Binance+OKX Take 61.7% of $449M Liq; Hyperliquid 85% Shorts
Two venues carry 61.7% of the wipeout
Binance and OKX processed $276.9M of the $449M liquidated across crypto derivatives in the past 24 hours, a combined 61.7% share. Binance alone saw $173.4M wiped over 31,962 orders, with shorts paying $109.8M against $63.6M from longs. OKX followed with $103.6M in total, split $65.8M short and $37.8M long. Both venues ran nearly identical long-to-short ratios around 1.73, a sign the short-heavy positioning from earlier this week has not unwound.
Hyperliquid shows the most extreme short skew
The outlier sits on Hyperliquid. Its $46.0M in 24-hour liquidations carried $39.2M from short positions, or 85.3% of the venue total, versus just $6.7M from longs. That is a 5.8x short-to-long wipeout ratio, the steepest among the top venues. This points to concentrated short leverage on Hyperliquid getting cleared in clusters, often tied to a few large accounts rather than retail order flow.
Aster runs against the tape
Not every venue is short-heavy. Aster recorded $16.1M in liquidations, and 79% of that came from longs ($12.7M) against only $3.3M from shorts. Every other exchange in the top eight leaned short: Bybit at 66% shorts, Gate at 64%, Bitget at 71%. The Aster print is small in absolute terms, but it shows the deleveraging is not uniform, and long positions are still getting flushed in niche venues.
BTC shorts lead the coin board
On the coin side, BTC registered $146.6M in 24h liquidations, of which $107.6M, or 73.4%, came from shorts. ETH topped the board in raw volume at $155.9M with shorts paying $95.5M, while SOL added $49.8M with an 80% short share. TRUMP rounded out the top five at $14.6M. BTC is trading around $79,850 at the time of writing, up 1.5% on the day, after touching an intraday high near $81,500; ETH sits near $2,489, roughly flat over 24 hours.
What the tape says
Read together, the data describes a market where short leverage keeps building and keeps getting removed, with Binance, OKX and Hyperliquid doing most of the clearing. The risk is that repeated short squeezes invite fresh short entries at higher prices, which sets up the same loop. For traders, the Aster long-flush and ETH's top ranking are reminders that the long side is not safe either, and single-venue prints can mislead if read without the exchange breakdown. Data as of 11:03 Beijing time, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.