Hyperliquid Accuses Binance of Hiding Data in $20B Market Crash
Jeff Yan, founder of DEX Hyperliquid, accused major CEXs like Binance of minimizing the extent of user liquidations during Friday’s market drop.
Some CEXs publicly document that they dramatically underreport user liquidations. For example on Binance, even if there are thousands of liquidation orders in the same second, only one is reported.
Yan noted that liquidations often occur in rapid bursts, and centralized exchanges could be “underreporting by as much as 100 times.”
Hyperliquid’s fully on-chain liquidations cannot be compared with underreported CEX liquidations, as Hyperliquid is a blockchain where every order, trade, and liquidation happens on-chain.
Author summary: Hyperliquid founder accuses Binance of hiding data.
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