Chip-stock perps lost $51.6M to liquidations in 10 minutes on Saturday evening US time. The stocks behind them haven't traded since Friday.
CoinGlass data puts the flush at 05:22 to 05:32 UTC+8 on Oct 18, with about $38.1M of it from longs. SOXL, a fund built to move 3x the daily swing in chip shares, led at about $12.7M, then SanDisk and SK Hynix at about $10.8M each. Tread.fi's CEO traced the first big sell orders to Binance, with Hyperliquid hit less than a second later.
We set the Trade XYZ contracts on Hyperliquid against Friday's real closing prices. SOXL closed at $93.67 and its perp hit $86.74, 7.4% lower. SanDisk closed at $1,299.30 and its perp touched $1,214.90, down 6.5%. Micron closed at $878.84 and fell to $816.79, down 7.1%.
By 17:14 UTC+8 Sunday, SOXL was back at $92.74 and Micron at $871.31, having won back about 87% and 88% of the drop. SanDisk was at $1,278.00, about 75% back. The shares themselves didn't trade at all in between.
On a weekend, a stock perp only prices the traders inside it. The first real price check is Monday's open at 9:30 ET, 21:30 UTC+8.
#Hyperliquid #CryptoNews
NFA. DYOR.
CoinGlass data puts the flush at 05:22 to 05:32 UTC+8 on Oct 18, with about $38.1M of it from longs. SOXL, a fund built to move 3x the daily swing in chip shares, led at about $12.7M, then SanDisk and SK Hynix at about $10.8M each. Tread.fi's CEO traced the first big sell orders to Binance, with Hyperliquid hit less than a second later.
We set the Trade XYZ contracts on Hyperliquid against Friday's real closing prices. SOXL closed at $93.67 and its perp hit $86.74, 7.4% lower. SanDisk closed at $1,299.30 and its perp touched $1,214.90, down 6.5%. Micron closed at $878.84 and fell to $816.79, down 7.1%.
By 17:14 UTC+8 Sunday, SOXL was back at $92.74 and Micron at $871.31, having won back about 87% and 88% of the drop. SanDisk was at $1,278.00, about 75% back. The shares themselves didn't trade at all in between.
On a weekend, a stock perp only prices the traders inside it. The first real price check is Monday's open at 9:30 ET, 21:30 UTC+8.
#Hyperliquid #CryptoNews
NFA. DYOR.