Millions

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Pseudonymous trader who goes by&nbsp;@DefiSquared, the most successful trader on the Bybit exchange and the top wallet of DeBank, shared the story of one insane opportunity that happened today amid the cryptocurrency carnage. 
<h2 id="top-trader-made-millions-purchasing-xrp-positions-with-45-discount">Top trader made "millions" purchasing XRP positions with 45% discount</h2> 
Trader&nbsp;@DefiSquared managed to make "seven figures" thanks to a mysterious imbalance in XRP pairs on Bybit. Today, Aug. 18, 2023, the prices between coin-margined and USDT-margined XRP-based derivatives on Bybit were trading with 45% difference. This created an amazing arbitrage opportunity explored by the trader. 
<blockquote class="twitter-tweet"> 
 For anyone curious, the arb today was between the XRPUSD and XRPUSDT contracts on Bybit. A 45% discount occurred that closed after 10-20 minutes.Most likely, algo market makers ran out of spot XRP needed for the coin margined contract amidst the large liquidations that occurred <a href="https://t.co/58RI9y1IHs" rel="noopener noreferrer nofollow">https://t.co/58RI9y1IHs</a> <a href="https://t.co/CpEiPFwAPQ" rel="noopener noreferrer nofollow">pic.twitter.com/CpEiPFwAPQ</a>— DeFi^2 (@DefiSquared) <a href="https://twitter.com/DefiSquared/status/1692367864164938229?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 18, 2023</a> 
</blockquote> 
The dicsount "window" only lasted for 10-20 minutes. It might have happened due to large and unpredictable liquidations of XRP traders' positions. 
As explained by the trader, algorithmically backed market-makers faced a shortage of spot XRP cryptocurrency needed for coin-margined derivatives trading. 
Their colleagues who were trading USDT-margined contracts were not affected by the issue. 
Just like all major altcoins, XRP is badly affected by the ongoing panic-driven sell-off. In almost no time, the token plunged from $0.57 to $0.47, losing over 17.5% of its value. 
<h2 id="bybit-exceeds-binance-by-xrp-liquidations-amid-collapse">Bybit exceeds Binance by XRP liquidations amid collapse</h2> 
The collapse was surrounded by record-breaking liquidations on cryptocurrency markets. In total,&nbsp;175,252 traders were liquidated in the last 24 hours, while the aggregated losses eclipsed $1.04 billion in equivalent. 
When it comes to XRP, the total volume of liquidations is estimated at&nbsp;$27.92 million; almost 90% of this sum were the long positions of XRP bulls. 
Out of this whopping amount, Bybit is responsible for $7.8 million, while Binance (BNB), the largest cryptocurrency exchange globally, is in charge for $7.4 million in equivalent. 
The net market capitalization of crypto markets dropped by 6% overnight.

XRP Trader Made Millions Today Thanks to This 'De-Peg'

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