During last week’s market downturn that saw HYPE prices plummet towards $20, Hyperliquid reportedly maintained 100% uptime with zero bad debt, as stated by the platform’s founder, Jeff Yan.
However, in a post shared on social media site X (formerly Twitter), Yan also raised concerns about certain centralized exchanges (CEXs), suggesting they may have underreported liquidation data during this volatile event.
The Liquidation Debate
In his remarks, the platform’s founder highlighted that Hyperliquid operates on a blockchain where every order, trade, and liquidation occurs visibly on-chain, allowing anyone to permissionlessly verify the execution of these processes.
Yet, Yan identified a troubling trend among some CEXs, which he claims publicly document a drastic underreporting of user liquidations. He took Binance’s example, noting that even when thousands of liquidation orders occur simultaneously, only one is reported due to limitations in its data stream.
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