Hyperliquid's Short Share Hits 88.6% vs Binance 62.5%
Liquidation flows split unevenly across exchanges in the past 24 hours. Hyperliquid cleared $26.6M and 88.6% of that was shorts, while Binance wiped $112.2M with a far lower 62.5% short share. The gap shows where crowded short positioning sat when prices turned up.
Liquidation Short Share Widens to 65% in 24H
The market-wide tally came to $273.0M in liquidations over 24 hours, with shorts paying $177.7M, or 65.1% of the total. Longs lost $95.3M. The squeeze is still running in the latest hour: the 1h window shows $21.9M wiped and 98.3% of it was shorts. The 4h window tells the same story, shorts at 82.5% of $48.3M.
Venue Split: Hyperliquid 88.6% vs Binance 62.5%
Reading the exchanges one by one makes the skew clearer. Binance, the largest pool at $112.2M, had a 62.5% short share. OKX followed with $64.3M and a 63.0% short share. Bybit cleared $27.8M with 71.8% shorts. Then comes Hyperliquid: $26.6M wiped, 88.6% of it short. Gate sat at 58.9% of $18.9M, Bitget at 52.3% of $9.2M. Hyperliquid handled under 10% of total liquidation dollars, yet its book is the most one-sided of any major venue.
ZEC Squeeze Puts $66M on the Board
The coin table explains why shorts bled. ZEC led with $66.0M liquidated over 24 hours, and 89.7% of that was short positions worth $59.2M. The token jumped 19.8% to $1,228 on Binance and $1,228.44 on OKX, with a 24h high of $1,258 on OKX. That single squeeze accounts for roughly a quarter of all liquidation dollars across the market. ETH followed at $61.2M with 62.4% shorts, and BTC at $39.0M with 63.2% shorts.
What the Skew Tells Traders
One-sided venue data is a signal, not noise. When a venue like Hyperliquid runs near 90% short liquidations, it means the crowded trade there was short, and any bounce feeds on itself as those positions get force-closed. Bybit, at 71.8%, carries a similar lean. For traders, the practical read is that fresh shorts added into strength are paying a heavy toll right now, and the 1h window at 98.3% shorts says the pressure has not let up. Watch funding and open interest on ZEC for the first sign of positioning turning, because that is what usually ends a squeeze of this shape. Data as of 07:46 Beijing time on September 7, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.