1011последствия резкого падения: потеря ликвидности на 20 миллиардов долларов сильно ударила по маркет-мейкерам, уровень ликвидности опустился до трехлетнего минимума

【Block Beats】The market crash that occurred on January 8th continues to cause ripples. According to in-depth reports from trading platforms, this decline directly impacted market makers—they were forced to accumulate large unhedged spot positions, triggering a cascading effect that resulted in approximately $20 billion in liquidations, with market liquidity dropping to its lowest level since 2022.

What exactly happened? It turns out that the ADL (Automatic Deleveraging) mechanism was triggered during the rapid decline. The logic of this mechanism is to forcibly close out the short positions that market makers use for hedging. That sounds reasonable, but here’s the key issue—when the market drops sharply, these institutions suddenly lose their hedging tools and are forced to hold naked spot positions. This directly contradicts the “neutral strategy” promise that perpetual futures once offered, forcing market makers to massively withdraw liquidity in Q4 2025.

The result is that order book depth has fallen back to 2022 levels. At the same time, Delta-neutral strategies that rely on funding rate arbitrage have been caught off guard—large numbers of followers have rushed in, causing “easy profits” to shrink dramatically, with annualized returns now unable to break through 4%.

Interestingly, the market has shown clear divergence: B-book model platforms have actually profited handsomely, DeFi perpetual futures remain easily manipulated, while traditional finance perpetual futures markets are experiencing explosive growth.