CYCLESCOPE · LEVERAGE
Liquidations / OI
The share of open interest forcibly closed over 24 hours. Normalization distinguishes routine liquidation volume from material market deleveraging.
The scale of forced deleveraging
Liquidations are positions closed by an exchange when collateral becomes insufficient. Dividing by OI scales the event to the derivatives market.
Liquidations divided by OI
24h long and short liquidations ÷ Open Interest × 100%Both data series should be current and cover comparable venues.
A higher share means stronger deleveraging
- < 1%Limited forced deleveraging relative to OI.
- 1–3%A material deleveraging event.
- > 3%A possible cascade; the liquidated side still matters.
Separate cleansing from fresh risk
A large event after overheating can cleanse leverage, while one at the start of a move may amplify it. Check price, funding and post-event OI.
The ratio needs open interest
If current OI is unavailable, LOOK CRYPTO shows liquidation value in the explanation but does not calculate a percentage.
This material is for market research and is not investment advice.