On October 18, 2026, perpetual futures linked to AI-themed semiconductor stocks and ETFs fell sharply. About $51.6 million in positions were liquidated within a ten-minute window.
Direxion Daily Semiconductor Bull 3X Shares (SOXL) saw the largest liquidations, totaling about $12.73 million. Long positions accounted for about 73.8% of all liquidations.
The drop occurred while traditional U.S. stock markets were closed, highlighting the around-the-clock trading of equity perpetual futures on cryptocurrency-native platforms. No specific catalyst was immediately identified.