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yesterday

Hyperliquid Moves to Curb Pre-Launch Volatility After XPL Squeeze Wipes Out $160 Million

The exchange will impose a 10x EMA-based mark-price cap, introducing external data for pre-launch contracts to address single-oracle concerns.

Hyperliquid Whale Scoop Up $3.9mln Worth of Tokens: Any Impact on Hype?
Hyperliquid
Xpl futures on hyperliquid see $130m wiped out ahead of the plasma token's launch
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Overview

  • On Aug. 27, XPL pre-contracts on Hyperliquid jumped about 200% to $1.80 within minutes before retracing, erasing more than $160 million in open interest and liquidating over 80% of positions.
  • The price dislocation was limited to Hyperliquid as Binance and Bitget showed no comparable move, a divergence attributed by coverage to Hyperliquid’s single internal oracle.
  • On-chain analysis indicates four wallets captured roughly $46 million in profits, with wallet 0xb9c…6801e cited as a primary actor, though any connection to Justin Sun remains unproven.
  • Hyperliquid said its liquidation sequence operated as designed, with order-book liquidations handing off to auto-deleveraging to avoid bad debt and effects confined to XPL markets.
  • In its response, Hyperliquid will cap mark prices at 10x the 8-hour EMA and begin factoring external market data into pre-launch pricing to bolster safeguards.