BTC ETH Many people are curious why Hyperliquid did not liquidate Big Cake when it reached its liquidation price (176) before James reduced his position and placed more orders on Pepe; There are two reasons: 1： Before clearing, the clearing agent of the exchange needs to assess the current market liquidity. If someone's order size reaches a certain level, such as James' order of over 700 million, the clearing agent will not immediately clear it at its clearing price. Otherwise, there will be a large amount of leverage and lead to liquidation, so it usually provides some buffer space for large investors; 2： Clearing is calculated based on the marked price, which can relatively avoid errors caused by insertion. In addition, there will be a clearing order queue during clearing, and the orders of this large customer may be about to enter or have already entered the clearing queue; What's interesting here is that on the edge of the big player's liquidation, the big pie suddenly rose by 1200 points. I don't think this is James buying spot to save himself, but a lot of smart money game. After James's liquidation, there will be a fluctuation of upward injection, which leads to a rush buying behavior;