TL;DROn October 10, the crypto markets experienced an unprecedented liquidation cascade that wiped out over $19 billion within hours. Hyperliquid remained fully operational with zero bad debt, while several major exchanges experienced downtime. Hyperliquid’s Auto-Deleveraging (ADL) mechanism was triggered for the first time at this scale in over two years to maintain system-wide solvency. As Liminal is running delta-neutral strategies (spot + short perp), some users with highly profitable sho...