So in the end, it was Binance that stepped in to cover the losses, but honestly, that’s not surprising. For any Perp exchange: liquidity - token listing coverage - risk control is inherently a trade-off triangle. No matter the choice, it can only be explained as 'it's a feature, not a bug.' This applies to BN, OK, HL, and all the others. The problem is, you can’t look at issues through the rearview mirror. When things go wrong, people start pointing fingers, but why didn’t anyone speak up when they were making money? Using this to hype up Perp DEX is just dumb. For any small exchange, as long as it doesn’t dominate liquidity for trading pairs, prices will inevitably be transmitted downward—either through arbitrage hedging like all order books or through oracle transmission like GMX and other AMM Perps. Binance, as the primary liquidity venue for most altcoins, will always be the fastest in price discovery and the most reactive when extreme market movements originate there. This crash was incredibly fast—just a few minutes. Some exchanges are using this to brag about their strong risk control, but in reality, it’s just covering up their delayed pricing and insufficient hedging issues. What if this were a major volatility event, stretched over 1-2 hours of cascading collapse? AMM Perps would still get hit due to oracle price transmission, though they wouldn’t face zero liquidity; CEXs or smaller order book exchanges would experience even larger-scale price spikes due to thin liquidity—or worse, they’d rely on internal liquidity betting and fail to hedge, taking everything down with them. Ironically, the only way to avoid this is literally 'pulling the plug,' halting trading to maintain a facade of stability—like DYDX’s 'global ADL' maneuver this time. So instead of bragging about risk control during extreme market conditions, it’s better to brag about being able to compensate for losses when things go wrong. Using this as a marketing tactic is fine, but don’t start believing your own hype. This time, luck was on your side. What about next time?