Bitcoin Derivatives Ranking: $612M Liquidations and 798% Top Gainer
The derivatives market absorbed $611.8M in 24-hour liquidations, including $523.5M from long positions versus $88.3M from shorts. That imbalance is the key to this ranking: even as speculative contracts produced extreme winners, leveraged buyers took the heavier hit. The leading liquidation story centered on Bitcoin and Ethereum, while the futures leaderboard showed a sharp split between momentum and forced selling.
Liquidation leaderboard
Liquidation volume was concentrated in the two largest contracts. Bitcoin ranked first with $179.6M liquidated across 12,049 events, including $150.9M in longs and $28.6M in shorts. Its index price was $83,922.12, making the long-side damage consistent with a market that flushed crowded upside exposure.
Ethereum followed with $147.7M liquidated across 8,878 events. Longs contributed $129.8M, compared with $17.8M in shorts, and the largest single liquidation in the dataset was an ETH long worth $10.0M on Binance near $2,648.83. XRP ranked third at $35.4M, with $30.8M in longs, while SOL reached $26.2M and also showed a strong long bias at $24.3M.
ZEC was the fifth-largest liquidation market at $23.2M, but its split was less one-sided: $15.4M of longs and $7.7M of shorts were erased. That balance makes ZEC different from BTC, ETH, XRP and SOL, where liquidation pressure was much more clearly concentrated against buyers.
Gainers: momentum with uneven depth
KIMI was the standout futures gainer, rising 798.3% to $69.80 on $4.9M in volume. The move is too large to treat as a broad-market signal by itself, but its ranking shows how aggressively liquidity rotated into isolated contracts.
GPSOL gained 88.9% to $0.027461 on $1.2M in volume, while SUE advanced 67.2% to $0.002033 on $1.4M. Both posted large percentage gains, but their reported turnover remained modest compared with the market's largest contracts, making follow-through more important than the headline return.
NIL rose 41.2% to $0.13333 with $652.4M in volume, giving its rally considerably more trading activity than the smaller names above. NOMINA climbed 36.5% to $0.002413 on $1.8M, while NOM added 36.5% to $0.002409 with $123.6M. The contrast between price performance and volume suggests that the leaderboard contains both liquid momentum and thinner, more fragile bursts.
Losers: the other side of leverage
JINQIAN was the worst performer, falling 73.6% to $0.000870 on $1.8M in volume. APH dropped 47.6% to $82.82 on $1.0M, and BIKETYSON lost 37.8% to $0.001613 on $1.0M; these declines show that forced deleveraging was not limited to major-market contracts.
MUBARAK fell 37.3% to $0.05085 despite $748.3M in volume, making it the most consequential loser by turnover among the leading decliners. It also appeared in the liquidation ranking with $4.3M erased, including $3.0M in longs and $1.3M in shorts. AGRIPPA declined 36.4% to $0.00004894 on $1.2M, extending the pattern of steep losses in smaller contracts.
The exclusive verdict is a fragile, liquidation-led market rather than a clean risk-on continuation. Bitcoin's $83,922.12 index price sits below the $85,000 same-day options max-pain level, while total Bitcoin options open interest is $42.4B and the Sep. 25 max pain is $78,000. The bullish interpretation would be invalidated if Bitcoin decisively holds above $85,000 while options open interest remains above $42.4B; failure there would keep the $78,000 level in play as the more important downside magnet.
Data as of 12:05 Beijing time on Sep 24, covering Binance, OKX, Bybit and other major venues.