The direction just flipped over.

In the past hour, total liquidations across the whole network reached $1.54 million, with shorts accounting for 64% ($989,000). If we look at the last 24 hours, out of 50.88 million, longs were liquidated 33.16 million—65%. The same group of people: one day’s P&L and the most recent hour’s P&L have exactly flipped direction.

More interesting than the exchange itself. In the past hour, Hyperliquid liquidations totaled 96,600, with short positions at 90,300—accounting for 93%. There were 280 trades on average, totaling $345 per trade, all coming from dense small orders. At the same time, Gate liquidations totaled 92,100: longs made up 64%, and it’s the only major platform still seeing longs getting liquidated. Binance had 877,000 liquidations in one hour, 57% of the whole market, with shorts at 61%. OKX shorts were 67%; Bybit shorts 74%; Bitget shorts 67%. Mainstream exchange figures are consistent: one head each for Gate and Hyperliquid.

At the currency level: $HEMI 337,000 liquidations in one hour, shorts at 88%; $CYS 358,000 liquidations, shorts at 74%. These two are the main battlefields for the one-hour short squeeze, and they’re also the source of pulling all the network data toward the short side.

My take: Hyperliquid per-pair average is $345, which indicates the on-chain activity is dominated by small, scattered retail traders getting trampled. Over at Gate, the long side hasn’t fully exited yet, and the positioning structure is still far off. This kind of divergence usually can’t last long—either price pushes further up and blows up Gate’s long positions too, or it pulls back and the shorts that were just squeezed end up being right again. The sentiment index today is 34, still in the fear zone, so there aren’t many people chasing after a rally.

Do you think this is the start of a reversal, or just a quick spike?

#爆仓数据 #Hyperliquid #轧空 #exchange data

Check live: https://www.coinboss.com/liquidations