The Chopping Block: Inside the $19B+ Perp Crash, ADL Explained, Binance’s USDe/Staked-Token Depeg, and the Hyperliquid Whale Debate

Bearish:

• $PERPDEX - Perpetual exchanges' aggressive auto-deleveraging (ADL) policies are driving away their most profitable traders, threatening long-term revenue sustainability. Both general perps exchanges and specific platforms like Hyperliquid are alienating their best customers through ADL mechanisms that preference vault depositors over profitable traders.

  • “You can shear a sheep many times, but you can skin him only once.”

    Tarun·38:43

  • “In the case of Hyperliquid, HLP depositors were preferenced in a lot of ways over a lot of profitable traders in the sense that they had very aggressive auto deleveraging.”

    Tarun·29:32
• $USDE - USDE has structural vulnerabilities when unsophisticated retail users panic during market stress. Users who don't understand the underlying Ethena mechanism see their yields drop dramatically and rush to exit, creating depeg risks.

  • “there were a lot of users who've never used Athena before, didn't really know they're using Athena. They clicked a button on Binance that said get 30%... they see XPL going down, and their 30% looks like 6%. And they're like, exit exit exit.”

    Tarun·18:36