Chip-stock bets lost $52 million in 10 minutes with Wall Street shut — SkimNews
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- Nearly $52 million in leveraged chip-stock and semiconductor-fund perpetual futures were force-closed between 21:22 and 21:32 UTC Saturday, with longs accounting for about $38 million of the wipeout, according to CoinGlass data.
- SOXL, the 3x-leveraged semiconductor ETF, absorbed the largest hit at roughly $12.7 million, followed by SanDisk and SK Hynix contracts at about $10.8 million each.
- Binance triggered the cascade at 21:21:59 UTC when Tread.fi CEO David Jeong placed the first large SanDisk and Micron sell orders, with selling reaching Hyperliquid less than a second later.
- Ten addresses opened short bets against six chip-linked contracts on Hyperliquid within 1.8 seconds, and Binance handled roughly $21.9 million of SanDisk trading in the first minute versus $3.1 million on Trade XYZ.
- Trade XYZ, which lists stock-tracking contracts on Hyperliquid, lets weekend platform trading set its own reference prices because no live equity tape exists while U.S. markets are closed.
- Memory-chip names entered the weekend already under pressure from competition with Chinese chipmaker CXMT, leaving Saturday's contract pricing untethered from any underlying share benchmark until Monday's open.
Why it matters: Trade XYZ and similar platforms let weekend crypto trading set their own contract reference prices when no equity tape exists, so Monday's U.S. open will reveal how far Saturday's cascade diverged from real semiconductor share values. Crypto-driven price discovery in equity-tracking contracts means those $38 million of liquidated longs were closed out on potentially phantom benchmarks rather than any tradable share price.
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