Conclusion first: In the 12-hour liquidations, most activity is concentrated on Binance and OKX, but each trade on Hyperliquid carries more weight—don’t just watch the total amount.
Binance had $15.24 million liquidated across 9,022 trades, with an average of about $1,689 per trade; OKX had $5.67 million liquidated across 2,228 trades. Both sides have large amounts and high trade counts, making the clearing of retail leveraged positions most obvious.
Hyperliquid liquidations totaled $7.4 million, with only 165 trades—about $4,487 per trade on average, which is 166% higher than Binance. The total amount may not rank at the top, but each individual position is thicker; once large players get triggered, the impact won’t be small.
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Are you more worried about retail getting liquidated in a chain, or about a large player smashing the market with a single big sell?
View in real time: https://www.coinboss.com/liquidations