Hyperliquid co-founder Jeff Yan has warned that certain centralized exchanges may have underreported liquidation data, suggesting that the actual amount of liquidations during volatile periods could be undercounted by as much as 100 times.
In a Monday post on X, Yan suggested that certain CEXs, including Binance, only report one liquidation order per second even if thousands occur within that time frame. “Because liquidations happen in bursts, this could easily be 100x under-reporting under some conditions,” Yan said, citing Binance’s public documentation.
Yan’s comment came after a record wave of liquidations on Friday, triggered by heightened market volatility. Bitcoin traded up 3.3% in the past 24 hours at $115,353 as of 4:15 a.m. ET on Monday, after it once plunged below $105,000 on Friday, according to The Block’s price page.
Over 1.6 million crypto traders were liquidated on Friday, with total liquidations totaling $19.1 billion, according to crypto derivatives data aggregator Coinglass.
However, Coinglass pointed out in a post on X that the actual total could be “likely much higher,” as “Binance only reports one liquidation order per second.”
The Block has reached out to Binance for comment.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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