Over the last 24 hours, Portfolio Margin accounts accounted for more than 6% of Hyperliquid’s total liquidation notional. Specifically, 64 accounts identified as Portfolio Margin accounts had perp positions liquidated after their portfolio margin ratio breached the liquidation threshold. These liquidations represented more than $45M in gross perp notional and recorded more than $7M in negative realized PnL for the affected accounts. These were the top 3 liquidations: 1) 0xa8cde6a19789e4d7964ce0e3da14aa29291d7275 - $31.18M liquidated / $6.32M losses 2)0xad227f63d34e7251c1d0ab65e64eeea07aee4e44 - $8.09M liquidated / $644.37k losses 3) 0xc30c7ea910a71ce06ae840868b0c7e47616ba4c9 - $2.13M liquidated / $177k losses The most interesting part is that there wasn’t any backstop liquidation during this period. The $45M therefore came from market liquidation of perp positions, not from a backstop takeover of HYPE or BTC collateral.