Hyperliquid records $122.96M in liquidations as Aster and Lighter show muted stress

Hyperliquid’s perpetuals market logged $3.76 billion in trading volume, $4.05 billion in open interest, and $122.96 million in liquidations, pointing to heavy leveraged positioning under volatile conditions. In contrast, Aster and Lighter reported multi-billion dollar volumes but only $7.2 million and $3.34 million in liquidations respectively, suggesting that much of their activity may be driven by incentives or internal flows rather than genuine risk-taking.