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3h ago

Hyperliquid’s XPL Flash Spike Triggers Liquidations, Concentrating About $46 Million in Profits

On-chain data points to a localized oracle-driven move that funneled large gains to four wallets.

Hyperliquid
Xpl futures on hyperliquid see $130m wiped out ahead of the plasma token's launch
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Overview

  • XPL on Hyperliquid jumped roughly 200% to $1.80 within minutes before reversing, unleashing mass short liquidations.
  • Open interest fell from about $160 million to near $30 million as more than 80% of positions were liquidated, according to market reports.
  • Analysts attribute about $46 million in profits to four main wallets, led by 0xb9c…6801e after an estimated $16 million USDC deposit and aggressive buying.
  • The price dislocation was isolated to Hyperliquid, with Binance and Bitget showing no similar move, reflecting the DEX’s reliance on a single internal oracle.
  • Short-side traders reportedly injected emergency collateral, including $44 million and $29 million in USDC, while Hyperliquid’s HYPE token set a $51.05 intraday high before easing.