{"id":12053,"date":"2026-08-18T21:42:12","date_gmt":"2026-08-18T21:42:12","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=12053"},"modified":"2026-08-18T21:42:12","modified_gmt":"2026-08-18T21:42:12","slug":"hyperliquid-backstop-absorbed-576-million-in-one-minute","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=12053","title":{"rendered":"Hyperliquid backstop absorbed $576 million in one minute"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Hyperliquid, an on-chain perpetual futures venue, sent most of the forced selling in the worst minute of the October 2025 crypto crash to the Hyperliquid backstop rather than its public order book, according to a new research\u00a0preprint.<\/p>\n<p>About $641 million was force-sold on Hyperliquid at 21:19 UTC on Oct. 10, the paper found. Roughly $576 million went to the Hyperliquid backstop, while about $64 million reached the order book.<\/p>\n<div class=\"cs-article-embed\">\n<div class=\"cs-article-embed__media\"> <img loading=\"lazy\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/10\/crypto-crash-1024x538.jpg\" alt=\"Weekend \u2018Crypto Black Friday' liquidation cascade: What actually happened?\" loading=\"lazy\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/10\/crypto-crash-1024x538.jpg\" alt=\"Weekend \u2018Crypto Black Friday' liquidation cascade: What actually happened?\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Weekend \u2018Crypto Black Friday&#8217; liquidation cascade: What actually happened?<\/h3>\n<p>A data-first post-mortem on liquidations, funding, and ETF dip-buyers.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Oct 14, 2025<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Gino Matos<\/span><\/p>\n<\/div><\/div>\n<p>The split is relevant because a thinning public order book can push prices lower and force more leveraged positions to close. The Hyperliquid backstop can interrupt that feedback by absorbing orders inside the venue. The preprint has not completed peer review, and its direct measurement covers Hyperliquid rather than the wider market.<\/p>\n<p>Hyperliquid\u2019s liquidation rules first try to close a position through market orders. Under specified conditions, a liquidator vault can take over the position instead. That vault is a component strategy within the Hyperliquidity Provider (HLP) protocol vault.<\/p>\n<div class=\"cs-article-embed\">\n<div class=\"cs-article-embed__media\"> <img loading=\"lazy\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/crypto-liquidation--1024x538.jpg\" alt=\"How $150 billion was liquidated from crypto market in 2025 driving Bitcoin crash\" loading=\"lazy\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/crypto-liquidation--1024x538.jpg\" alt=\"How $150 billion was liquidated from crypto market in 2025 driving Bitcoin crash\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">How $150 billion was liquidated from crypto market in 2025 driving Bitcoin crash<\/h3>\n<p>The $150 billion in liquidations revealed the vulnerabilities of a leverage-heavy crypto market dominated by derivatives.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Dec 26, 2025<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Oluwapelumi Adejumo<\/span><\/p>\n<\/div><\/div>\n<p>The study found that the backstop absorbed 62.6% of forced-sale value off-book after onset. The event was also highly compressed: 87.8% of forced selling after onset occurred within 30 minutes and 96.5% within one hour.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-555966\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-5fe7aa5f-cf12-4acf-a56b-76282918ff72-1.png\" alt=\"Infographic showing about $641 million force-sold on Hyperliquid at 21:19 UTC on Oct. 10, 2025, split into about $576 million absorbed by the backstop off-book and about $64 million sent to the order book, plus post-onset flow concentration.\" width=\"720\" height=\"899\"\/><img decoding=\"async\" class=\"lazyload aligncenter wp-image-555966\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/08\/exec-5fe7aa5f-cf12-4acf-a56b-76282918ff72-1.png\" alt=\"Infographic showing about $641 million force-sold on Hyperliquid at 21:19 UTC on Oct. 10, 2025, split into about $576 million absorbed by the backstop off-book and about $64 million sent to the order book, plus post-onset flow concentration.\" width=\"720\" height=\"899\"\/><\/p>\n<p>The paper tracked $733 million of book-directed forced-sale value across its 15.7-hour post-onset window, including $644 million during the initial nucleation phase. It reported the 62.6% backstop share as a separate off-book series, so the figures describe different parts of its measurement rather than a single combined liquidation total.<\/p>\n<h2>How the Hyperliquid backstop damped liquidation feedback<\/h2>\n<p>The paper modeled the cascade with a branching ratio, or the average number of additional liquidations associated with each forced sale. A ratio approaching 1 would indicate a self-sustaining chain inside the venue.<\/p>\n<div id=\"cs-inline-newsletter-6a84ccc3bbcb7\" class=\"cs-inline-newsletter\" data-inline-newsletter=\"\">\n<div class=\"cs-inline-newsletter__inner\">\n<div class=\"cs-inline-newsletter__content\"> <span class=\"cs-inline-newsletter__eyebrow\">CryptoSlate Daily Brief<\/span><\/p>\n<h3 class=\"cs-inline-newsletter__title\">Daily signals, zero noise.<\/h3>\n<p class=\"cs-inline-newsletter__copy\">Market-moving headlines and context delivered every morning in one tight read.<\/p>\n<p> <span><i class=\"fa-regular fa-bolt\" aria-hidden=\"true\"\/> 5-minute digest<\/span> <span><i class=\"fa-regular fa-star\" aria-hidden=\"true\"\/> 100k+ readers<\/span><\/p>\n<\/div>\n<div class=\"cs-inline-newsletter__form-shell\">\n<p class=\"cs-inline-newsletter__privacy\">Free. No spam. Unsubscribe any time.<\/p>\n<p> <i class=\"fa-regular fa-circle-xmark\" aria-hidden=\"true\"\/> <span>Whoops, looks like there was a problem. Please try again.<\/span><\/p>\n<p> <i class=\"fa-regular fa-circle-check\" aria-hidden=\"true\"\/> <span>You\u2019re subscribed. Welcome aboard.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Hyperliquid\u2019s structural estimate remained below 0.2 in every measured regime. It reached 0.195 during nucleation and eased to 0.140 at the peak, while a separate amplification calculation implied a ratio of 0.122.<\/p>\n<p>The authors interpret the Hyperliquid backstop as damping feedback inside the venue at the climax. The finding applies only within the venue; shared prices across exchanges may still have amplified liquidations across the broader market.<\/p>\n<div class=\"cs-article-embed\">\n<div class=\"cs-article-embed__media\"> <img loading=\"lazy\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/bitcoin-broken-1024x538.jpg\" alt=\"Something broke for crypto in October, data shows how the market changed\" loading=\"lazy\" decoding=\"async\"\/><img loading=\"lazy\" class=\"lazyload\" width=\"1024\" height=\"538\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/bitcoin-broken-1024x538.jpg\" alt=\"Something broke for crypto in October, data shows how the market changed\" loading=\"lazy\" decoding=\"async\"\/><\/div>\n<div class=\"cs-article-embed__body\"> <span class=\"cs-article-embed__related-reading\">Related Reading<\/span><\/p>\n<h3 class=\"cs-article-embed__title\">Something broke for crypto in October, data shows how the market changed<\/h3>\n<p>Major exchanges are suffering from a &#8220;drought&#8221; in order book depth, creating a volatility trap where even modest selling triggers massive price swings.<\/p>\n<p> <span class=\"cs-article-embed__meta-item\">Dec 23, 2025<\/span> <span class=\"cs-article-embed__meta-divider\">\u00b7<\/span> <span class=\"cs-article-embed__meta-item\">Liam &#8216;Akiba&#8217; Wright<\/span><\/p>\n<\/div><\/div>\n<p>The study places the Hyperliquid backstop in the context of seven major Bitcoin perpetual futures cascades from 2022 through 2025. Its Part I companion, previously covered by CryptoSlate, found no event-invariant early-warning variable across those episodes. Part II shifts from warning signals to the mechanism operating during a cascade.<\/p>\n<p>Hyperliquid\u2019s fill-log archive begins on May 25, 2025, making the October 2025 event the paper\u2019s only in-flight case study. The authors frame higher realized branching on venues without a comparable backstop as a hypothesis for future cross-venue testing.<\/p>\n<\/div>\n<p>Analysis,Derivatives,Featured,Liquidations,Research,Bitcoin,BTCBitcoin,BTC#Hyperliquid #backstop #absorbed #million #minute1787089332<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hyperliquid, an on-chain perpetual futures venue, sent most of the forced selling in the worst minute of the October 2025 crypto crash to the Hyperliquid backstop rather than its public order book, according to a new research\u00a0preprint. About $641 million was force-sold on Hyperliquid at 21:19 UTC on Oct. 10, the paper found. Roughly $576<\/p>\n","protected":false},"author":1,"featured_media":12054,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[376,1874,91,285,281,406,6338],"class_list":["post-12053","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum","tag-absorbed","tag-backstop","tag-bitcoin","tag-btc","tag-hyperliquid","tag-million","tag-minute"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hyperliquid backstop absorbed $576 million in one minute - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"description\" content=\"Preprint: Hyperliquid\u2019s backstop absorbed $576 million in the October crash, damping venue feedback; wider effects remain untested.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=12053\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hyperliquid backstop absorbed $576 million in one minute\" \/>\n<meta property=\"og:description\" content=\"Preprint: Hyperliquid\u2019s backstop absorbed $576 million in the October crash, damping venue feedback; 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