Which venues saw most liquidations?

TLDR

Binance, Hyperliquid, and Bybit saw the most liquidations in the latest leverage flush.

1. Together they accounted for about 72% of forced unwinds, led by Binance (~$144.6M), Hyperliquid ($115.8M), and Bybit ($109.3M) per a market update.
2. The largest single order was a $23.18M BTC liquidation on Hyperliquid, according to the report above.
3. In a later selloff this week, Bybit led daily liquidations as longs dominated, per a separate session summary.

Deep Dive

1. Where Liquidations Clustered

Across the most recent major shakeout, liquidations concentrated on Binance, Hyperliquid, and Bybit, which together represented roughly 72% of forced unwinds. Headline notional tallies were about $144.6M on Binance, $115.8M on Hyperliquid, and $109.3M on Bybit, with longs making up the bulk of the total, per a market update.

This concentration typically reflects where open interest and liquidity are deepest. When price momentum reverses, forced unwinds propagate fastest where there is the most leverage.

2. Largest Single Liquidation

The single biggest order cited in the latest reset was a $23.18M BTC liquidation on Hyperliquid, highlighting how a few large positions can accelerate deleveraging during thin liquidity pockets, as noted in the report above.

Long-heavy positioning amplified the flush. When funding is elevated and positioning is one sided, even modest price drops can trigger outsized forced selling.

3. Day-To-Day Leaderboard Shifts

Leadership can flip across sessions. In a subsequent selloff this week, Bybit topped daily liquidations while longs again dominated, according to a separate session summary. This underscores that who leads depends on the specific days flows and where traders are concentrated.

Venue leadership can also diverge by metric (total notional vs. number of tickets) and by asset mix. A venue heavy in BTC or ETH perps may show larger notional liquidations on days those pairs move most.

Conclusion

This weeks deleveraging clustered on Binance, Hyperliquid, and Bybit, with a standout $23.18M BTC liquidation on Hyperliquid. Leadership rotates by session as positioning shifts. If you are monitoring risk, focus on where open interest concentrates and whether funding and positioning are one sided; those conditions make liquidation cascades more likely when price momentum stalls.