NewsBTC
Apr 2, 2026 upd. 9 Jun

Hyperliquid Brent oil perp posts $17.17M largest crypto liquidation, dethroning Bitcoin

2 min

Hyperliquid’s tokenized Brent oil perps triggered $46.6M in liquidations in 24 hours. Oil ranked third after Ether at $104.5M and Bitcoin at $98.3M.

The largest single wipeout was a $17.17M Brent oil position on Hyperliquid, per a Binance Square report. It’s the second time in under a month oil led individual liquidations on a crypto venue.

A geopolitical jolt flipped correlations. After President Trump vowed to hit Iran “extremely hard,” Brent spiked above $106 on a 5% intraday jump. Long‑crypto/short‑oil trades blew up. Hedges turned into leverage.

Key numbers

  • 24h liquidations by asset: ETH $104.5M, BTC $98.3M, Brent oil $46.6M
  • Largest single liquidation: $17.17M Brent oil on Hyperliquid (Binance Square)
  • Market‑wide liquidations: $403M across 137,031 traders; longs lost $234.6M, shorts $168.7M
  • Price move: Brent > $106 after a 5% intraday jump

On‑chain commodity perps are now a macro shock absorber. The BRENTOIL–USDC pair traded near $107.19 with $977M 24h volume and $515M open interest. Later, BRENTOIL hovered around $109 with $736M 24h volume and almost $540M OI. 24h change was 7%.

Since the conflict began, tokenized oil has sat among Hyperliquid’s five most‑liquidated instruments at least three times. Cross‑asset margining means an oil spike can force liquidations across the account, including BTC and ETH, even when positions look uncorrelated on paper.

BRENTOIL, BRENTOILUSDT