On October 18, 2026, perpetual futures linked to semiconductor stocks and ETFs experienced a sharp decline. According to CoinGlass, this movement triggered approximately $51.6 million in liquidations within a 10-minute window, specifically between 05:22 and 05:32 UTC.
The majority of these liquidations involved bullish positions, which accounted for about $38.1 million, or 73.8% of the total volume. The event occurred while US equity markets were closed, highlighting the risks of trading derivatives on crypto-native platforms that operate around the clock.
The Direxion Daily Semiconductor Bull 3X Shares (SOXL) recorded the highest liquidation volume at approximately $12.73 million. Other affected assets included SanDisk (SNDK) with $10.85 million, SK Hynix (SKHY/SKHYNIX) with $10.72 million, SOXS with $9.07 million, and Micron (MU) with $4.40 million.
Equity perpetuals allow traders to maintain leveraged positions without an expiry date. Because these platforms operate independently of traditional stock exchanges, prices can fluctuate based on local liquidity during off-hours, often leading to significant forced closures when collateral is exhausted.
