchanges or lending protocols trigger liquidation — selling collateral at a discount. Liquidation arbitrageurs participate in liquidation auctions, acquiring assets below market price and immediately selling for profit. In on-chain lending (Aave, Compound), calling the liquidation function earns discounted collateral + liquidation bonus.

Suitable Platforms

Suitable platforms: on-chain lending (Aave, Compound), CEX perpetuals (Binance liquidation engine). Needs monitoring of on-chain health factors or exchange liquidation queues.

Risk Level

Risk: High. Fierce liquidation competition (especially on-chain), gas fees and MEV competition erode profits. CEX liquidation auctions have participation barriers.

Common Pitfalls

  • Competition: too many on-chain liquidation bots, almost no chance for regular users
  • Gas wars: multiple bidders for same liquidation = gas spikes, profit eaten
  • Bonus variance: liquidation bonuses vary widely across protocols/markets

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Liquidation Arbitrage | CodyQuant