# Hyperliquid liquidated — X 热门讨论 (2026-09-20 06:16 UTC)
## @igoryuzo (Igor Yuzovitskiy) · 09-19 02:39 · ♥38 ↻1 💬6 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