XPL Futures on Hyperliquid Experience $130 Million Liquidation Before Token Launch
The futures market for Plasma’s unreleased XPL token on Hyperliquid experienced extreme volatility, with over $160 million in open interest liquidated in under 10 minutes. Key points include:
- More than 80% of positions were cleared, reducing open interest from $160 million to $30 million.
- The price of XPL surged to $1.80, increasing by over 200% within two minutes, leading to significant liquidations.
- A trader attempted to hedge a position but suffered a loss of $1.4 million due to price manipulation.
- A wallet profited $16 million shortly after executing a large long position while maintaining exposure of 15 million XPL worth $10 million.
- Another trader closed a $20 million long via auto-deleveraging and gained nearly $25 million.
- This incident occurred just days before the official launch of Plasma’s XPL token.
- Plasma has backing from Founders Fund, Framework Ventures, and Bitfinex.
