# Hyperliquid liquidation — X 热门讨论 (2026-09-19 09:33 UTC)
## @wolf_de_web3 (Wolfgang🐺) · 09-19 06:01 · ♥57 ↻17 💬37 we can unanimously agree that liquidation is the biggest fear of every perps trader.
and very recently i came across a product that allows traders trade, without the fear of liquidation,
and that product is @BounceTech .
here's what @BounceTech does: Instead of giving you a traditional perp position, Bounce turns leveraged Hyperliquid positions into tokens you can hold directly in your wallet.
in simple terms, instead of you holding that trading position directly, Bounce creates a token that represents your leveraged position.
This is so you get exposure to leveraged long or short positions without having a traditional liquidation price.
while this sounds great, it is worth noting that bounce does not completely remove risk. in unstable markets, the token can lose value due to rebalancing
but even with that you can agree that Bounce is regardless, a breath of fresh air.
if you're a perp trader, this is definitely worth checking out and you can start from the trading competition bounce is currently running with a $20,000 reward pool!
link in cs
https://t.co/A0V5rFAez6 https://x.com/wolf_de_web3/status/2101189883825959226
## @prufboogie (PRüF) · 09-19 07:55 · ♥25 ↻1 💬16 People keep asking how Bounce has no liquidation.
You’re not the one in the perp.
You buy an ERC-20 like BTC5L or ZEC5L. Bounce sits on the Hyperliquid position in the background and keeps topping it back to the target leverage. You just hold or sell the token.
That’s why a clean ZEC run looked bigger than a normal 5x perp.
As it went up, the token kept adding exposure.
Same thing works against you. If the market chops, that rebalancing eats the bag.
Volatility decay is real. Worst case the token bleeds. You can lose what you put in.
You don’t get liquidated out of it.
Season 1 is just that product on a public board for 4 weeks. $100 gets you in. Small size is enough to feel it. @BounceTech > 引用 @prufboogie: Bounce Season 1 is live and most people are only talking about the $20k prize pool.
That’s the least interesting part.
Bounce is leveraged tokens on Hyperliquid, you buy an ERC-20 like BTC5L or ZEC5L with USDC.
The protocol sits on Hyperliquid perps in the background and keeps rebalancing so the token stays close to the target leverage.
No margin to manage. No liquidation. The token just lives in your wallet.
That’s why the recent ZEC numbers look insane. Spot ZEC ran hard.
A normal 5x perp would have given you a big number. The Bounce token gave a bigger one because it kept topping the position back up to 5x as it went up.
Same idea works the other way in a clean downtrend.
The catch is also real, if the market chops, that same rebalancing eats you. Volatility decay is not marketing language. It’s the cost of keeping constant leverage.
So the competition is basically a 4-weeks public test of that product.
here is how it actually works:
> No signup, connect wallet on bounce(.)tech, buy at least $100 of any leveraged token after the season started, you’re in.
> Four 7-day periods. Leaderboards reset every week. > Four ways to win each week, $3,500 USDC on the line: -- biggest dollar PnL -- best ROI (need at least $250 cycled) -- most notional volume -- anyone who finishes green splits a pool
> Another $6,000 at the end of week 4
Rekt Gang is giving an NFT to the wallet with the biggest loss, so even the worst trader gets something.
You can hit more than one board in the same week.
Positions you already held before a period starts don’t count from the old PnL, only from the moment that week opens.
Prizes go out in USDC within 72 hours. No claim button.
Week 1 is already running. If you’ve been looking at Hyperliquid and wondering what leveraged tokens actually feel like in a live market, this is the cheapest way to find out.
Small size is enough to get on the board @BounceTech cooked
Link: https://t.co/Q7icLlWOGo https://x.com/prufboogie/status/2101218640804671745
## @igoryuzo (Igor Yuzovitskiy) · 09-19 02:39 · ♥28 ↻1 💬5 There is $7.1B of BTC perp exposure open on Hyperliquid right now.
That is nowhere near all the leverage in the market. But Hyperliquid is now one of the biggest perp venues and every position sits onchain, so it is a big enough sample to make educated guesses.
I mapped where the liquidation prices sit, for about ~50% of all the positions.
A 10% pump wipes $305M of shorts. A 10% drop wipes $186M of longs. Shorts are the crowded side and they sit closer to getting liq'd.
Look at that one red bar. $127M of shorts in a single cluster, all liquidated between $87.1K and $88K. Price does not have to do much to get there.
That is how a grind higher with shallow pullbacks happens. Every leg up forces shorts to buy back, the buying pushes into the next cluster, and the shorts end up capitulating into the move they were betting against.
Feels like we go higher without much of a pullback.
Dyor, NFA, bro. https://x.com/igoryuzo/status/2101138985485500905