K33 Analysts: Market clearing data has been grossly underestimated in the last 3 years, major crypto exchanges report clearing data that loses trading reference value

According to K33 analyst Vetle Lunde, the exchange's clearing data is much lower than the market's actual clearing 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 clearing WebSocket APIs to push one clearing per second instead of reporting all clearings. OKX also pushes up to one order per second per contract, and their data does not represent the total number of liquidations.
The consequence of this is that market liquidation data has been grossly underestimated over the past 3 years.
He states that “current liquidation data is relatively worthless as pure market information”.