# Hyperliquid liquidated — X 热门讨论 (2026-09-19 10:38 UTC)
## @LLuciano_BTC (Lucky) · 09-19 07:19 · ♥544 ↻10 💬74 Another brutal short squeeze.
Over $602M has been liquidated in the past 24 hours, don't bet against the trend. https://t.co/bOQ3HiCSRX https://x.com/LLuciano_BTC/status/2101209496697889171
## @prufboogie (PRüF) · 09-19 07:55 · ♥26 ↻1 💬18 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