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...