Short positions on Hyperliquid faced about $49.5 million in potential liquidations within 5% of an approximately $2,397 Ether (ETH) futures quote on Oct. 20, underscoring the risk to leveraged traders.
Estimated liquidations for long positions totaled about $38 million in the same price band. Across both sides of the market, more than $20 million in potential liquidations lay within 2% of the quote. The $2,397 figure was an approximate futures price, not a liquidation price.
Those estimates describe positions that might be reduced if prices move against their holders. A separate short position had already undergone four partial liquidations, reducing its value by about $19.78 million. The trader then rebuilt the short, leaving at least $10 million in exposure. The $19.78 million measures the position value reduced, not the trader’s profit or loss.
Most positions in the Oct. 20 snapshot used leverage of 20 to 25 times. On Hyperliquid, liquidation can begin when an account’s equity falls below the margin required to maintain its trades. The process may reduce a position partially or close it entirely.
A separate Oct. 19 snapshot of leveraged crypto positions identified about $192 million in position value near estimated closure levels. Like the Oct. 20 risk estimates, that figure did not count completed liquidations.
