Leverage Before the Crash

When a crypto market falls hard, how much of it is the margin engine rather than the news? Open interest destroyed during the fall is the trace forced selling leaves behind.

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What the data says

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Figure 1. Price path around the worst drawdowns

heaviest deleveraging lightest deleveraging

Figure 2. Leverage going in, open interest destroyed coming out

Robustness of the main result

Deepest episodes in the sample

Live conditions. Hyperliquid

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The study is Binance, whose API is geo-blocked from most locations, so the live readout uses Hyperliquid. It is context, not the study sample. The leverage measure needs 30 days of open-interest history; this page starts accumulating its own from your first visit, stored only on this device.