@andriy.sultanov Hello! Had to use another VM as the one used previously is a production VM and had to be rebooted in order to get dynamic max again.
This time I used a temporary test VM that I can use for these kind of tests.
After live migrating this test VM, issue is there again.
It is really easy to re-produce.

root@tmptest02:~# free -m
gesamt benutzt frei gemns. Puffer/Cache verfügbar
Speicher: 3794 344 3511 3 109 3449
Swap:
journalctl -k | cat
Mär 11 14:26:19 tmptest02 kernel: Freezing user space processes
Mär 11 14:26:23 tmptest02 kernel: Freezing user space processes completed (elapsed 0.018 seconds)
Mär 11 14:26:23 tmptest02 kernel: OOM killer disabled.
Mär 11 14:26:23 tmptest02 kernel: Freezing remaining freezable tasks
Mär 11 14:26:23 tmptest02 kernel: Freezing remaining freezable tasks completed (elapsed 0.003 seconds)
Mär 11 14:26:23 tmptest02 kernel: suspending xenstore...
Mär 11 14:26:23 tmptest02 kernel: xen:grant_table: Grant tables using version 1 layout
Mär 11 14:26:23 tmptest02 kernel: xen: --> irq=9, pirq=16
Mär 11 14:26:23 tmptest02 kernel: xen: --> irq=8, pirq=17
Mär 11 14:26:23 tmptest02 kernel: xen: --> irq=12, pirq=18
Mär 11 14:26:23 tmptest02 kernel: xen: --> irq=1, pirq=19
Mär 11 14:26:23 tmptest02 kernel: xen: --> irq=6, pirq=20
Mär 11 14:26:23 tmptest02 kernel: xen: --> irq=4, pirq=21
Mär 11 14:26:23 tmptest02 kernel: xen: --> irq=7, pirq=22
Mär 11 14:26:23 tmptest02 kernel: xen: --> irq=23, pirq=23
Mär 11 14:26:23 tmptest02 kernel: xen: --> irq=28, pirq=24
Mär 11 14:26:23 tmptest02 kernel: usb usb1: root hub lost power or was reset
Mär 11 14:26:23 tmptest02 kernel: ata2: found unknown device (class 0)
Mär 11 14:26:23 tmptest02 kernel: usb 1-2: reset full-speed USB device number 2 using uhci_hcd
Mär 11 14:26:23 tmptest02 kernel: OOM killer enabled.
Mär 11 14:26:23 tmptest02 kernel: Restarting tasks: Starting
Mär 11 14:26:23 tmptest02 kernel: Restarting tasks: Done
Mär 11 14:26:23 tmptest02 kernel: Setting capacity to 125829120
xensource.log excerpt on the target XCP-ng host that the VM got live migrated to:
[14:35 xcpng02 log]# cat xensource.log | grep "Mar 11 14:26" | grep squeeze
Mar 11 14:26:06 xcpng02 squeezed: [debug||253 ||squeeze] total_range = 20971520 gamma = 1.000000 gamma' = 18.007186
Mar 11 14:26:06 xcpng02 squeezed: [debug||253 ||squeeze] Total additional memory over dynamic_min = 377638052 KiB; will set gamma = 1.00 (leaving unallocated 356666532 KiB)
Mar 11 14:26:06 xcpng02 squeezed: [debug||253 ||squeeze] free_memory_range ideal target = 4296680
Mar 11 14:26:06 xcpng02 squeezed: [debug||253 ||squeeze] change_host_free_memory required_mem = 4305896 KiB target_mem = 9216 KiB free_mem = 371880116 KiB
Mar 11 14:26:06 xcpng02 squeezed: [debug||253 ||squeeze] change_host_free_memory all VM target meet true
Mar 11 14:26:06 xcpng02 squeezed: [debug||253 ||memory] reserved 4296680 kib for reservation 6f0f8c43-7ffa-ffbf-7723-a1be3c1a61d1
Mar 11 14:26:06 xcpng02 squeezed: [debug||254 ||squeeze_xen] Xenctrl.domain_setmaxmem domid=53 max=4297704 (was=0)
Mar 11 14:26:13 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /data/updated <- 1
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] Adding watches for domid: 53
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] Removing watches for domid: 52
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /memory/initial-reservation <- 4296680
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /memory/target <- 4196352
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /control/feature-balloon <- None
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /data/updated <- None
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /memory/memory-offset <- None
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /memory/uncooperative <- None
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /memory/dynamic-min <- 4194304
Mar 11 14:26:19 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /memory/dynamic-max <- 10485760
Mar 11 14:26:21 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /data/updated <- 1
Mar 11 14:26:22 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /data/updated <- 1
Mar 11 14:26:25 xcpng02 squeezed: [debug||3 ||squeeze_xen] domid 53 just started a guest agent (but has no balloon driver); calibrating memory-offset = 2024 KiB
Mar 11 14:26:25 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /memory/memory-offset <- 2024
Mar 11 14:26:25 xcpng02 squeezed: [debug||3 ||squeeze_xen] Xenctrl.domain_setmaxmem domid=53 max=4199400 (was=4297704)
Mar 11 14:26:28 xcpng02 squeezed: [debug||4 ||squeeze_xen] watch /data/updated <- 1
I hope the filtered xensource.log (filtered for "squeezed") is enough or do you need other events aswell @andriy.sultanov ?