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Track Bitcoin perpetual futures liquidations across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Bitcoin (BTC) perpetual futures liquidations data from Binance, Bybit, OKX, Deribit, Hyperliquid and eight additional exchanges into a single real-time chart. Compare exchange-level breakdowns, overlay price, and switch between 1W, 1M, 3M, 1Y and 3Y historical windows. Forced liquidations of leveraged long and short positions across exchanges. Derivatives traders use this view to confirm trend strength, spot crowded positioning, and pinpoint liquidation cascades before they ripple into spot.
Bitcoin (BTC) is the deepest and most liquid perpetual futures market in crypto, listed on every major venue from Binance and Bybit down to regional Korean DEXs. Aggregate BTC perp open interest peaked above $40B in March 2024 during the spot-ETF launch rally and again above $60B in late 2024 as price cleared $100K. Binance, Bybit, OKX, Hyperliquid, and the CME collectively clear roughly 85% of BTC perp volume; CME basis is the cleanest institutional-positioning read since retail cannot access it. Because BTC is the settlement asset for most cross-margined books, forced BTC liquidations cascade into altcoin selling within minutes — BTC futures data leads the rest of the complex on any meaningful deleveraging event, which is why traders chart it first before anything else.
Liquidations are forced position closes triggered when a leveraged trader's margin drops below the exchange's maintenance requirement. The exchange's liquidation engine market-closes the position, which adds one-sided buying pressure (for shorts liquidating) or selling pressure (for longs liquidating). Large liquidation clusters create cascades because one liquidation pushes price into the next liquidation level — this is the mechanism behind crypto's characteristic vertical candles and long wicks. Exchange-reported liquidation data is known to under-report true volume by 50-90% (post-FTX many exchanges throttled their liquidation feeds), so relative trend changes matter more than absolute notional.
Shorts liquidated (green bars above zero) signal a short squeeze in progress; longs liquidated (red bars below zero) signal capitulation. Single-exchange liquidation spikes over $100M on BTC, $50M on ETH, or $20M on mid-cap alts are statistically reliable local-reversal markers. Multi-exchange coordinated liquidation events (visible as synchronous spikes across Binance, Bybit, and OKX) are the most reliable trend-flip signals. Watch the ratio of longs-to-shorts liquidated — sustained long-side dominance during a downtrend confirms deleveraging is still underway.