Conclusion up front: In the past 24 hours, Binance alone accounted for $149 million in liquidations, nearly twice the amount of the second-place OKX. The highest concentration of leverage is still in the mainstream derivatives market.
Aggregating across exchanges: Binance has 37,900 liquidations, averaging about $3,932 per liquidation; OKX has $82.1 million with 14,800 liquidations, averaging $5,527 per liquidation. Binance has a larger total amount, but the liquidations are more fragmented per order—there are clearer signs of retail-leverage positions.
Bybit ranks third in liquidations, with a liquidation of $39.33 million; Hyperliquid has only $12.3 million and 726 liquidations, with relatively small amounts and an average per liquidation of about $1,700. The liquidation structure differs significantly across platforms—don’t just look at the total to judge which side is more dangerous.
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Are you more afraid of Binance with a larger amount, or OKX with a heavier single transaction?
Check in real time: https://www.coinboss.com/liquidations