# ![@RuizheJia Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1249563436968747008.png) @RuizheJia Ruizhe Jia

Ruizhe Jia posts on X about adl, $50m, $20m, execution the most. They currently have [------] followers and [--] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::1249563436968747008/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1249563436968747008/c:line/m:interactions.svg)


### Mentions: [--] [#](/creator/twitter::1249563436968747008/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1249563436968747008/c:line/m:posts_active.svg)


### Followers: [------] [#](/creator/twitter::1249563436968747008/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1249563436968747008/c:line/m:followers.svg)


### CreatorRank: [---------] [#](/creator/twitter::1249563436968747008/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1249563436968747008/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [exchanges](/list/exchanges) 

**Social topic influence**
[adl](/topic/adl) #165, [$50m](/topic/$50m) #35, [$20m](/topic/$20m) #37, [execution](/topic/execution) #2061, [$330m](/topic/$330m) #6, [$260m](/topic/$260m) #4, [mms](/topic/mms) #372, [$381m](/topic/$381m) #1, [$31m](/topic/$31m) #15, [money](/topic/money)

**Top accounts mentioned or mentioned by**
[@ciamac](/creator/undefined) [@columbiabiz](/creator/undefined) [@paradigm](/creator/undefined) [@qiaoqiao2001](/creator/undefined) [@xxxin001](/creator/undefined) [@stanfordmse](/creator/undefined) [@alliumlabs](/creator/undefined) [@stanford](/creator/undefined) [@d2_finance](/creator/undefined) [@haydenzadams](/creator/undefined) [@growthepieeth](/creator/undefined) [@notnotstorm](/creator/undefined) [@tarunchitra](/creator/undefined) [@ethereumhousesf](/creator/undefined) [@alzzyd](/creator/undefined) [@advaitjayant](/creator/undefined) [@ichaka001](/creator/undefined) [@camharvey](/creator/undefined) [@dukeu](/creator/undefined) [@nyustern](/creator/undefined)
### Top Social Posts
Top posts by engagements in the last [--] hours

"@alz_zyd_ That student needs to be really intellectually honest. The best lesson one can learn is that 1)dont gamble if you have no edge 2) you indeed have no edge in most of the market. But most people simply do not realize that they are simply noise trading"  
[X Link](https://x.com/RuizheJia/status/2002154200994816155)  2025-12-19T23:08Z [---] followers, [--] engagements


"Now we can read the graph: X-axis: benchmark horizon (how many hours later we compare prices) Y-axis: cumulative P&L for the vault 🟠 Orange (backstop): Vault took over longs. Did it buy at good prices 🟢 Green (ADL): Vault force-closed against shorts. Did it sell at good prices 🔴 Red (market): Vault sold on book. How much execution cost Above [--] = vault gained. Below [--] = counterparties gained. https://twitter.com/i/web/status/2020906962423308722 https://twitter.com/i/web/status/2020906962423308722"  
[X Link](https://x.com/RuizheJia/status/2020906962423308722)  2026-02-09T17:05Z [---] followers, [----] engagements


"Now we can read the Sankey precisely. Start on the left: liquidated traders lost $381M total (6h markout). Where did that value flow - $31M to counterparties on the book (they caught the knife) - $330M to the vault via backstop - $20M via peer-ADL The vault then transferred out: - $260M to ADL'd shorts (favorable exits) - $20M to market makers (TWAP execution cost) - Kept $50M net profit https://twitter.com/i/web/status/2020906991938682977 https://twitter.com/i/web/status/2020906991938682977"  
[X Link](https://x.com/RuizheJia/status/2020906991938682977)  2026-02-09T17:05Z [---] followers, [----] engagements


"RT @haydenzadams: These revenue comparisons from Alex are so misleading. Its worth being precise about how these models actually work A"  
[X Link](https://x.com/anyuser/status/2007505615875367083)  2026-01-03T17:33Z [---] followers, [--] engagements


"To quantify value transfer we need a benchmark. We use "markout": Markout = signed position (execution price mark price 6h later) Positive markout = you exited at a good price relative to where prices ended up. Negative markout = you exited at a bad price. Why [--] hours That's roughly when the vault finishes unwinding. Our results hold whether you measure at 6h or 48h markout stabilizes after that point"  
[X Link](https://x.com/RuizheJia/status/2020906931762966573)  2026-02-09T17:05Z [---] followers, [----] engagements


"RT @growthepie_eth: 🎙 Announcing our next speaker: Ruizhe Jia @RuizheJia Assistant Professor @Stanford His talk reveals the real winne"  
[X Link](https://x.com/anyuser/status/2016279626361012635)  2026-01-27T22:38Z [---] followers, [--] engagements


"HLP made $50M from the Oct [--] crash and $20M again on Jan [--]. Most debate focused on ADL. That's not where the money came from. With @ciamac (@Columbia_Biz @paradigm) @Qiaoqiao2001(@Columbia_Biz) and @xxxin001 (@StanfordMSE) we traced the full pipeline. Here's how it actually works. (h/t @AlliumLabs)"  
[X Link](https://x.com/anyuser/status/2020906838653604056)  2026-02-09T17:05Z [---] followers, 172.9K engagements


"Episode [--] preview: Who paid We classified every counterparty by trading behavior. Backstop-liquidated longs (who paid): only 2% MMs ADL'd shorts (force-closed): 68% algo traders 9% MMs The two groups look completely different. MMs largely avoided both liquidation and ADL but they did show up as liquidity during the unwind. More soon"  
[X Link](https://x.com/anyuser/status/2020907057445289985)  2026-02-09T17:06Z [---] followers, [----] engagements


"TL;DR Liquidation = pipeline: market backstop takeover ADL/TWAP unwind. Oct 10: liquidated traders lost $381M (6h markout). $31M to book $330M to vault via backstop. Vault transferred out $260M to ADL'd shorts $20M to MMs. Net: +$50M. ADL is heterogeneous queue brittleness means early vs late matters enormously. h/t @notnotstorm @tarunchitra and @AlliumLabs 🙏 https://twitter.com/i/web/status/2020907069436723699 https://twitter.com/i/web/status/2020907069436723699"  
[X Link](https://x.com/anyuser/status/2020907069436723699)  2026-02-09T17:06Z [---] followers, [----] engagements


"Stage [--] Backstop takeover When the book can't keep up the liquidator vault (HLP) steps in. It takes over the position and remaining margin. Who transfers to whom The liquidated trader hands their underwater long to the vault. The vault is now long but at crash prices. Now the vault needs to exit. That's Stage 3"  
[X Link](https://x.com/RuizheJia/status/2020906882353988037)  2026-02-09T17:05Z [---] followers, [----] engagements


"Stage [--] How the vault exits The vault has two levers: (1) ADL (Auto-Deleveraging): force-close against shorts ranked by leverage PnL. Profitable high-leverage shorts get closed first. (2) Market unwind: passive selling on the book via GTC orders + TWAP. But who gets the better price vault or counterparty That depends on where prices go after the trade. https://twitter.com/i/web/status/2020906900859257074 https://twitter.com/i/web/status/2020906900859257074"  
[X Link](https://x.com/RuizheJia/status/2020906900859257074)  2026-02-09T17:05Z [---] followers, [----] engagements


"Results at 6-hour benchmark: - Backstop: +$330M (liquidated longs vault) - ADL: $260M (vault ADL'd shorts) - Market/TWAP: $20M (execution cost) Net: +$50M vault profit ✓ Notice: ADL transferred value TO shorts not from them. The Sankey makes this clearer"  
[X Link](https://x.com/RuizheJia/status/2020906975819923795)  2026-02-09T17:05Z [---] followers, [----] engagements


"@advait_jayant @ciamac @Columbia_Biz @paradigm @Qiaoqiao2001 @xxxin001 @StanfordMSE Yah. Happy to chat. Please send me an email We did something similar (after all it is all microstructure) but very very different"  
[X Link](https://x.com/RuizheJia/status/2021081862052118719)  2026-02-10T04:40Z [---] followers, [----] engagements


"Emmm. You can at least put your money in HLP vault. Also just think about how other CEXs have opaque ADL + internal market making+ restrictions on money withdrawal. In contrast hyperliquid does not extract any rent and should be rule-based. On any platform platform extracting rents is a problem and hyperliquid is doing better than 99.9% in the space. https://twitter.com/i/web/status/2021102585420357805 https://twitter.com/i/web/status/2021102585420357805"  
[X Link](https://x.com/RuizheJia/status/2021102585420357805)  2026-02-10T06:03Z [---] followers, [--] engagements


"The liquidation mechanism is a pipeline: Market liquidation Backstop takeover ADL + TWAP unwind Net PnL At each stage: who transfers value to whom The flowchart shows the logic. The Sankey shows where value ended up measured by markout not notional volume. Bottom line: vault netted $50M. To understand why and what happened let's trace each stage. https://twitter.com/i/web/status/2020906858131988607 https://twitter.com/i/web/status/2020906858131988607"  
[X Link](https://x.com/RuizheJia/status/2020906858131988607)  2026-02-09T17:05Z [---] followers, 12.2K engagements


"@Ichaka_001 @ciamac @Columbia_Biz @paradigm @Qiaoqiao2001 @xxxin001 @StanfordMSE This is in the second thread or the bigger paper. If perp is mostly a transfer of wealth then someone is paying. It is like a fishbowl. If you ran out of fish"  
[X Link](https://x.com/RuizheJia/status/2021252572925837456)  2026-02-10T15:59Z [---] followers, [---] engagements


"D is a research conference on foundational DeFi protocol design: - Market design & mechanisms - Protocol incentives & robustness - Risk management & stability We welcome theoretical empirical and systems work. Submissions due Feb [--] ✨ http://designingdefi.xyz http://designingdefi.xyz"  
[X Link](https://x.com/anyuser/status/2021985115082264739)  2026-02-12T16:29Z [---] followers, 10.6K engagements


"HLP made $50M from the Oct [--] crash and $20M again on Jan [--]. Most debate focused on ADL. That's not where the money came from. With @ciamac (@Columbia_Biz @paradigm) @Qiaoqiao2001(@Columbia_Biz) and @xxxin001 (@StanfordMSE) we traced the full pipeline. Here's how it actually works. (h/t @AlliumLabs)"  
[X Link](https://x.com/anyuser/status/2020906838653604056)  2026-02-09T17:05Z [---] followers, 172.9K engagements


"Episode [--] preview: Who paid We classified every counterparty by trading behavior. Backstop-liquidated longs (who paid): only 2% MMs ADL'd shorts (force-closed): 68% algo traders 9% MMs The two groups look completely different. MMs largely avoided both liquidation and ADL but they did show up as liquidity during the unwind. More soon"  
[X Link](https://x.com/anyuser/status/2020907057445289985)  2026-02-09T17:06Z [---] followers, [----] engagements


"TL;DR Liquidation = pipeline: market backstop takeover ADL/TWAP unwind. Oct 10: liquidated traders lost $381M (6h markout). $31M to book $330M to vault via backstop. Vault transferred out $260M to ADL'd shorts $20M to MMs. Net: +$50M. ADL is heterogeneous queue brittleness means early vs late matters enormously. h/t @notnotstorm @tarunchitra and @AlliumLabs 🙏 https://twitter.com/i/web/status/2020907069436723699 https://twitter.com/i/web/status/2020907069436723699"  
[X Link](https://x.com/anyuser/status/2020907069436723699)  2026-02-09T17:06Z [---] followers, [----] engagements


"RT @growthepie_eth: 🎙 Announcing our next speaker: Ruizhe Jia @RuizheJia Assistant Professor @Stanford His talk reveals the real winne"  
[X Link](https://x.com/anyuser/status/2016279626361012635)  2026-01-27T22:38Z [---] followers, [--] engagements


"🎙 Announcing our next speaker: Ruizhe Jia @RuizheJia Assistant Professor @Stanford His talk reveals the real winners and losers of Octobers crypto crash using perp DEXs as a fishbowl economy to show who paid for the party. Join us tmr in SF for Onchain Data Deep Dives Excited to announce growthepie IRL meetup in San Francisco 🥧 Join us next Wednesday for [--] short talks showcasing insights from onchain data. Then stick around to connect with the growthepie team over pizza. Speaker lineup TBA Hosted at none other than @ethereumhouseSF https://t.co/6rQqIfe0F5 Excited to announce growthepie IRL"  
[X Link](https://x.com/anyuser/status/2016210812197863471)  2026-01-27T18:04Z 12.3K followers, [----] engagements


"Excited to announce growthepie IRL meetup in San Francisco 🥧 Join us next Wednesday for [--] short talks showcasing insights from onchain data. Then stick around to connect with the growthepie team over pizza. Speaker lineup TBA Hosted at none other than @ethereumhouseSF"  
[X Link](https://x.com/anyuser/status/2014381206767595748)  2026-01-22T16:54Z 12.3K followers, 13.6K engagements


"As tokenization of traditional financial assets gains regulatory attention a fundamental question demands rigorous analysis: Can blockchain technology provide secure settlement In a new paper with @camharvey (@DukeU) and Kose John (@NYUStern) we develop an economic model to address this question. Our analysis yields two main insights. First: blockchain security is tied to blockchain productivity. A blockchain generating more economic value for users can share that value with validators through higher staking rewards. In turn higher rewards attract more staked capital raising the cost for any"  
[X Link](https://x.com/anyuser/status/2013646049940811933)  2026-01-20T16:13Z [---] followers, [----] engagements


"RT @haydenzadams: These revenue comparisons from Alex are so misleading. Its worth being precise about how these models actually work A"  
[X Link](https://x.com/anyuser/status/2007505615875367083)  2026-01-03T17:33Z [---] followers, [--] engagements


"These revenue comparisons from Alex are so misleading. Its worth being precise about how these models actually work Aero takes 100% of LP fees and rebates them back to LPs via token emissions / liquidity incentives. In practice this looks like: we collect $100m in LP fees and distribute $100m in tokens to LPs based on token voting This approach makes revenue numbers look large but it doesnt represent sustainable fees. It also puts a heavy thumb on the scale of where LP fees go and makes LP returns dependent on the price of a third token If Uniswap took 100% of LP fees and rebated them in"  
[X Link](https://x.com/anyuser/status/2007206627061952773)  2026-01-02T21:45Z 357.7K followers, 167.8K engagements


"Aerodrome is averaging about 5x Uniswap's REVs. Even Velodrome is averaging about 1/5 of Uniswap. In Q2 they unify as Aero and expand across EVM. 🛫 Made a dashboard for my Uniswap Fee Switch tracking. I also updated the logic for v2 pools to make the estimate significantly better. Average: $60k/day in revenue This likely overestimates the revenue that can be claimed by burning UNI tokens though. https://t.co/dhv1fLolMZ https://t.co/6UvDHubK6m Made a dashboard for my Uniswap Fee Switch tracking. I also updated the logic for v2 pools to make the estimate significantly better. Average: $60k/day"  
[X Link](https://x.com/anyuser/status/2007111308324528182)  2026-01-02T15:26Z 20.5K followers, 100.7K engagements

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