[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.] #  @danrobinson Dan Robinson Dan Robinson posts on X about i dont, contracts, 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 [#](/creator/twitter::273288231/interactions)  - X Week XXXXXX +80% - X Month XXXXXX -XX% - X Months XXXXXXX -XX% - X Year XXXXXXXXX -XX% ### Mentions: XX [#](/creator/twitter::273288231/posts_active)  - X Week X +14% - X Month XX +67% - X Months XX -XXXX% - X Year XXX -XX% ### Followers: XXXXXX [#](/creator/twitter::273288231/followers)  - X Week XXXXXX +0.15% - X Month XXXXXX +0.46% - X Months XXXXXX +3.30% - X Year XXXXXX +7.70% ### CreatorRank: XXXXXXX [#](/creator/twitter::273288231/influencer_rank)  ### Social Influence **Social category influence** [finance](/list/finance) #1712 [exchanges](/list/exchanges) #63 [stocks](/list/stocks) XXXX% [technology brands](/list/technology-brands) XXXX% **Social topic influence** [i dont](/topic/i-dont) #703, [contracts](/topic/contracts) #78, [to the](/topic/to-the) 14.29%, [$653m](/topic/$653m) #1, [$23m](/topic/$23m) #2, [$650m](/topic/$650m) #2, [23m](/topic/23m) #4, [hyperliquid](/topic/hyperliquid) #15, [microsoft](/topic/microsoft) 7.14%, [$googl](/topic/$googl) XXXX% **Top accounts mentioned or mentioned by** [@freecitywarlock](/creator/undefined) [@gakonst](/creator/undefined) [@gaussianprocess](/creator/undefined) [@tomhschmidt](/creator/undefined) [@giuliorebuffo](/creator/undefined) [@tempo](/creator/undefined) [@tarunchitra](/creator/undefined) [@hyperliquidx](/creator/undefined) [@binance](/creator/undefined) [@me256ow](/creator/undefined) [@fakerosaparkxbt](/creator/undefined) [@haydenzadams](/creator/undefined) [@2irl4u](/creator/undefined) [@alcitocampenni](/creator/undefined) [@fwdnft](/creator/undefined) [@trustlessstate](/creator/undefined) [@cjhtech](/creator/undefined) [@saranormous](/creator/undefined) [@koeppelmann](/creator/undefined) [@danintheory](/creator/undefined) **Top assets mentioned** [Microsoft Corp. (MSFT)](/topic/microsoft) [Alphabet Inc Class A (GOOGL)](/topic/$googl) ### Top Social Posts Top posts by engagements in the last XX hours "Maybe someone should productize 2-of-3 MPC across Amazon Google and Microsoft hosted TEEs as an abstracted layer" [X Link](https://x.com/danrobinson/status/1995957243653833120) 2025-12-02T20:44Z 80K followers, 20.7K engagements "@tomhschmidt You may not understand but we all like each other" [X Link](https://x.com/danrobinson/status/1998517825699537276) 2025-12-09T22:19Z 80.1K followers, 2744 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](https://x.com/danrobinson/status/1998924696293957993) 2025-12-11T01:16Z 80.1K followers, 4443 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](https://x.com/danrobinson/status/1998924698328117468) 2025-12-11T01:16Z 80.1K followers, 4237 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](https://x.com/danrobinson/status/1998924705701785949) 2025-12-11T01:16Z 80.1K followers, 7027 engagements "@GiulioRebuffo @tempo I agree" [X Link](https://x.com/danrobinson/status/1998646978004365439) 2025-12-10T06:52Z 80.1K followers, 2778 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](https://x.com/danrobinson/status/1999003163609931802) 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](https://x.com/danrobinson/status/1999003321995243826) 2025-12-11T06:28Z 80.1K followers, XXX 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](https://x.com/danrobinson/status/1998924691365572647) 2025-12-11T01:15Z 80.1K followers, 117.6K engagements "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](https://x.com/danrobinson/status/1998924693630496887) 2025-12-11T01:15Z 80.1K followers, 15.6K 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](https://x.com/danrobinson/status/1999012411206996219) 2025-12-11T07:04Z 80.1K followers, 2639 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](https://x.com/danrobinson/status/1999025020140662890) 2025-12-11T07:54Z 80.1K followers, 4577 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](https://x.com/danrobinson/status/1999097411432563060) 2025-12-11T12:42Z 80.1K followers, 2554 engagements
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@danrobinson Dan Robinson
Dan Robinson posts on X about i dont, contracts, 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 #
- X Week XXXXXX +80%
- X Month XXXXXX -XX%
- X Months XXXXXXX -XX%
- X Year XXXXXXXXX -XX%
Mentions: XX #
- X Week X +14%
- X Month XX +67%
- X Months XX -XXXX%
- X Year XXX -XX%
Followers: XXXXXX #
- X Week XXXXXX +0.15%
- X Month XXXXXX +0.46%
- X Months XXXXXX +3.30%
- X Year XXXXXX +7.70%
CreatorRank: XXXXXXX #
Social Influence
Social category influence finance #1712 exchanges #63 stocks XXXX% technology brands XXXX%
Social topic influence i dont #703, contracts #78, to the 14.29%, $653m #1, $23m #2, $650m #2, 23m #4, hyperliquid #15, microsoft 7.14%, $googl XXXX%
Top accounts mentioned or mentioned by @freecitywarlock @gakonst @gaussianprocess @tomhschmidt @giuliorebuffo @tempo @tarunchitra @hyperliquidx @binance @me256ow @fakerosaparkxbt @haydenzadams @2irl4u @alcitocampenni @fwdnft @trustlessstate @cjhtech @saranormous @koeppelmann @danintheory
Top assets mentioned Microsoft Corp. (MSFT) Alphabet Inc Class A (GOOGL)
Top Social Posts
Top posts by engagements in the last XX hours
"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, 2744 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, 4443 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, 4237 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, 7027 engagements
"@GiulioRebuffo @tempo I agree"
X Link 2025-12-10T06:52Z 80.1K followers, 2778 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
"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, 117.6K engagements
"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, 15.6K 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, 2639 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, 4577 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, 2554 engagements