$130M Liquidated in Hyperliquid XPL Futures Ahead of Plasma Token Launch
Hyperliquid’s XPL futures market faced a dramatic spike in volatility overnight as open interest plunged from $160 million to just $30 million within minutes. The sudden drop, driven by a trader-triggered price surge, wiped out more than 80% of positions and cleared the sell-side of the order book.
The cascade was reportedly sparked by a single trader going long tens of millions of dollars in XPL, sending the token’s price up 200% in under two minutes to $1.80. The rapid move forced widespread auto-deleveraging across the market.
While some traders suffered heavy losses—one lost $1.4 million attempting a 1x hedge, and another, StableDruid, lost an entire 50% XPL allocation—others profited from the chaos. A wallet reportedly gained $16 million in under a minute while still holding $10 million in XPL, and trader Techno_Revenant closed a $20 million long to net nearly $25 million.
The event comes just days ahead of Plasma’s official XPL token launch. The stablecoin-focused blockchain, backed by Founders Fund, Framework Ventures, and Bitfinex, recently filled a $250 million USDT yield program on Binance in under an hour, highlighting strong market interest.
