OKX Longs 2.1x Shorts in $266.7M Wipe; Binance Balanced

OKX Longs Paid 2.1x Shorts in the 24h Wipe

OKX cleared $37.1M in long positions over the past 24 hours against only $17.7M in shorts, the widest long-heavy split among the major venues. The exchange accounted for $54.8M, or 20.6%, of the $266.7M wiped across the market in that window, according to liquidation data covering the top derivatives platforms.

The imbalance shows where the pain concentrated. OKX longs were caught during the first part of the window, when ETH and BTC both slid toward session lows before bouncing. Liquidation counts reached 94,246 across all venues in the 24 hours, with the dollar totals still tilted toward longs overall at $140.4M versus $126.3M for shorts.

Bybit and Binance Took Opposite Sides

Bybit painted a different picture. Shorts there absorbed $25.9M of the $42.7M total, a 60.7% share, meaning the venue's leveraged shorts were squeezed during the sharp bounces that interrupted the decline. The whipsaw left Bybit with a very different book than OKX even though both saw similar overall volume.

Binance sat in the middle. Its $123.6M in liquidations split almost evenly, with longs at $59.9M and shorts at $63.8M, the most balanced profile of any large venue and 46.4% of the entire market total. When the largest exchange shows no directional lean, it usually means the move was driven by positioning on smaller books rather than a broad liquidation cascade.

ETH and AKE Carried the Coin-Level Action

By coin, ETH led with $74.8M in liquidations, 28% of the global total, and longs paid $53.1M of that. BTC followed at $52.8M with a nearly even long/short split, matching the balanced picture on Binance. AKE stood out on the short side, with $27.9M in shorts cleared versus $2.7M in longs as its sharp rally kept running and caught late sellers.

What the Split Says About Leverage

Venue-level skew is worth watching because it reveals who is actually over-leveraged. The OKX book was heavy with longs into a falling market, while Bybit shorts got run over on the rebounds. Neither side is defending a trend conviction right now; both are chasing moves that reverse within hours.

For traders, the practical read is that liquidation pressure is symmetrical and capable of flipping quickly. Total volume is running below the $292.8M spike seen on September 2, but the directional composition is more volatile than the headline number suggests. Position sizes on both OKX and Bybit should be treated as fragile until one side stops getting cleaned out.

Data as of 13:45 Beijing time on September 3, covering Binance, OKX, Bybit, Gate, Bitget, Hyperliquid and other major exchanges.