About this Chart

ADL is shown separately from liquidations because it is a different event, not a more severe liquidation. A liquidation has one victim and a keeper who profits from the discounted takeover and pays the protocol a fee. ADL has no keeper and no fee: the protocol NETS a profitable position against a bankrupt one and force-closes BOTH. Verified with a present-value proxy -- a long is in the money when the prevailing implied rate is above its entry rate, a short when below -- the receiving party is 93.1% in profit while the giving party is 97% in loss, and both parties' position magnitude falls, in 97.7% and 99.3% of cases. So ADL confiscates a winner in order to absorb a loser. Notional is counted ONCE per event: it is the size transferred, which is simultaneously the amount closed on each side, so summing the two parties would double it. Leg caveat: the side shown is the BANKRUPT party's, so leg_long means the bankrupt was long and by construction the confiscated winner was short. This series is sparse by nature -- ADL has fired on only 15 days ever, three of them dust amounts near 1e-18, and $16.5m of the $20.2m lifetime total is Hyperliquid oil (xyz:CL and xyz:BRENTOIL) during April 2026. Expect a near-empty daily chart with a few large spikes. Fan-out varies by episode: on 2026-04-07 thirty-two bankrupt accounts were netted against seventeen confiscated ones, whereas on 2026-08-22 a single bankrupt account was spread across six.