Weekend Sell-Off on EdgeX Nasdaq-Linked Perp Triggers $13M in Liquidations
A weekend sell-off on EdgeX's XYZ100 perpetual futures resulted in approximately $13 million in long position liquidations.Summary
A significant weekend sell-off in EdgeX's XYZ100 perpetual futures, which tracks the Nasdaq 100, led to about $13 million in liquidations, highlighting the risks associated with trading equity-index perps when traditional markets are closed. The event was triggered by a large short order, executed over six hours by a new wallet, which pushed the XYZ100 price down over 3.5% in minutes. Data showed one trader alone lost $7.4 million in long positions. Traders questioned the market's vulnerability to off-hours manipulation, noting the drop occurred without corresponding macro news, while others argued this is an inherent risk of trading these products when the underlying market is closed, suggesting the trading is based on thin order books rather than the actual Nasdaq. EdgeX has become a major venue for perpetual futures trading, processing $167 billion in volume last month, demonstrating the growing demand for tokenized equity products alongside the risks involved.
(Source：CoinDesk)