Conclusion first: In the 4-hour liquidation on Binance, $3.3 million was wiped out; OKX also hit $2.25 million. But in both cases, shorts were the ones getting hit—contract positions are being squeezed by the rebound.
On Binance, 2,386 liquidation orders occurred, with shorts totaling $2.21 million (67%); on OKX, 751 liquidation orders occurred, with shorts totaling $1.53 million (68%). Binance’s average liquidation per order is $1,387, while OKX’s is $2,991. OKX has heavier per-order impact, so pressure from a small number of large positions is more obvious.
Bybit only has 680k, with shorts accounting for 53%, so the direction isn’t that one-sided. Don’t just look at the total—differences in average order size between exchanges tell you more clearly who’s using higher leverage.
Would you still chase shorts right now?
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View in real time: https://www.coinboss.com/liquidations