Crypto Derivatives Ranking: $274.5M Liquidations and 417.9% Gainer
The derivatives market is showing two very different faces: total 24-hour liquidations reached $274.5 million, while the leading futures gainer, USEPAID, jumped 417.9%. Bitcoin stood at an index price of $83,932.15, but the liquidation leaderboard shows that leverage stress is concentrated across both large-cap majors and fast-moving altcoins.
ETH and BTC dominate liquidation risk
Ethereum ranked first by liquidations at $70.2 million across 5,107 events. Long liquidations reached $34.4 million and shorts $35.8 million, a near-even split that points to two-way volatility rather than a one-sided flush.
BTC followed with $62.9 million from 4,679 events. Its $40.3 million in long liquidations versus $22.6 million in shorts shows that bullish leverage took the heavier hit. The largest recorded BTC liquidation was a $2.2 million long at $83,467.60, while another $2.1 million long was closed at $82,895.90.
SOL ranked third at $27.3 million, with shorts accounting for $22.1 million against $5.2 million in longs. XRP reached $19.1 million, led by $10.6 million in shorts, while ZEC posted $14.1 million with $8.1 million in short liquidations. These rankings suggest that traders betting on continuation were most exposed in SOL, XRP and ZEC.
Altcoin momentum is real but crowded
SUI recorded $7.8 million in liquidations, including $5.6 million in shorts, while NEAR reached $7.2 million with $4.7 million in shorts. ENA was more extreme: $5.4 million was liquidated, of which $4.4 million came from shorts. PHA produced $4.7 million in liquidations across 4,962 events, the highest event count among the leading names.
The price leaderboard confirms the squeeze dynamic. USEPAID rose 417.9% to $0.04577 on $1.1 million in volume, while PAID gained 351.3% to $0.040376 on $3.4 million. BREW added 133.3% to $0.012589 with $8.0 million in volume. Among larger, more liquid altcoins, PHA rose 62.8% to $0.08112 on $1.8 billion in volume, and ENA advanced 23.4% to $0.27275 on $1.6 billion.
Losers reveal the fragile edge
The downside ranking is led by CME, down 78.6% to $0.00062, followed by JINQIAN at -73.6% and APH at -47.6%. More consequentially, AKE fell 15.3% to $0.03279 despite $368.7 million in volume, showing that heavy turnover did not prevent a sharp reversal. STORJ declined 20.7% to $0.0392401 on $45.4 million in volume, while VIC dropped 19.6% to $0.0297907 on $19.6 million.
The broader backdrop remains constructive but overheated. The altseason index is 76, with 38 of 50 sampled coins outperforming Bitcoin over 90 days. Yet total open interest is $129.97 billion, average funding is 0.0037%, and the market fear-greed reading is 74, leaving less room for poorly placed leverage.
The exclusive read is cautiously bullish: BTC holding $82,000 keeps the path open toward the $84,000-$85,000 area, where near-term options max pain sits at $82,000 and $85,000. The view is invalidated if BTC loses $82,000 while total open interest remains above $129.97 billion, because that combination would signal leverage is being unwound through price rather than absorbed. Data as of 12:05 Beijing time on Sep 26, covering Binance, OKX, Bybit and other major venues.