$130M Liquidated in Hyperliquid’s XPL Futures Ahead of Plasma Token Launch
Hyperliquid’s XPL futures market saw unprecedented volatility overnight as open interest plunged from $160 million to just $30 million within minutes, triggered by a rapid, trader-driven price spike. The sudden move wiped out over 80% of positions and cleared the sell-side of the order book.
Reports indicate that the chaos began when a trader went long tens of millions of dollars in XPL, pushing the token’s price up 200% in under two minutes to $1.80. The rapid surge forced a wave of automatic deleveraging across the market.
Some traders faced steep losses. One user attempting a 1x leverage hedge lost $1.4 million, while another, StableDruid, saw their 50% XPL allocation wiped out entirely without leverage. Others profited handsomely: one wallet gained $16 million in just a minute while retaining $10 million in XPL exposure, and trader Techno_Revenant closed a $20 million long to realize nearly $25 million in gains.
The liquidation event comes days before Plasma’s official XPL token launch. The stablecoin-focused blockchain, backed by Founders Fund, Framework Ventures, and Bitfinex, recently completed a $250 million USDT yield program on Binance in under an hour, highlighting strong market interest in the upcoming token debut.
