Hyperliquid 98.3% Shorts in $607M Wipe, BTC Leads $323M
Hyperliquid's 24-hour liquidation book is almost entirely short: $82.5M of the venue's $83.9M total came from leveraged bears. Market-wide, $607.6M was wiped in 24 hours as BTC pushed back above $81,000, and 88.8% of that sum was short-side. The numbers draw a clean short squeeze with a clear venue tilt, and the exchange split explains where the pain concentrated.
Venue-by-venue: the most lopsided short book
Binance recorded the largest venue total at $221.4M, with shorts paying $192M, or 86.7% of its book. OKX followed at $135.7M with an 85.5% short share. Hyperliquid ranked third in raw size at $83.9M but posted the most extreme split of any major venue at 98.3% shorts. Bybit ($60.2M, 89% short), Gate ($50.6M, 89.2%) and Bitget ($27.8M, 89.5%) rounded out the top six.
BTC carried the flush: $323M, 94.5% short
Bitcoin alone supplied $323.1M of the 24-hour total, and 94.5% of that was short-side at $305.4M. The trigger was a real upside break: BTC traveled from a $76,927 low to an $82,283 high on Binance before settling near $81,000, roughly 5.2% higher on the day. ETH added $134.7M in forced exits, 86.2% short, while ZEC chipped in $28.5M with a 95.1% short share. Across the coin list, bears absorbed nine of every ten dollars liquidated.
Why Hyperliquid's book skews so hard short
The gap between its 98.3% short share and Binance's 86.7% is structural, not random. The perp venue skews toward crypto-native traders running tight stops, and with BTC pinned below $78,000 for much of the week, those accounts had piled into shorts heading into the break. When price jumped through $80K, the venue holding the heaviest short concentration took the heaviest proportional hit. Binance's wider base, which includes spot-linked hedgers on both sides, dilutes the split.
What to watch after the squeeze
The last hour shows early rotation: hourly forced exits flipped to 56.8% long ($2.79M versus $2.12M short) as BTC eased from its high. A squeeze of this size often whipsaws, so fresh shorts near $81K stay exposed if the bid returns, while late longs carry thin margin against a retest of $80K. Watch Hyperliquid first. Its short book was the thickest, and another leg up would clear it again before any other venue.
Data as of 08:56 Beijing time on Sept 4, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major venues.