According to ChainCatcher, K33 analyst Vetle Lunde said that the exchange's liquidation data is far lower than the actual market liquidation volume. In order to provide a "fair trading environment" (Bybit, September 2021) and "optimize user data flow" (Binance, April 2021), Binance and Bybit changed their liquidation WebSocket API to push liquidations once a second instead of reporting all liquidations. OKX also pushes a maximum of one order per second for each contract, and their data does not represent the total number of liquidations.
The consequence of this is that market liquidation data has been severely underestimated in the past three years.
He said that "the current liquidation data is relatively worthless as pure market information."