TL;DR
- The crypto market registered $1.17 billion in liquidations in 24 hours following Bitcoin’s rise.
- Hyperliquid, a DEX on Arbitrum, processed $20.3 million, leading among decentralized exchanges.
- In ETH liquidations, Hyperliquid ($6.2M) surpassed centralized giants like Bybit ($4.4M) and OKX ($3.9M).
The cryptocurrency market experienced extreme volatility after Bitcoin (BTC) surpassed the $111,000 mark. An abrupt move that caused a cascade of massive liquidations totaling $1.17 billion in the last 24 hours, primarily affecting short sellers.
In the midst of this chaos, a decentralized exchange (DEX) based on Arbitrum, Hyperliquid, emerged as an unexpected protagonist, handling a liquidation volume higher than that of several top-tier centralized competitors (CEXs).
Of the total $1.17 billion liquidated in the market, the overwhelming majority ($945.7 million, nearly 80%) came from short positions betting on a price drop. Bitcoin liquidations led the losses with $315 million, followed by Ethereum (ETH) with $234 million and Solana (SOL) with $55 million.
As usual, CEXs dominated the total volume, with Binance in the lead ($419.6 million), followed by OKX ($265.8 million) and Bybit ($168.4 million).
Hyperliquid Marks a Milestone for DEXs
The real surprise of the event was Hyperliquid’s performance. The decentralized platform stood out in a field traditionally dominated by CEXs. Data from Parsec revealed that Hyperliquid leads liquidations among DEXs, processing a total of $20.3 million ($10.5 million in long positions and $9.8 million in shorts).
Even more impressive was its performance in specific assets. In Ethereum liquidations, Hyperliquid handled $6.2 million, a figure that significantly surpassed Bybit’s ($4.4 million) and OKX’s ($3.9 million) in the same period.
This achievement demonstrates the growing capacity and robustness of decentralized platforms to manage extreme volatility and significant liquidation volumes. The fact that Hyperliquid leads liquidations in key metrics against established giants suggests a notable shift in the derivatives trading infrastructure, showing that DEXs are maturing rapidly and capturing a crucial market share that was previously exclusive to centralized exchanges.
