Weekend Sell-Off Hits EdgeX’s Nasdaq-100–Linked Perpetual, $13M in Longs Liquidated
On December 15, 2025, a weekend sell-off significantly impacted EdgeX's Nasdaq-100–linked perpetual futures contract (XYZ100), resulting in approximately $13 million in long position liquidations. A newly created wallet executed a six-hour time-weighted average price (TWAP) short of 398 XYZ100 contracts, valued at about $10 million. This action caused the XYZ100 contract to drop roughly 3.5% to 4% within minutes, triggering a cascade of liquidations among long positions.
Among the liquidated positions, a single trader incurred about $7.4 million in losses, while another lost approximately $2.7 million. The event occurred during off-hours trading when traditional markets were closed, reducing hedging capabilities because Nasdaq exposure could not be easily offset. This limited liquidity increased the vulnerability of equity-index perpetuals to large orders.
EdgeX, which processed around $167 billion in perpetual futures volume last month, exemplifies the rapid growth of tokenized equity derivatives and is a notable competitor to platforms like Aster and Hyperliquid. On-chain data from Hypurrscan tracked the short trade and subsequent liquidation cascade.
Some traders questioned the possibility of manipulation during off-hours, while others suggested the event reflects the inherent risks associated with equity-linked crypto perpetuals operating outside normal market hours. EdgeX remains a major venue for perpetual futures, underscoring both the growing demand for tokenized equities and the risks involved.
