On October 10th, crypto markets saw $19,000,000,000 in liquidations, wiping out most traders within hours. Accounts zeroed almost instantly. Yet a few funds made life changing profits. What triggered this, and even more importantly… how did these few funds profit so much from the others? To understand, we need to explain auto-deleveraging (ADL), a safety mechanism that exchanges use to prevent collapsing when prices move too quickly. ADL happens when the exchange cannot pay the profits from some traders’ positions with the losses from others. To protect the system, it force-closes profitable trades. During the market crash, Hyperliquid alone faced over $1,250,000,000 in liquidations, and through ADL, its vault banked $30,000,000+ while maintaining stability. But if exchanges closed the most profitable trades, how did some traders escape? The best firms operate systems that monitor many exchanges and trade across all of them at once. This reduces ADL risk, improves access to liquidity, and opens up arbitrage opportunities. Managing this manually is nearly impossible, so here’s what the best funds do: Funds like Wintermute have a fundamental edge over solo whale traders. They hire teams of engineers to build in-house trading engines. Solo traders who move substantial size but don’t have that infrastructure are left exposed, hurting their returns. This is why we're building Nomina. The whale traders using Nomina today benefit from: • Risk monitoring for events like ADL • Deeper liquidity by accessing multiple exchanges • Access to some of the most profitable arbitrage opportunities in the industry Nomina's early beta testers have already placed thousands of trades. You can see how they do it by signing up for exclusive access: