We re-read the leveraged accounts we can see on Hyperliquid every few minutes and keep what we read. Over 106 days that archive holds 38,766 liquidations, each one read back from the fills the exchange itself marks as a liquidation. Here is what it says for the 40 assets with enough history to measure.
| Asset | Liquidations | Accounts | Worst hour | In a market-wide wave |
|---|---|---|---|---|
| BTC | 10,243 | 3,656 | 350 | 74% |
| ETH | 3,412 | 1,846 | 185 | 82% |
| SOL | 2,886 | 1,620 | 217 | 81% |
| ZEC | 2,634 | 1,461 | 82 | 68% |
| XRP | 2,483 | 1,212 | 108 | 75% |
| PUMP | 1,868 | 1,027 | 97 | 54% |
| NEAR | 1,591 | 947 | 70 | 62% |
| HYPE | 1,199 | 894 | 34 | 73% |
| ENA | 880 | 526 | 39 | 71% |
| ARB | 874 | 583 | 42 | 49% |
| WLD | 704 | 487 | 56 | 71% |
| UNI | 672 | 452 | 28 | 63% |
| CASHCAT | 578 | 426 | 30 | 43% |
| kPEPE | 554 | 390 | 49 | 69% |
| SUI | 551 | 424 | 56 | 81% |
| XPL | 538 | 370 | 58 | 62% |
| TRUMP | 518 | 355 | 22 | 56% |
| FARTCOIN | 454 | 311 | 25 | 68% |
| ONDO | 437 | 340 | 33 | 73% |
| DOGE | 385 | 316 | 34 | 96% |
| STRK | 385 | 278 | 22 | 31% |
| PONS | 383 | 291 | 18 | 55% |
| SKR | 356 | 258 | 90 | 6% |
| LINK | 344 | 260 | 21 | 75% |
| TAO | 320 | 304 | 84 | 91% |
| LIT | 315 | 262 | 44 | 64% |
| xyz:SPCX | 301 | 165 | 18 | 46% |
| AAVE | 290 | 233 | 22 | 70% |
| JUP | 289 | 219 | 14 | 64% |
| PENGU | 283 | 237 | 24 | 95% |
| ADA | 282 | 222 | 26 | 82% |
| AVAX | 262 | 201 | 17 | 74% |
| CRV | 244 | 190 | 42 | 62% |
| LTC | 220 | 176 | 13 | 89% |
| xyz:SILVER | 182 | 107 | 12 | 64% |
| kBONK | 177 | 116 | 8 | 69% |
| xyz:SNDK | 174 | 94 | 7 | 50% |
| ZRO | 172 | 153 | 18 | 74% |
| xyz:CL | 168 | 106 | 5 | 32% |
| HEMI | 158 | 119 | 15 | 43% |
That last column is the one worth reading. It is the share of each asset's liquidations that landed in an hour when ten or more other assets were being liquidated too. For most assets it is the majority — which is why a stop-loss set on one pair keeps being surprised. The record hour touched 141 assets at once.
We do not see the whole exchange: these cover the accounts we re-read, a few percent of Hyperliquid's carried notional, and our reading order favours accounts already close to liquidation. Every count is a floor, not a total.
