The October 11, 2025 crypto crash saw a record-breaking $19 billion in leveraged positions liquidated. Perpetual futures contracts, designed for hedging risk, instead became the very instruments that failed traders during this event. Auto-deleveraging (ADL), oracle errors, and liquidity collapse turned safe short positions into liquidation triggers, wiping out even delta-neutral strategies. Options and structured products are emerging as potential alternatives. Deribit saw a surge in Bitcoin put volumes, while exchanges like LBank introduced new risk isolation frameworks to prevent systemic liquidations. The future of hedging now hinges on transparent and resilient systems.