Futures
Access hundreds of perpetual contracts
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Futures Kickoff
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Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to experience risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Launchpad
Be early to the next big token project
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
On October 11, the crypto assets market experienced an epic big dump (see "1011 Night of Terror: Crypto Market Instant Fall, 20 Billion Dollars Vanished").
Although the market has shown signs of recovery, discussions surrounding massive liquidations and various perpetual contract exchanges have not cooled down, especially after Hyperliquid confirmed that it executed the "Automatic Deleveraging" (ADL) mechanism for the first time since its operation began two years ago, making ADL a focal point of market discussions.
What exactly is ADL? Why are my profitable positions being automatically reduced or even liquidated? Doug Colkitt, the founder of Ambient Finance, recently provided a simple and detailed explanation of this mechanism on his personal X.