Overview
- A wave of forced liquidations closed about $51.6 million in leveraged positions in roughly ten minutes on Saturday, according to CoinGlass data compiled by multiple outlets.
- The selling began with a large sell order on Binance at 21:21:59 UTC and spread within seconds to other venues including Hyperliquid/Trade XYZ, producing near-simultaneous forced closes across platforms.
- Long, bullish positions took the biggest hit, accounting for roughly $38 million or 73.8% of the total, with SOXL contracts suffering the single largest loss at about $12.7 million.
- Those losses occurred on perpetual futures that trade around the clock and used platform rules for pricing while U.S. markets were closed, and the built-in 3x leverage of SOXL plus trader margin amplified the downside.
- The episode follows similar off-hours liquidations earlier in 2026 and raises fresh questions about trader risk, exchange price-setting rules, and potential regulatory scrutiny once U.S. markets reopen and reveal how far crypto contract prices diverged from live share quotes.