Weekend Sell-Off Hits EdgeX’s Nasdaq-Linked Perp as $13M in Longs Liquidated

A large short placed during off-hours sent EdgeX’s XYZ100 perpetual down nearly 4%, exposing risks in equity-index perps when traditional markets are closed.\nWhat to know : A newly created wallet executed a short worth roughly $10 million on EdgeX’s Nasdaq 100–linked perpetual, triggering a rapid 3.5% price drop and a liquidation cascade across long positions. With U.S. equity markets closed, traders cannot hedge exposure to the Nasdaq, leaving equity-index perps more susceptible to large orders and thin liquidity. EdgeX processed about $167 billion in perp volume last month, underscoring how fast-growing crypto derivatives platforms are pushing into tokenized equities.