First-party telemetry from Leverage.Trading shows how retail traders measure risk before market headlines hit.
As volatility wiped out billions across crypto and equities this summer, most headlines told the story after the fact — counting liquidations once positions were already gone. But new data from Leverage. Trading’s Global Leverage & Risk Report (August 2025) suggests retail stress builds long before markets snap.
Based on anonymized first-party telemetry from 27,416 traders across 94 countries, the report captures how traders used risk calculators to test liquidation levels, margin exposures, and position sizes in advance — a behavioral signal rarely visible in broker data.
The activity reflects traders operating on major crypto leverage trading platforms and crypto futures exchanges, where pre-trade checks often determine position size and liquidation tolerance before orders are executed.
Traditional exchange feeds log liquidations once they’ve already occurred. Leverage.Trading’s data flips the lens: it records how traders planned risk before placing trades.
One striking case: on July 11, liquidation safety checks spiked 5× above baseline just hours before a $1.29 billion short wipeout in Bitcoin. Headlines later reported the losses; telemetry showed the panic in motion before the crash.
This mirrors patterns seen in professional volatility data. On the same day, CoinGlass recorded one of the largest funding rate inversions since 2022, while Barron’s and The Block highlighted the wave of forced liquidations across derivative venues.
August 2025 provided a series of live stress tests.
“The smartest traders don’t wait for headlines,” said Anton Palovaara, founder of Leverage.Trading. “They run the numbers first, and our August data showed stress building well before the market broke.”
The dataset also surfaced geographic patterns in risk behavior:
The August dataset reflected defensive behavior across traders using major crypto futures trading platforms. U.S. traders, in particular, leaned on liquidation checks around regulated venues like CME, while offshore platform users tested higher leverage scenarios under looser caps.
Perhaps most telling: 85% of all liquidation safety checks happened on mobile devices, highlighting how risk management increasingly happens on the move, thumb by thumb.
Institutions have the CBOE VIX to track volatility expectations. Leverage.Trading aims to extend that concept to retail with its upcoming Retail VIX — an index built from millions of aggregated calculator checks.
The idea isn’t prediction, but behavior: when risk-testing spikes 3× above baseline, it signals retail sentiment under stress.
Findings are drawn from anonymized first-party usage of Leverage.Trading’s calculators — tools retail traders use daily while planning positions across crypto leverage trading platforms, margin exchanges, and futures markets in the U.S. and globally.
Unlike broker records that only reveal executed trades, this telemetry captures the pre-trade risk checks made before capital is committed.
The report reflects 27,416 unique traders and 1.4 million setups analyzed between July 14 and August 17, 2025.
This approach offers an upstream perspective on market psychology — not just what trades were executed, but how traders prepared to survive.
Editorial note: Leverage.Trading operates as a first-party data publisher and analytics hub within the leveraged-trading ecosystem, specializing in retail behavior telemetry, pre-trade risk analytics, and educational research on derivatives markets. The brand also conducts transparent assessments of major crypto leverage, margin, and futures exchanges, focusing on usability, regulation, and risk-management practices. Its datasets and reports are cited across leading crypto, fintech, and institutional trading media as reference material for retail risk sentiment and market structure analysis.
About the Author: Anton Palovaara is the founder of Leverage.Trading and a derivatives trader with over a decade of experience across crypto and FX markets. He leads the brand’s research on retail risk behavior and pre-trade analytics.
