In the past 24 hours, HFT is up 47%, but what’s truly outrageous isn’t the gain—it’s the liquidation density: the entire network liquidated $3.98 million, split into 4,690 trades. That’s more than the total of BTC (1,893 trades) and ETH (1,863 trades) combined. The amount is only a quarter of BTC’s, yet the number of trades is 2.5 times as many. Most of the entries are basically small positions with high leverage—liquidate one batch, and another batch immediately jumps in.
In terms of direction, 70% are short positions. The $2.78 million shorts were carried off. Even rarer is when the fee rates “fight” directly between exchanges: Binance contracts show a 4% premium. Longs pay 0.51% per hour—so spending a full day on fees comes to 12%. Bybit and Gate are the opposite: shorts brace themselves against a capped fee rate of 2% every 8 hours and refuse to exit. Same coin—one side’s longs are crowded while the shorts are crowded too, and both sides are essentially paying the counterparty.
This kind of two-sided fee structure usually can’t last long. Whichever side can’t hold out first becomes the fuel for the next round of liquidations. The intraday low is 0.0189, and the high is 0.0378—a full doubling. Chasing any direction now is basically betting on volatility.
View in real time: https://www.coinboss.com/liquidations
In terms of direction, 70% are short positions. The $2.78 million shorts were carried off. Even rarer is when the fee rates “fight” directly between exchanges: Binance contracts show a 4% premium. Longs pay 0.51% per hour—so spending a full day on fees comes to 12%. Bybit and Gate are the opposite: shorts brace themselves against a capped fee rate of 2% every 8 hours and refuse to exit. Same coin—one side’s longs are crowded while the shorts are crowded too, and both sides are essentially paying the counterparty.
This kind of two-sided fee structure usually can’t last long. Whichever side can’t hold out first becomes the fuel for the next round of liquidations. The intraday low is 0.0189, and the high is 0.0378—a full doubling. Chasing any direction now is basically betting on volatility.
View in real time: https://www.coinboss.com/liquidations