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A $29.1 million ETH-USD long hit was indicative of the growing role of decentralized perpetual exchanges in driving liquidations.
Updated Sep 26, 2025, 4:06 a.m. Published Sep 26, 2025, 2:52 a.m.
An ETH$3,956.04 trade on Hyperliquid turned out to be the biggest liquidation hit in the past 24 hours as crypto traders took on more than $1.19 billion in leveraged positions amid a market downturn.
Longs made up nearly 90% of the overall wipeout, per CoinGlass, leaving over 260,000 traders losing money and exposing the market’s bullish overcrowding.
Ether bore the brunt with $448 million in liquidations, followed by BTC$109,466.00 at $278 million. Solana’s SOL (SOL), XRP$2.7702, BNB Chain’s BNB (BNB) and DOGE$0.2276 all saw tens of millions flushed out.
But the single largest trade closure came on Hyperliquid — a $29.1 million ETH-USD long hit which is indicative of the growing role of decentralized perpetual exchanges in driving liquidations.
Bybit handled the most overall liquidations at $311 million, but Hyperliquid followed closely with $281 million, ahead of Binance’s $243 million.
For a relatively recent protocol that operates fully on-chain with no KYC or regulatory firewalls, Hyperliquid’s share of liquidations points to traders piling risk into perpetual decentralized exchanges (DEXs) in size. A 97% long bias further showed how aggressively users were positioned before the flush.
The wave came as sentiment remains fragile and bitcoin sees volatile price action around the $111,000 mark. Spikes in liquidations are often read as clearing events that pave the way for reversals, but with positioning stretched across majors and high-beta tokens alike, downside risks linger.
Meanwhile, some say projects with strong revenue flows could emerge attractive to traders amid an otherwise risk-off mood.
“While crypto markets are down, capital is still rotating from Bitcoin into altcoins, with perpetual decentralized exchanges (Perp DEXs) like Hyperliquid and Aster leading the charge,” said Nick Ruck, director at LVRG Research.
“We expect altcoins to slowly grind upward as investors seek projects that can decouple from macro pressures and continue to grow based on their own utility,” Ruck added.
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