tldr; the crash started on @binance
> @binance $SNDK printed its first large seller-initiated trade at 21:21:59.39 ($407K that second, $1.03M the next). @binance $MU started at 21:21:59 too
> @HyperliquidX first sweeps landed at 21:21:59.87 ($SNDK IOC, $SOXL trigger orders) and the main burst at 21:22:01.1 to 21:22:02.9: roughly ten addresses firing IOC sells across $SNDK, $SOXL, $DRAM, $SKHX, $SKHY and $MU within 1.8 seconds, then a second synchronized burst at 21:22:55.9. All IOC, none reduce-only, all opening shorts
> @binance carried the volume early: $SNDK $21.9M vs $3.1M on @tradexyz in the 21:22 minute, $MU $5.1M vs $0.3M. @HyperliquidX volume only exploded at 21:28 and 21:30 ($10.8M and $9.5M on $MU), which is the liquidation cascade
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i’m in nyc and i’m hearing that binance bstocks and equity perps are taking over, especially with institutional
KYB allows hedge funds to buy it, it works with existing margin, cheapest fees
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if CME rolls out 24/7 equity perps, why do institutions ever trade on perp DEXs?
one downside of trading on chain is, your cool alphas will decay in a matter of days/weeks
