Short Skew Lives on Binance+Hyperliquid: OKX Runs Long

The Short Side Now Lives on Three Venues

Liquidation data from the last 24 hours shows a clean split in where shorts and longs are getting wiped. Binance ran 53.3% short-side on $164.2M cleared, Hyperliquid 56.1% short on $48M, and Gate 54.6% short on $23.9M. HTX went further with 70% shorts, though its $8.3M total keeps it a minor venue. On the other side of the ledger, OKX came in at 54.7% longs, Bybit 52.0% longs, and Bitget 50.8% longs. The same tape squeezed different positioning depending on where the orders sat.

Binance and OKX Still Carry the Volume

The two largest venues cleared $164.2M and $95.9M respectively, or 63.3% of the $410.6M liquidated across the market in 24 hours, spread over 84,248 orders. That concentration has stayed consistent for days, which makes the skew inside it the more useful read: Binance is absorbing short liquidations at a 53% clip while its main rival flips the other way. Anyone watching only aggregate liquidation totals misses that both sides are being cleaned out, just on different books.

Why the Venue Split Matters

A short-heavy Binance and Hyperliquid profile explains the recent upside squeezes: those two venues hold most of the leveraged short flow, so each bounce forces covering there. The long-heavy OKX and Bybit books are the mirror risk. If price turns down from the current range, the concentrated long liquidation risk sits on those venues instead. The last hour already showed the flip, with longs paying 78% of liquidations, a sign the short-clearing phase may be giving way to long-pressure building.

What to Watch

Track the venue-level split rather than a single aggregate number. When Hyperliquid and Binance both run above 53% shorts, expect squeeze-driven spikes; when OKX and Bybit flip decisively long-heavy, a pullback gets more dangerous. The 24-hour window keeps tightening, so the next few sessions will show whether this short cluster rebuilds or the longs take over the liquidation feed entirely.

Data as of 07:45 Beijing time on Aug 25, covering Binance, OKX, Bybit, Hyperliquid, Gate, Bitget and other major exchanges.