Hyperliquid 10/10: $641M Force-Sold, $64M Hit the Order Book — One Year Later

A year after Hyperliquid’s 10/10 liquidation event, a post by @BeaconLayer says $641 million was force-sold in a single minute, but just $64 million hit the order book. That means the amount sold was roughly ten times the amount the post says reached the market’s visible bids and asks.

The post also says Coinbase, Kraken and the White House are now “plugging in.” It does not specify what each is connecting to, so the claim is best read as a broad comparison—not evidence that those institutions are directly operating on Hyperliquid.

What does the $641 million versus $64 million gap tell us?

Forced selling happens when a trading position is automatically closed, often because losses have eaten through the collateral supporting it. The post’s figures distinguish the total value force-sold from the smaller amount that reached Hyperliquid’s order book. It offers no further detail about how the difference was handled, or how the two figures were measured.

For traders, the episode is a reminder that a large liquidation figure does not by itself show how much trading activity appeared on the venue’s order book. During a fast market move, that distinction matters: the post’s numbers point to a sharp gap between the reported forced selling and the amount hitting the book.

What has changed since then?

BeaconLayer frames the anniversary as a contrast between the event a year ago and what it describes as current institutional and government connections: Coinbase, Kraken and the White House. The post names those entities but gives no dates, products, agreements or operational details, so it is not possible to tell what “plugging in” means in each case.

That uncertainty is particularly relevant for readers following U.S. crypto policy. Recent CFTC regulatory proposals sent to the White House and SEC custody-rule changes under review show that agency proposals are reaching the White House, but they do not establish a connection to Hyperliquid. For users, the practical next step is to look for named products or formal announcements before treating the post’s institutional references as a specific change to the exchange.

Notably, Hyperliquid has been actively pursuing U.S. market entry through a partnership with Kraken parent Payward, pending CFTC approval. Separately, Coinbase already manages USDC liquidity on Hyperliquid under a deal announced in May 2026. These concrete arrangements give context to BeaconLayer’s otherwise vague claim.