In the past 24 hours, total crypto contract liquidations across the entire web reached $186 million, with 77,600 positions forcibly liquidated. Breaking it down by exchange, the distribution is quite interesting.
Binance accounted for $82.7 million, 45% of the total, with 37,000 liquidations—solidly in first place. OKX came in second with $39.2 million, followed by Bybit with $22.06 million.
But when you look at the average liquidation amount per order, the ranking changes completely: OKX’s average liquidation is about $4,280, Binance’s is $2,200, and Bybit’s is only $1,430. Even though both were liquidated, Bybit users generally had smaller position sizes, with a noticeably higher density of retail traders. Meanwhile, the orders liquidated on OKX were nearly three times those on Bybit; accounts with heavier positions are more concentrated.
There’s also a detail: Hyperliquid saw $13.2 million in liquidations over 24 hours, of which 77% were short positions—the highest proportion among major platforms. Recently, on-chain leveraged players have largely been lining up on the short side, and the market has repeatedly squeezed them—harvesting those positions again and again.
Large liquidation volume doesn’t necessarily mean a platform is high-risk. It mainly reflects the size of open positions and the user composition. Before opening a trade, taking a look at each platform’s liquidation distribution can give you a rough idea of what your counterparty pool looks like.
Live view: https://www.coinboss.com/liquidations
Binance accounted for $82.7 million, 45% of the total, with 37,000 liquidations—solidly in first place. OKX came in second with $39.2 million, followed by Bybit with $22.06 million.
But when you look at the average liquidation amount per order, the ranking changes completely: OKX’s average liquidation is about $4,280, Binance’s is $2,200, and Bybit’s is only $1,430. Even though both were liquidated, Bybit users generally had smaller position sizes, with a noticeably higher density of retail traders. Meanwhile, the orders liquidated on OKX were nearly three times those on Bybit; accounts with heavier positions are more concentrated.
There’s also a detail: Hyperliquid saw $13.2 million in liquidations over 24 hours, of which 77% were short positions—the highest proportion among major platforms. Recently, on-chain leveraged players have largely been lining up on the short side, and the market has repeatedly squeezed them—harvesting those positions again and again.
Large liquidation volume doesn’t necessarily mean a platform is high-risk. It mainly reflects the size of open positions and the user composition. Before opening a trade, taking a look at each platform’s liquidation distribution can give you a rough idea of what your counterparty pool looks like.
Live view: https://www.coinboss.com/liquidations