SummaryLargest notional liquidation event ever, with the largest ever drawdown in open interestHighest ever 24hr volume in perpetual futures markets$14bn drawdown in open interest roughly confirms estimates of $10bn in liquidationsDespite market volatility, zero issues on USDe which moved in line with fiat stablecoinsPerpetual futures contracts discounted by as much as 5.8% vs spot markets during the sell-offEthena uniquely positioned to capture the discount via shorting perpetual futures. Ov...

SummaryLargest notional liquidation event ever, with the largest ever drawdown in open interestHighest ever 24hr volume in perpetual futures markets$14bn drawdown in open interest roughly confirms estimates of $10bn in liquidationsDespite market volatility, zero issues on USDe which moved in line with fiat stablecoinsPerpetual futures contracts discounted by as much as 5.8% vs spot markets during the sell-offEthena uniquely positioned to capture the discount via shorting perpetual futures. Ov...