According to @CoinMarketCap, Cork co-founder Phil Fogel says crypto perpetual futures have been on shaky ground since the Oct. 10 crash but remain a long-term fixture of the market. According to @CoinMarketCap, Fogel adds that perps will need stronger oversight and risk controls going forward, highlighting a shift toward tighter market discipline that traders should monitor.

According to @jchervinsky, many of the highest-demand crypto products are or may be derivatives regulated by the CFTC, but most cannot comply with the Commodity Exchange Act because it was not written for DeFi or onchain finance (source: Jake Chervinsky on X, Nov 21, 2025). According to @jchervinsky, harsh penalties under current law lead most crypto derivatives products to geofence the United States (source: Jake Chervinsky on X, Nov 21, 2025). According to @jchervinsky, the CFTC can fix this by adopting new rules that allow DeFi and onchain derivatives to compete in the free market, asserting there is no legitimate policy reason to ban crypto-powered derivatives in the United States (source: Jake Chervinsky on X, Nov 21, 2025). According to @jchervinsky, these products address key CFTC risk concerns with better technology than TradFi, U.S. taxpayers show strong demand for access, and outcomes depend on policy choices by CFTC leadership, with him expressing hope that Mike Selig will take the seat soon (source: Jake Chervinsky on X, Nov 21, 2025).

According to the source, Bitcoin (BTC) briefly fell below 82,000, coinciding with nearly 1 billion dollars in crypto derivatives liquidations within about one hour. The source reports this rapid wipeout as a high-impact, short-term volatility shock centered on the break below 82,000, underscoring immediate risk for leveraged BTC positions.

According to @lookonchain, Andrew Tate opened another long on BTC on Hyperliquid today and was liquidated in about one hour. Source: @lookonchain on X, Nov 21, 2025; app.hyperliquid.xyz/tradeHistory/0xB78D97390a96A17Fd2B58FeDBEB3DD876c8F660A @lookonchain reports this brings the address’s total liquidations on Hyperliquid to 84. Source: @lookonchain on X, Nov 21, 2025; app.hyperliquid.xyz/tradeHistory/0xB78D97390a96A17Fd2B58FeDBEB3DD876c8F660A The post does not disclose the position size, entry price, or collateral details. Source: @lookonchain on X, Nov 21, 2025 Traders can verify the liquidation history via the provided Hyperliquid trade history URL for the address. Source: app.hyperliquid.xyz/tradeHistory/0xB78D97390a96A17Fd2B58FeDBEB3DD876c8F660A

According to @OnchainLens, trader Machi (@machibigbrother) was fully liquidated on a 25x ETH long, realizing a $1.05M loss, source: Onchain Lens on X, Nov 21, 2025. The tracked wallet shows cumulative losses over $20.23M with only $15,538 remaining, source: Onchain Lens on X, Nov 21, 2025; CoinMarketMan Hypertracker wallet page for address 0x020ca66c30bec2c4fe3861a94e4db4a498a35872. This marks a $1M-plus whale liquidation in ETH derivatives that highlights extreme leverage at play, source: Onchain Lens on X, Nov 21, 2025.

According to @OnchainLens, address 0x85C deposited $2.24M USDC into HyperLiquid and opened a BTC short position with 40x leverage (source: @OnchainLens). The trader’s activity is visible on the HyperLiquid tracker page for the address, confirming the deposit and BTC short setup (source: hyperbot.network). Based on the reported margin and leverage, the position’s maximum notional could reach approximately $89.6M if fully utilized (source: calculation using figures reported by @OnchainLens).

According to @lookonchain, on Nov 20, 2025, whale address 0x0ddf closed ETH and BTC long positions with approximately $6.2 million in realized losses; source: Lookonchain. The address then flipped bearish by opening a 2x short on 20,000 ETH worth about $60.4 million, implying an entry near $3,020 per ETH based on the reported size; sources: Lookonchain and the linked Hyperdash trader page.

According to @ThinkingUSD, NVDA reports earnings today and is cited as representing 8% of the U.S. equities market, concentrating risk and attention on the print, source: @ThinkingUSD on X (Nov 19, 2025). According to @ThinkingUSD, traders can access a liquid 24/7 permissionless NVDA perpetual contract directly on Hyperliquid, enabling round-the-clock exposure to NVDA via crypto rails, source: @ThinkingUSD on X (Nov 19, 2025).

According to @lookonchain, Machi Big Brother (@machibigbrother) was liquidated again on the Hyperliquid perpetuals exchange and is the most liquidated trader on the venue recently, source: Lookonchain on X Nov 19, 2025 x.com/lookonchain/status/1991174314721518044. The liquidation event is visible on Hyperliquid’s public trade history for address 0x020ca66c30bec2c4fe3861a94e4db4a498a35872, confirming repeated forced deleveraging of that account, source: Hyperliquid trade history app.hyperliquid.xyz/tradeHistory/0x020ca66c30bec2c4fe3861a94e4db4a498a35872. Traders active on Hyperliquid can verify the entries via the trade history to assess ongoing liquidation flow concentration before adjusting risk, source: Hyperliquid trade history app.hyperliquid.xyz/tradeHistory/0x020ca66c30bec2c4fe3861a94e4db4a498a35872 and Lookonchain alert x.com/lookonchain/status/1991174314721518044.

According to @EmberCN, a trader nicknamed Maji had 20% of an ETH long position, equal to 775 ETH, force-liquidated after adding funds to increase longs earlier today as ETH continued to fall. According to @EmberCN, the account has repeatedly followed a cycle of opening longs, getting liquidated, re-depositing funds to go long again, and being liquidated again in a persistent downtrend, underscoring ongoing pressure on leveraged ETH longs.

According to @dydxfoundation, the community approved setting the default funding rate to 0 for FARTCOIN, RAYDIUM (RAY), PUMP, and ZORA markets on dYdX, as recorded under Governance Proposal 318. Source: @dydxfoundation; Mintscan Proposal 318. This parameter change means these perpetual markets will have a zero default funding setting, removing any preset positive or negative funding bias defined by that default parameter. Source: @dydxfoundation; Mintscan Proposal 318. Funding payments on dYdX perpetuals are periodic transfers between longs and shorts designed to keep contract prices anchored to the index, so a zero default setting neutralizes the preset component of those payments for these markets. Source: dYdX Documentation.

According to @OnchainDataNerd, wallet 0x7b7 opened a 10x short on ZEC worth about $19.46M notional with an average entry near $666.83 roughly seven hours ago, source: @OnchainDataNerd on X. The trader currently shows about $1.67M in unrealized profit on the position, source: @OnchainDataNerd on X. This profit implies an estimated 8.6 percent move from the entry and a position size near 29.2k ZEC based on the shared notional and entry price, source: calculations from figures posted by @OnchainDataNerd on X. The on-chain reference provided is hypurrscan.io/address/0x7b7b908c076b9784487180de92e7161c2982734e for address 0x7b7, source: hypurrscan.io as cited by @OnchainDataNerd on X. For traders, the whale’s entry near 666.83 and the implied mark near 610 are immediate reference levels for ZEC perps liquidity and risk management, source: levels derived from figures shared by @OnchainDataNerd on X.

According to Lookonchain, a trader was liquidated about 10 hours ago during a brief market rebound, losing over $3M. Source: https://x.com/lookonchain/status/1990587873079496882. Lookonchain reports the same address has re-entered the market with a new 10x short totaling 31,698 ZEC, approximately $19.26M notional. Sources: https://x.com/lookonchain/status/1990587873079496882 and position data at https://hyperdash.info/trader/0x7B7b908c076B9784487180dE92E7161c2982734E. Lookonchain explicitly warns against high-leverage trading based on this example. Source: https://x.com/lookonchain/status/1990587873079496882.

According to @ai_9684xtpa, a tracked ETH long position was forcibly reduced by 3,442.44 ETH over the past 9 hours with realized losses of $155,000, based on the HyperBot trader page data; source: @ai_9684xtpa, data: HyperBot. According to @ai_9684xtpa, the account shows $1.106 million in remaining exposure with a reported liquidation price of $2,963.35, per the same HyperBot page; source: @ai_9684xtpa, data: HyperBot. According to @ai_9684xtpa, ETH traders can reference the reported liquidation level at $2,963.35 as the immediate risk threshold highlighted in the on-chain dashboard; source: @ai_9684xtpa, data: HyperBot.

According to the source, Cboe Global Markets announced new Continuous Futures contracts for Bitcoin (BTC) and Ethereum (ETH), describing them as familiar tools for crypto-native traders (source: Cboe Global Markets).

According to @OnchainLens, a whale deposited $4.36M to HyperLiquid, opened a 3x leveraged short position on $MON, and placed an open order to further increase the position; source: Onchain Lens on X; hyperbot.network/trader/0xDD9F274410c8C704bDBB599DCE6C4fb34Be4f50a. The same wallet has realized about $3.4M in cumulative profits across multiple prior trades; source: Onchain Lens on X; hyperbot.network/trader/0xDD9F274410c8C704bDBB599DCE6C4fb34Be4f50a.

According to @lookonchain, last week, perpetual futures volume on Tron exceeded $2.59 billion, up 166.69% week over week, signaling a sharp rise in derivatives activity on the Tron network (source: @lookonchain, X post dated Nov 17, 2025).

According to Evgeny Gaevoy, the real issue in crypto derivatives is not perpetual futures design but centralized and quasi decentralized exchanges that act as prime broker, central limit order book and custodian in a single venue, which drives the core market structure risk for traders, source: Evgeny Gaevoy. Gaevoy adds that traditional finance solved these structural problems long ago and argues attention should shift from tweaking perp design to fixing the exchange role combination, source: Evgeny Gaevoy.

According to dYdX Foundation, EG from dYdX Arena is a long-standing dYdX community validator and part of the team building dYdX Arena (source: dYdX Foundation on X, Nov 17, 2025). The segment introduces his background, how he entered the ecosystem, and highlights the growth of community-run dYdX trading competitions on the platform (source: dYdX Foundation on X, Nov 17, 2025).

According to @dydxfoundation, the community approved setting the default funding rate to 0 for EIGEN, ENA, HYPE, KAITO, MNT, MORPHO, MOVE, and ONDO perpetual markets on dYdX; Source: dYdX Foundation on X (Nov 17, 2025) and Mintscan proposal 315 https://www.mintscan.io/dydx/proposals/315. This update sets the default funding rate parameter to zero for these pairs, a setting that determines the baseline periodic payment between longs and shorts when the default applies; Source: dYdX Foundation on X (Nov 17, 2025) and Mintscan proposal 315 https://www.mintscan.io/dydx/proposals/315. For traders, a 0% default funding rate means no initial funding transfer under the default condition, keeping carry neutral until market-calculated funding deviates, which can reduce early carry costs; Source: dYdX Docs on funding rate mechanics https://docs.dydx.community.