Ethereum
Sectors
Sentiment
Track Ethereum perpetual futures liquidations across Binance, Bybit, OKX, Deribit, Hyperliquid.
Sharpe Terminal aggregates Ethereum (ETH) 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.
Ethereum (ETH) has the second-deepest perpetual market in crypto with aggregate open interest routinely running $15-25B across Binance, Bybit, OKX, Deribit, and Hyperliquid. ETH perps carry distinct funding dynamics vs. BTC because the ETH carry trade (long spot, short perp) is actively farmed by staking-yield arbitrageurs — baseline ETH funding is structurally lower than BTC funding, often by 5-10% APR. ETH dated futures on CME and Deribit provide the cleanest read on institutional hedging flow. Watch the ETH/BTC OI ratio: when ETH OI grows faster than BTC OI, it's historically signaled the early innings of altcoin seasons (2020 DeFi summer, 2021 L2 rotation, 2024 restaking cycle). ETH liquidation clusters below the spot price are the single most-watched map in the altcoin book.
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.