Which exchange saw most liquidations?

TLDR

Binance saw the most liquidations in the latest broad wipeout this week, with Bybit and Hyperliquid close behind.

1. In a recent 24-hour flush, the largest single liquidation was on Binance, and Binance, Bybit, Hyperliquid made up most losses per a market update.
2. In an earlier wave this week, Binance led with about $144.6 million, followed by Hyperliquid and Bybit, per a report.

Deep Dive

1. Latest Wave

The most recent liquidation sweep shows Binance at the top by venue share, with the largest single liquidation on Binance at about $11.58 million. CoinDesk noted that Binance, Bybit, and Hyperliquid together accounted for nearly three quarters of total liquidations in that 24-hour window, with long positions dominating the losses, reflecting crowded bullish positioning that unwound quickly during a drawdown. See the market update.

2. Earlier This Week

Earlier in the week, another deleveraging wave also showed Binance leading by dollar value. In that event, Binance saw about $144.6 million in liquidations, followed by Hyperliquid at $115.8 million and Bybit at $109.3 million. Together, the three venues comprised roughly 72% of the unwinds. Details are in this roundup.

3. Why It Changes

Which exchange has the most depends on the exact hour and event. Narrow windows can flip leaders, and the largest single liquidation may differ from largest total per venue. Some coverage even highlights short windows where Bybit briefly led totals, underscoring that rankings can vary by slice. For daily context, the broader 24-hour measures above are more representative than one-hour spikes. See the longer-window market update for a clearer picture.

Conclusion

Across this weeks liquidation waves, Binance consistently led total liquidations, with Bybit and Hyperliquid close behind. Leadership can flip in short windows, but 24-hour snapshots show where leverage concentrates and where cascade risk is most acute.