Binance's contract risk margin covered $200M in liquidation costs. The previous balance was $1.2B, and now it's down to $1B. The entire market saw $1.4B in liquidations. Meanwhile, Hype's OI dropped directly from $13B yesterday to $6.5B today, meaning half of the opposing positions were wiped out, and most altcoin longs were basically zeroed out. Binance USDE's revolving loans likely saw $1B-level liquidations. Countless lives were changed today. Some want to celebrate, but fear of public backlash has kept the volume low. Still, the winners over the past few days have probably already booked the biggest private rooms at Singapore's Tycoon and Hangzhou's In11. The casino logic still holds—HLP delivered nearly 10% returns in a single day today. Investing in the greatest casino of this era—Perp DEX—is just getting started.