Hivemind: Record Liquidations, Auto-Deleveraging, & Biggest Post-Crash Winners & Losers
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I got the big alert that your account has been, liquidated, which which wasn't super fun. And I kind of just sat there at my my computer and just looked at the screen. And I I just sat there for a few minutes. I was like, what just happened? And, like, even over the weekend, I I really wish, you know, you can screen record your computer. I would have loved to, like, go back and just, like, rewatch that because it it really will be like, like, go down in the history books, especially for us degens. Because I mean, that was I mean, COVID crash was big, but this was something I'd I'd never experi
Nothing said on the hive mind is a recommendation to buy or sell securities or tokens. This podcast is strictly for informational purposes only, and any views expressed by anyone on the show are solely our own opinions, not financial advice. Hi, everyone, and welcome to another episode of the Hive Mind Podcast. The goal of the podcast is to provide an inside look into what we like to call the Delphi Hive Mind, bringing together some of our brightest minds from each of the divisions to share insights, alpha and shitposts. Today with us, we have Cedros Paribus, who heads up our institutional res
Yeah, it was tough. My portfolio was unfortunately liquidated, I think I was net 1.7 x long. Thankfully, it wasn't a huge percentage of my portfolio, but it was it was quite you know, I was sitting there and I'd just gotten off the phone with my wife, and I'm I'm just watching things tank. And I'm just sitting there, and I've I've got like a a sizable long on Pingu and then I've got a sizable short on on Zora. And I really I really thought they were gonna be a little bit more Delta neutral. But the just because the size of the Pingu position, just, like I was I was starting to rush to like put
yeah, I think we'll get into ADL actually because a lot of people were confused about this. And I think some of our pro members requested a Eli file explanation from Cerberus. So we're going to we're going to go go for that later. But maybe maybe first, yeah, how about you, Cerberus and Jason? How was it for you guys?
I'll let someone else do the ADL thing. But for me, yeah, to be honest, I wasn't like feeling too hot and so I took like a little nap. And then I kind of like woke up and I looked at my phone and there was a message from Flip and it said, we still have jobs on Monday? And I was like, What? Like what's going on? And then I kind of like pull everything up and then I go and I'm like looking at the charts and it's like, Yeah, stuff has crashed a lot. But at that point to me, didn't look like too crazy, right? Pump was at like four or five or something like that. Seoul was like in the one nineties.
It's clear that it wasn't what started it though. Think like the time series is pretty clear that like USD 80 pack twenty minutes after the bottom of the wick.
I honestly think that this was just too much OI in all coins that I mean, Jeff Dorman had a good post on this about how it trades like high yield bonds and liquidity. The bids just kind of evaporated all at once, and it was like this technical crash that kinda like got out of hand. And I don't know if we'll ever know the true driver. Like, thing is you don't know how any of these liquidation engines actually work. Right? Even even for like hyper liquid. Okay? Like hyper liquid is on chain and every like on chain, it like you can see positions, you can see how much was liquidated and everything
The ADL point was also open. You could in theory derive your place in the ADL queue, I believe, on hyperliquid using their
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