Over the last 65 days we recorded 383 PONS positions closed by the exchange across 291 separate accounts. Each one read back from the fills Hyperliquid itself marks as a liquidation — not inferred from positions that disappeared.
10 September 2026, 09:00 UTC: 18 PONS positions were liquidated inside sixty minutes. Across the whole period, PONS liquidations were spread over 122 different hours — so that single hour carried 4.7% of everything that happened to PONS traders in 65 days.
55% of all PONS liquidations landed in an hour when ten or more other assets were being liquidated at the same time. They are not independent accidents on one book; they are the local expression of something moving across the whole exchange at once.
This is the part that catches people. A stop-loss on PONS reacts to PONS. It cannot know that the move is market-wide, that the book is about to get thin, or that your other position is going at the same moment. We measured the wave: an ordinary hour on Hyperliquid touches 5.8 assets, a loaded one touches 21. The record hour touched 141.
Paste your address and you get told when it gets close to its liquidation price. It is a public address, so there is no key, no signature and no account involved — and watching stays free.
Check an addressWe do not see the whole exchange. These figures cover the accounts we re-read, which at any moment is a few percent of Hyperliquid's carried notional, and our reading order favours accounts already close to liquidation. Every count here is a floor, not a total. The live feed publishes its own coverage with every number.