According to the source, approximately $80 million in crypto short positions were liquidated in the past hour, a pattern consistent with short-squeeze dynamics that trigger forced market buys and momentum spikes, source: the source and Binance Academy. Such liquidation waves commonly coincide with rising positive funding rates and a drop in aggregate open interest, indicating leverage-driven upside rather than spot-led demand, source: Binance Futures Research and Glassnode Academy. For trade validation, check whether BTC and ETH perpetual funding flipped positive, open interest declined on the move, and the spot-futures basis widened before deciding to fade or follow momentum, source: Binance Futures, Deribit Insights, and CME Group education. Manage risk around prior highs and known liquidation clusters while watching liquidation heatmaps and order book liquidity for the next magnet zones, source: Coinglass metrics and Hyblock Capital analytics.

According to @WatcherGuru, roughly $80 million in crypto short positions were liquidated over the past 60 minutes, source: Watcher.Guru on X. Concentrated short liquidations can accelerate upside via short-squeeze mechanics in perpetual futures, which historically occur when forced buy-backs chase price higher, source: Binance Academy short squeeze overview. Traders may track open interest, funding rates, and liquidation heatmaps to assess residual squeeze risk and potential mean-reversion zones, source: Coinglass market metrics.

According to the source, a whale is running a 20x BTC short worth about $250M with an unrealized PnL near -$22M, indicating mounting margin pressure on the position. Source: the source. At 20x leverage, maintenance margin buffers are narrow and liquidation thresholds move quickly with small price changes, heightening squeeze risk if BTC rises. Source: Binance Futures leverage and maintenance margin documentation. Traders commonly track funding rates, aggregate open interest, and visible liquidation clusters to evaluate short-squeeze probability in similar setups. Source: Kaiko market structure primers and CoinGlass liquidation data methodology. Common risk controls in such conditions include trimming net short exposure or hedging upside risk with call options to cap losses. Source: Deribit Insights options education.

According to @ki_young_ju, Bitcoin is making a fourth attempt to break its all-time high with participation from large perpetual futures traders this time (source: @ki_young_ju on X, Oct 3, 2025). This highlights perp market participation as BTC approaches ATH, a key focus for breakout-oriented traders tracking derivatives-driven momentum (source: @ki_young_ju on X, Oct 3, 2025).

According to @tradeparadex, Paradex has listed the 2Z-USD-PERP market and trading is live now, enabling immediate access to 2Z perpetual futures on the exchange, source: Paradex on X, Oct 2, 2025. The official trading interface is available at app.paradex.trade/trade/2Z-USD-PERP, confirming the live 2Z-USD-PERP listing on Paradex, source: @tradeparadex on X. Traders tracking 2Z derivatives can execute and monitor the new 2Z-USD-PERP market directly on Paradex via the provided link, source: @tradeparadex on X.

According to @OnchainLens, trader James Wynn has reopened a 10x leveraged long position in $PEPE perpetuals on HyperLiquid, indicating a repeat long entry by the same account. Source: Onchain Lens on X - https://twitter.com/OnchainLens/status/1973673477111742871 The position is attributed to wallet 0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6 as referenced by @OnchainLens and is viewable via CoinMarketMan HyperTracker. Source: Onchain Lens on X - https://twitter.com/OnchainLens/status/1973673477111742871; CoinMarketMan HyperTracker - https://app.coinmarketman.com/hypertracker/wallet/0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6 The alert was posted on Oct 2, 2025, providing a timely data point for traders monitoring $PEPE derivatives flows on HyperLiquid. Source: Onchain Lens on X - https://twitter.com/OnchainLens/status/1973673477111742871

According to @OnchainLens on X on Oct 1, 2025, a whale deposited $5M USDC into HyperLiquid and opened a 3x leveraged long position on PUMP, implying up to roughly $15M in notional exposure on the PUMP perpetual contract if fully utilized (source: @OnchainLens).

According to @PolynomialFi, the platform has introduced zero-fee perpetual futures, designated October as the final month to earn trading points, enabled multi-collateral and cross-margin risk management, and supports execution via TradingView alerts and API, as announced on Sep 30, 2025 (source: @PolynomialFi on X).

According to @ai_9684xtpa, the Hyperliquid user btc@tuta.com holds the current largest PUMP short with 7.969M PUMP at 5x leverage, opened at $0.003838 with liquidation at $0.007231, showing a $13.61M unrealized loss while funding fees earned total $1.44M. source: @ai_9684xtpa on X; hyperbot.network/trader/0x880ac484a1743862989A441D6d867238c7AA311C The position’s notional size is reported at approximately $44.2M and the account’s cumulative PnL since 2024-10 is +$9.57M. source: @ai_9684xtpa on X; hyperbot.network/trader/0x880ac484a1743862989A441D6d867238c7AA311C Traders tracking PUMP can watch $0.007231 as the reported liquidation level for this address and note the funding accrual when assessing positioning. source: @ai_9684xtpa on X; hyperbot.network/trader/0x880ac484a1743862989A441D6d867238c7AA311C

According to @dydxfoundation, the dYdX community has approved upgrading the ASTER-USD perpetual market from isolated margin to cross margin via Governance Proposal 289. Source: dYdX Foundation on X (Sep 30, 2025); Mintscan dYdX Chain Proposal 289. Under cross margin on dYdX, account equity can be shared across positions, improving capital efficiency compared with isolated margin while allowing losses in other positions to impact ASTER-USD margin health. Source: dYdX Documentation (Margin and Liquidation). Traders can size ASTER-USD positions using portfolio collateral but should monitor account-level initial and maintenance margin to avoid liquidations triggered by drawdowns elsewhere. Source: dYdX Documentation (Margin and Liquidation). The on-chain record and status for the ASTER-USD upgrade are available under Proposal 289 on the dYdX Chain explorer. Source: Mintscan dYdX Chain Proposal 289. Following activation, the market’s risk parameters will be governed by dYdX’s cross-margin risk engine settings for that market. Source: dYdX Documentation (Risk Parameters).

According to @OnchainLens, James Wynn has closed his ASTER long (3x) and opened a HYPE short with 10x leverage on HyperLiquid. Source: https://x.com/OnchainLens/status/1972848370000724093 The position changes are visible on the CoinMarketMan HyperTracker wallet 0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6. Source: https://app.coinmarketman.com/hypertracker/wallet/0x5078c2fbea2b2ad61bc840bc023e35fce56bedb6

According to @OnchainLens, trader @qwatio was liquidated on a 20x XRP short position on HyperLiquid, source: @OnchainLens post on X dated 2025-09-30. The tracked wallet deposited $4.22M and now shows $653k roughly three days later, implying about a $3.57M loss and an estimated 84.5% drawdown, source: CoinMarketMan Hypertracker wallet 0x9018960618eFF55F5852e345B7Cb5661fd2928e1 at app.coinmarketman.com/hypertracker/wallet/0x9018960618eFF55F5852e345B7Cb5661fd2928e1 and @OnchainLens. The liquidation and resulting balance change are verifiable on the public Hypertracker page linked by the source, confirming a forced exit on XRP perps at HyperLiquid, source: CoinMarketMan Hypertracker wallet 0x9018960618eFF55F5852e345B7Cb5661fd2928e1 and @OnchainLens.

According to @PolynomialFi, traders at Token2049 Singapore can meet 0xSalmanNaseer for an in-person walkthrough on zero-fee perpetuals and the Uptober fest agenda (source: Polynomial (@PolynomialFi) on X, Sep 29, 2025). The post lists the topics zero fee perps, what’s happening at Uptober fest, and [redacted], and invites attendees for a coffee chat noted as worth your time (source: Polynomial (@PolynomialFi) on X, Sep 29, 2025).

According to @ai_9684xtpa, wallet 0x69e...45272 opened a 5x leveraged short of 11,884.57 ETH on Hyperliquid with an entry price of $4,113.23, a notional size of about $48.8 million. Source: https://twitter.com/ai_9684xtpa/status/1972493724811940255 Trade dashboard: https://hyperbot.network/trader/0x69e45D4b853D2864450E0C25d12B43f2AD845272 The same source reports the wallet deposited 5,000,000 USDC as margin roughly one hour before opening the position. Source: https://twitter.com/ai_9684xtpa/status/1972493724811940255 Trade dashboard: https://hyperbot.network/trader/0x69e45D4b853D2864450E0C25d12B43f2AD845272 At the time of the post, the position showed approximately $44,000 in unrealized profit. Source: https://twitter.com/ai_9684xtpa/status/1972493724811940255 Trade dashboard: https://hyperbot.network/trader/0x69e45D4b853D2864450E0C25d12B43f2AD845272

According to the source, more than $4.8B in crypto long positions were liquidated over the past week, including $2.99B on Monday, indicating a broad deleveraging across perpetual futures markets (source: X post dated Sep 28, 2025). Historical data show that large liquidation clusters often coincide with volatility spikes and negative funding rates as long leverage exits the market (source: Kaiko Research, 2024). Traders commonly assess whether deleveraging is complete by tracking open interest drawdowns and the perp-to-spot basis, as sizable OI resets have preceded short-lived relief bounces in BTC and ETH in past selloffs (source: Glassnode Research, 2023–2024). Risk controls in such conditions typically include reducing leverage and waiting for funding rates to normalize toward zero before re-entering trend trades (source: Binance Research, 2024). For confirmation of a healthier market tone, traders watch for BTC and ETH perp basis turning sustainably positive versus spot alongside a balanced long-short skew as OI rebuilds (source: Deribit Insights and Kaiko Research, 2024).

According to @EmberCN, trader @Techno_Revenant first built long exposure on Aug 27 using two wallets, drove price higher to trigger liquidations, and realized $38.77M in profit on XPL perps. According to @EmberCN, the trader then dispersed profits across 20+ addresses cross-chain and reopened roughly 45M XPL in 1x leveraged longs with an average entry of $0.77 on Hyperliquid. According to @EmberCN, during that period most XPL long positions on Hyperliquid were concentrated in this single entity’s accounts. According to @EmberCN, the positions were left untouched until the price reached about $1.30, when the trader closed the 1x perp longs and simultaneously converted into spot XPL. According to @EmberCN, the trader now holds 45.47M XPL spot at a $0.77 cost basis with about $41.38M in unrealized profit, bringing one-month total gains to $80.15M. According to @EmberCN, a representative wallet can be tracked via hyperbot.network/trader/0x6579896dFcca97db2cD59d26673918F18C7d89e0 for on-chain verification.

According to @EmberCN, a tracked wallet bought 24.295 million XPL using 33 million USDC on Hyperliquid, then funded an additional 10 million USDC, purchasing only 3 million USDC worth of XPL and transferring 7 million USDC to the perps account. Source: @EmberCN X post x.com/EmberCN/status/1971843747240636661; on-chain data: hypurrscan.io/address/0xd80DA302010A415586d92532a00A9544CFde70be. The account has opened 2x leveraged shorts totaling 1.54 million XPL on Hyperliquid. Source: @EmberCN X post x.com/EmberCN/status/1971843747240636661. This results in a long-spot versus short-perp structure of approximately long 24.295M XPL and short 1.54M XPL, based on the above transactions. Source: calculation from @EmberCN X post x.com/EmberCN/status/1971843747240636661 and hypurrscan.io/address/0xd80DA302010A415586d92532a00A9544CFde70be.

According to the source, more than $346 million in crypto derivatives positions were liquidated over the last 24 hours, including $200 million from longs and $146 million from shorts. Source: the provided tweet dated Sep 26, 2025. In response to this two-sided liquidation, traders can prioritize reduced leverage, wait for funding rate and open interest stabilization, and watch spot-perp basis for confirmation before re-entering momentum trades.

According to @dydxfoundation, an on-chain governance vote is live to upgrade the ASTER-USD market on the dYdX Chain from isolated margin to cross margin under Proposal 289, enabling the community to decide the market’s margin mode change (source: https://twitter.com/dydxfoundation/status/1971660431245890047; source: https://www.mintscan.io/dydx/proposals/289). In dYdX cross margin, positions share collateral and margin is computed on total portfolio equity, whereas isolated margin confines collateral and risk to a single position or market, a structural difference that directly impacts margin utilization and liquidation calculations for traders (source: https://docs.dydx.trade/). If approved, ASTER-USD would adopt cross margin at the market level on dYdX, so traders should review current risk parameters, leverage constraints, and liquidation thresholds as defined by the protocol’s risk engine and monitor the proposal’s on-chain status for execution details (source: https://docs.dydx.trade/; source: https://www.mintscan.io/dydx/proposals/289).

According to @dydxfoundation, an on-chain governance vote has been opened to decide whether the community should wind down the OMNI-USD market on dYdX, source: dYdX Foundation on X. The vote is listed as Proposal 288 on Mintscan for the dYdX chain, where participants can review proposal details and track voting status, source: Mintscan dYdX Proposal 288. The announcement directs users to the dYdX community forum thread for additional context and discussion ahead of the vote, source: dYdX community forum. Traders with exposure to OMNI-USD on dYdX should monitor Proposal 288 and the forum updates to manage position and liquidity considerations in line with any governance-approved changes to market availability, source: dYdX Foundation on X; Mintscan dYdX Proposal 288; dYdX community forum.