Hyperliquid Accuses Binance of Hiding Data in $20B Market Crash
Jeff Yan, founder of DEX Hyperliquid, accused major CEXs like Binance of minimizing the extent of user liquidations during Friday’s market drop.
Some CEXs publicly document that they dramatically underreport user liquidations. For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported.
Yan added that liquidations often occur in rapid bursts, noting that in some cases, centralized exchanges could be “underreporting by as much as 100 times.”
Hyperliquid’s fully on-chain liquidations cannot be compared with underreported CEX liquidations, as Hyperliquid is a blockchain where every order, trade, and liquidation happens on-chain.
Author's summary: Hyperliquid accuses Binance of hiding data.