A large off-hours short trade pushed EdgeX’s Nasdaq 100–linked XYZ100 perpetual sharply lower over the weekend, drawing attention to the risks of trading equity-index perpetuals when traditional markets are closed.
The move triggered around $13 million in liquidations after a newly created wallet entered a sizable short position, according to onchain data from Hypurrscan. Reduced liquidity during weekend trading amplified the selling pressure, accelerating the price decline in the equity-linked derivative.
On Saturday, the wallet began executing a six-hour time-weighted average price (TWAP) order to short 398 XYZ100 contracts, valued at approximately $10 million. The sustained selling pressure sent the contract down more than 3.5% in a short span, setting off a wave of forced liquidations.
Liquidations occur when leveraged positions are automatically closed once losses erode collateral below required levels. Blockchain data shows one trader lost roughly $7.4 million in long positions, while another saw about $2.7 million liquidated, bringing total losses to around $13 million.
The sudden weekend drop sparked debate among traders on X, with some questioning whether the market was vulnerable to manipulation during off-hours, given the nearly 4% decline occurred without any major macroeconomic or equity-market news. Others countered that such moves are an inherent risk of trading equity-linked perpetuals outside regular market hours.
“On weekends, you’re not trading the Nasdaq,” one trader wrote. “You’re trading whoever has the most capital in a thin order book.”
EdgeX has quickly become one of the largest venues for perpetual futures trading. According to DefiLlama data, the platform processed roughly $167 billion in perpetual trading volume last month, frequently rivaling major competitors such as Aster and Hyperliquid.
The incident highlights both rising demand for tokenized equity exposure and the structural risks of trading products designed to track markets that are closed.
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