“A large short placed during off-hours sent EdgeX’s XYZ100 perpetual down nearly 4%, exposing risks in equity-index perps when traditional markets are closed.”, — write: www.coindesk.com
On Saturday, a newly created wallet began executing a six-hour time-weighted average price (TWAP) order to short 398 XYZ100 contracts, worth roughly $10 million, according to onchain data from Hypurrscan.
The sell pressure pushed the price of XYZ100 down more than 3.5% within minutes, triggering a cascade of liquidations.
Liquidations refer to the automatic closure of a leveraged position by a broker or exchange and happens when a trader’s losses have depleted their collateral to a point where it is no longer sufficient to maintain the position.
Blockchain data shows that one trader alone lost approximately $7.4 million in long positions, while another was liquidated for $2.7 million, bringing total liquidations on the market to around $13 million.
Several traders on X questioned whether the market was vulnerable to manipulation during off-hours, noting that XYZ100 fell nearly 4% over the weekend despite no corresponding macro or equity news. Others argued that such moves are an inherent risk of trading equity-linked crypto perps outside regular market hours.
“On weekends, you’re not trading the Nasdaq anymore,” one trader wrote. “You’re trading whoever has the most capital on a thin order book.”
EdgeX has rapidly grown into one of the largest venues for perpetual futures trading. According to DefiLlama data, the platform processed approximately $167 billion in perp trading volume last month, frequently rivaling major competitors such as Aster and Hyperliquid in daily volume.
This particular liquidation cascade demonstrates growing demand for tokenized equity products but also the risks of trading products that mirror the price of a closed market.
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence’s Token Security API averaged 717 million monthly calls year-to-date in 2025, with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch, the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B, while derivatives volume peaked the same month at over $4B.
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The latest death cross in November has so far marked a bottom of around $80,000, aligning with previous examples this cycle.
- Over the past year, fear or extreme fear has accounted for more than 30% of all readings on the Crypto Fear and Greed Index.
- The index currently stands at 17, firmly within the extreme fear section.
- With bitcoin currently trading nearly 30% below its all-time high, investor caution remains elevated.
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