Empire Hivemind: Record Liquidations, Auto-Deleveraging, & Biggest Post-Crash Winners & Losers
5 snips
Oct 16, 2025 
Ceteris Paribus, who leads Delphi's institutional research arm, dives deep into the recent crypto crash. He discusses the chaos of auto-deleveraging and how it varies across exchanges. The team analyzes the surprising depeg of USDe and the implications for stablecoins during market stress. Ceteris also highlights the major winners and losers post-crash, suggesting that some exchanges thrived while others suffered reputationally. Prepare for insights into how new tokens and markets might reshape liquidity moving forward!
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ADL Breaks Cross‑Venue Delta Neutrality
- ADL nets opposing positions by forcing closing of the highest‑leverage side to keep exchanges solvent.
- That behavior cannons delta‑neutral strategies that split legs across venues.
Depegs Need Collateral Impairment To Be Fatal
- Temporary secondary‑market depegs differ from true collateral impairment; the former often stays localized.
- Concern rises only when redemption mechanics or collateral become impaired, not brief exchange price moves.
Use Oracles That Consider Redemptions
- Oracles should account for mint/redemption mechanics and visible reserve balances during stress.
- Check mint/burn transparency for algorithmic or redeemable tokens when using them as collateral.