The ADL Queue
Interactive ADL priority queue: drag the shortfall slider past the insurance fund to trigger auto-deleveraging. Positions close highest-profit-% first.
⬢ loading artifact…
Appears in
The Forced Exit: Autodeleveraging and the Hidden Tax on Winning Perpetual Positions
When a perp DEX's insurance fund runs dry, ADL force-closes winning positions first — ranked by profit %. Chitra 2026 proves no mechanism can be solvent, fair, and revenue-neutral. Hyperliquid Oct 10 2025: $2.1B closed, $653M via ADL, $45–51.7M haircut in 12 min.
8 min read ⬢ interactive