Ether Liquidation Risk Tops $20 Million Within 2% of Hyperliquid Price

Ether (ETH) traders on Hyperliquid faced more than $20 million in potential liquidations within 2% of a roughly $2,397 futures price on Oct. 20, leaving leveraged positions close to forced reductions on both sides of the market.

Within 5% of that price, long positions carried about $38 million in potential liquidations, while short positions carried about $49.5 million. Most of the tracked positions used 20 to 25 times leverage.

One large ETH short was partially liquidated four times, reducing the position by about $19.78 million in total. The trader then rebuilt the short and retained exposure worth at least $10 million.

The liquidation figures describe positions at risk, not losses already realized. Long positions face forced reductions when ETH falls, while shorts face them when it rises. The amounts at risk can change as prices move or traders adjust their positions.

Hyperliquid is a market for perpetual futures, contracts that let traders maintain leveraged exposure without a fixed expiration date. A liquidation automatically reduces a position when its collateral no longer meets the required level.