Liquidations 24h — Long/Short Split per Exchange
Trailing 24-hour liquidations split long versus short, ranked by exchange. Saturated colours show which venue absorbed the most cascade pressure.
What is it?
Signed-bar snapshot showing for each Top 7 exchange the decomposition of past-24h liquidations between long and short positions. A liquidation occurs when a position's collateral becomes insufficient to cover unrealised loss (the exchange's margin call triggers a forced position closing at market price). Liquidated longs (long positions forced to sell) are displayed in red downward on the chart, liquidated shorts (short positions forced to buy back) in green upward. The USD sum on each side reflects the liquidation cascade intensity in that direction. Immediate reading indicates 'who got liquidated on which exchange in 24h'. Coinalyze /liquidation-history endpoint source, 1h cache.
How to read
Y-axis: liquidated USD amount (symmetric scale around zero, positive upward for liquidated shorts, negative downward for liquidated longs). X-axis: Top 7 exchanges labelled Binance, Bybit, OKX, Coinbase, Hyperliquid, Deribit, Kraken. For each exchange, a vertical bar extends from the zero line — upward in green for liquidated shorts, downward in red for liquidated longs. Each bar's length is proportional to the USD amount. Bar-end labels display the total USD amount in compact format (B/M/K). The horizontal zero line visually separates the two directions. Hovering on a bar displays a detailed drill-down: exchange + longs USD + shorts USD + total + longs/shorts ratio.
Key zones
In stable market conditions, cumulative Top 7 24h liquidations oscillate between 50 M$ and 500 M$ total, generally with asymmetric mix reflecting crowd positioning (in bull market, more longs liquidated on corrections; in bear market, more shorts liquidated on rebounds). Cumulative Top 7 liquidations > 1 B$ in 24h = moderate cascade. > 5 B$ = major cascade (typically macro event or geopolitical shock). > 10 B$ = extreme historical cascade (May 2021 -50% in 4 weeks, November 2022 FTX, August 2024 Yen carry unwind). Significant asymmetry (>80% on one side) typically indicates directional capitulation rather than bidirectional crash. Individual exchange cell > 30% of cumulative total = risk concentration on that venue (often retail-heavy or high-leverage exchange).
What to observe
Informative patterns: (1) excessive concentration on one exchange — Hyperliquid with 30%+ of liquidated longs in 24h when it has only 10% of OI indicates concentrated retail over-leverage on this venue (linked to maximum leverage available); (2) extreme longs/shorts asymmetry (>90/10) — directional capitulation, to cross-reference with price movement over same period; (3) sudden cumulative total rise > 1 B$ in 24h while the previous day was < 200 M$ — event-driven regime-shift indication (macro news, exchange downtime, oracle issue); (4) retail-heavy cells (Bybit, MEXC, Bitget) with massive long liquidations + calm institutional cells (Coinbase, Deribit) — signature of retail crowd sentiment-driven move rather than smart money.
Historical context
Historical major cascade episodes: March 2020 COVID crash (1 B$+ longs liquidated in 24h, initial unleashing), April 2021 (repeated waves of long liquidations > 2 B$/day during Elon Musk correction), 19 May 2021 (record cascade 10 B$+ longs liquidated in 24h, maximum capitulation), September 2021 Chinese ban ($3-5B liquidated in 24h), May 2022 Terra/Luna collapse (paroxysmal altcoin cascade but more moderate BTC), June 2022 Three Arrows Capital liquidation cascade (4 B$+ liquidated over 48h), November 2022 FTX collapse (extreme altcoin + BTC cascade in parallel), August 2024 Yen carry unwind (1.5 B$+ BTC longs liquidated in hours), April 2025 Trump tariffs day (rapid cascade on geopolitical news), June 2025 Israel-Iran escalation (longs flushed on risk-off pulse).
Expert notes
The cumulative 24h Long/Short split is complementary to the Liquidations Superposed on Price chart (#12) which adds the temporal dimension (where in price history cascades occurred). For exhaustive cross-layer Trinity reading, cross-reference with: (1) TLOI Trinity Liquidation Outlier Index (Layer B percentile rolling annual composite) — statistical quantification of observed intensity vs rolling year baseline; (2) OI vs Price Overlay (#5) — OI ↑ + Price ↓ divergence typically precedes long cascades; (3) 4Y cycle position — pre-halving phases typically see more short squeezes (short cascades), post-halving + 6 months more long flush on corrections. Important note: Coinalyze reports aggregated liquidations per exchange — individual pair granularity requires additional backend filtering.
Common mistakes to avoid
Common mistake: concluding from 'liquidated longs > liquidated shorts' asymmetry that the market is bearish. NO — asymmetry reflects purged crowd positioning, not future direction. In healthy bull market, longs are historically majority (60-70% of liquidations), as in bear market shorts are majority on rebounds. Absolute magnitude qualifies intensity, not relative mix. Another trap: comparing liquidations between exchanges without considering relative size (OI). 30% of liquidated longs on Hyperliquid (15% OI) is abnormal, 30% on Binance (32% OI) is proportional. Always normalise by OI for fair comparison. Finally, don't confuse liquidations (this metric, forced closings) with organic closing volume (voluntarily closing traders) — both contribute to OI decline but are not equivalent narratively.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/exchange-intelligence/derivatives-liq-24h-long-short-split-exchange/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "derivatives-liq-24h-long-short-split-exchange",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.