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@danrobinson Avatar @danrobinson Dan Robinson

Dan Robinson posts on X about hyperliquid, i dont, to the, $653m the most. They currently have XXXXXX followers and XX posts still getting attention that total XXXXXXX engagements in the last XX hours.

Engagements: XXXXXXX #

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Mentions: XX #

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Followers: XXXXXX #

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Social Influence

Social category influence exchanges #61 finance #1476 stocks XXXX% technology brands XXXX% cryptocurrencies XXXX%

Social topic influence hyperliquid #10, i dont #968, to the 12.5%, $653m #1, $23m #2, $650m #3, binance #10, liquidated 6.25%, drift 6.25%, core XXXX%

Top accounts mentioned or mentioned by @conejocapital @tarunchitra @gakonst @freecitywarlock @gaussianprocess @tomhschmidt @giuliorebuffo @tempo @hyperliquidx @binance @mikeippolito @hydromancerxyz @sonarxhq @farp_farp @aiwhisper_ @cjhtech @haydenzadams @fxhpi @bitbanter @jtmcgrath

Top assets mentioned Microsoft Corp. (MSFT) Alphabet Inc Class A (GOOGL) USDC (USDC)

Top Social Posts

Top posts by engagements in the last XX hours

"This is the papers explanation of how Hyperliquid ADL works (shown in chart and in Greek): * Sort all accounts by PNL*leverage * Go down the list * Apply a XXX% haircut to the equity in each account. * Until the $ recovered match the $ lost in the bad liquidations"
X Link 2025-12-11T01:15Z 80.1K followers, 21.1K engagements

"* Go through the sorted list * For each account forcibly close the position at the last mark price. * Until the # of ADLed contracts matches the # of insolvently liquidated contracts. ADLed traders aren't wiped out. Their losses are proportional to number of contracts held"
X Link 2025-12-11T01:16Z 80.1K followers, 4968 engagements

"This paper has gotten a lot of attention both positive and negative but I haven't seen someone point this out. I don't really mind reading difficult papers though I try not to write them. But I think this is a good reason to try to make your papers easier to understand"
X Link 2025-12-11T01:16Z 80.1K followers, 8953 engagements

"The Drift code you linked shows that your description of pro-rata does not match what Drift does either. Drift allocates losses proportional to the base asset not proportional to equity. They divide the total losses by the total base asset and then adjust the cumulative_funding_rate on each side by that amount (meaning that like funding rate the loss is applied proportional to the number of contracts held). Do you disagree with that description of how their code works"
X Link 2025-12-11T06:27Z 80.1K followers, XXX engagements

"@tarunchitra I dont think this is minutiaeit is the core model you study in your paper which is about how perp platforms allocate socialized losses. Using the correct formula would result in a radically different allocation of losses"
X Link 2025-12-11T06:28Z 80.1K followers, XXX engagements

"That is just the queue policy with a smaller budget right I am not arguing with you about the budget. I am saying that your "greedy queue allocator" is not how the queue works. It doesn't compute a dollar budget and then take equity from accounts (taking XXX% from each before moving onto the next one) until that budget is recovered. It liquidates based on contracts not entire accounts. Suppose a user with a X ETH short gets liquidated and the budget that is being recovered (computed however you want to compute it) is $1500. The account at the top of the ADL priority queue holds a X ETH long"
X Link 2025-12-11T07:04Z 80.1K followers, 4780 engagements

"Here is the forest as I see it: X. Your headline number is that traders lost $653m to cover a $23m deficit. That didn't make sense to me so I wondered if your interpretation of the data was mistaken. Happy to dig more into it when you open-source the analysis but if your model of queue-based ADL is that the top N positions all have their equity values zeroed out then I wonder if you might have made the same mistake in your data analysis and interpreted the equity value of the positions being closed as their losses (or something similar to that) * The paper says that Hyperliquid and Binance's"
X Link 2025-12-11T07:54Z 80.1K followers, 7269 engagements

"Yes agree that the Hyperliquid algorithm is definitely different from pro rata And I think probably less fair and Sybil-resistant than it. My point is that it is very very different from the Queue algorithm you study in the paper. So I dont think your conclusions from the paper apply to it. And I really want to understand where the $650m number comes from. Again as an accounting identity the losses of the ADLed winners exactly equal the profits of the liquidated losers. So if there was somehow $650m of overshoot losses from the ADLsdue to rounding errors or compounding or whatever you"
X Link 2025-12-11T12:42Z 80.1K followers, 4999 engagements

"Maybe someone should productize 2-of-3 MPC across Amazon Google and Microsoft hosted TEEs as an abstracted layer"
X Link 2025-12-02T20:44Z 80K followers, 20.7K engagements

"@tomhschmidt You may not understand but we all like each other"
X Link 2025-12-09T22:19Z 80.1K followers, 2747 engagements

"@GiulioRebuffo @tempo I agree"
X Link 2025-12-10T06:52Z 80.1K followers, 2784 engagements

"This paper is simply wrong about its central topic: how Hyperliquids ADL works. Tarun is describing a different (much crazier) algorithm which also might explain how he calculated that traders somehow paid $653m to cover a $23m deficit. 🧵"
X Link 2025-12-11T01:15Z 80.1K followers, 151K engagements

"That does seem unfair Every trader is either wiped out completelytheir whole position confiscatedor untouched. But thats not how Hyperliquids ADL works. Here's how it actually works:"
X Link 2025-12-11T01:16Z 80.1K followers, 5269 engagements

"The data is actually pretty understandable. There's a big table of all the fills on Hyperliquid. It shows that ADLs are forced sales of positions that are matched against liquidations rather than XXX% haircuts. Tarun's collaborator @ConejoCapital helpfully posted the fills data from 10/10 to GitHub Also there are docs from Hyperliquid Binance OKX HTX that explain how ADLs work"
X Link 2025-12-11T18:57Z 80.1K followers, 3111 engagements

"@ConejoCapital @MikeIppolito_ @tarunchitra @hydromancerxyz @SonarX_HQ Yes I was impressed with that And from only XX minutes before the flash crash very cool Indeed I would say the data is actually not that available (beyond fills). I've been working on indexing HL for months and still don't have a good indexer for things like USDC transfers"
X Link 2025-12-11T19:20Z 80.1K followers, XXX engagements