Top 10 stock perps on decentralized exchanges saw $110.3 million in liquidations over the past 30 days, with 54% of that total concentrated in the past week alone, according to RWA tracking data.
SKHX led the pack at $23 million in liquidations, followed by SPCX at $19.2 million. INTC ($13 million), SNDK ($10.1 million), and LITE ($8.8 million) rounded out the top five, all tech and chip names where underlying volatility has run hot on AI-cycle and earnings-driven headlines.
Why it matters
The data points to a maturing but still narrow RWA derivatives corner of DeFi, where synthetic stock exposure has become a tradable surface for crypto-native capital. Stock perps on DEXs run 24/7 and clear without traditional market hours, which means earnings-driven gaps can cascade into single-session liquidation clusters that traditional venues cannot replicate.
The 54% concentration in the trailing week is the angle worth flagging. $59.6 million out of $110.3 million hitting in seven days signals traders are responding to specific catalysts in the underlying names rather than drifting through routine positioning.
Market impact
The $110.3 million total is small relative to broader crypto perp liquidations, but the velocity is what matters. Half the 30-day volume concentrated in a single week points to accelerating leverage in the segment, worth tracking as more capital routes into tokenized equity exposure.
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Frequently asked questions
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What were the largest stock perp liquidations on DEXs over the past 30 days?
The top five were SKHX at $23M, SPCX at $19.2M, INTC at $13M, SNDK at $10.1M, and LITE at $8.8M, together accounting for the bulk of the $110.3M total across the top 10 stock perps.
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How much of the $110M in liquidations occurred in the past week?
Roughly 54%, or about $59.6M, hit in the trailing seven days, signaling a sharp acceleration in liquidations versus the prior three weeks combined.
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What are stock perpetuals on DEXs?
They are tokenized perpetual contracts tracking the price of individual equities, traded on decentralized exchanges around the clock without traditional market hours or settlement friction.
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Why are tech and chip names dominating the liquidation list?
INTC, SNDK, and LITE all sit in tech and chip categories that have shown elevated underlying volatility on AI-cycle and earnings-driven headlines, increasing the risk of leveraged liquidations cascading.
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Is the $110M total large compared to broader crypto perp liquidations?
The figure is small relative to broader crypto perp activity, but the velocity, with half the 30-day volume concentrated in a single week, is the angle worth flagging for the RWA derivatives segment.
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