Crypto Chip-Stock Futures See Nearly $52M Liquidated in 10 Minutes on Binance and Hyperliquid

Nearly $52M ($51.6M) in leveraged perpetual futures tied to semiconductor stocks and funds were force-closed in 10 minutes between 21:22 and 21:32 UTC on Saturday, according to CoinGlass data, with about $38M coming from traders betting on higher prices. Contracts tracking SOXL, an ETF that triples daily moves in semiconductor shares, recorded the largest liquidations at about $12.7M, followed by SanDisk and SK Hynix contracts at about $10.8M each. According to a trade review by Tread.fi CEO David Jeong, the wave began on Binance at 21:21:59 UTC with large SanDisk and Micron sell orders, before spreading less than a second later to Hyperliquid, where roughly 10 addresses opened short bets against six chip-linked contracts Listed by Trade XYZ within 1.8 seconds. Binance processed about $21.9M in SanDisk contract volume during that first minute compared to $3.1M on Trade XYZ, following a week where chip hardware shares faced pressure alongside investor concerns over competition from Chinese memory maker CXMT. Because U.S. equity markets were shut for the weekend, no active share prices existed to anchor the contracts, and Trade XYZ rules allow platform trading to establish internal reference prices until outside stock quotes resume on Monday.