Futures Market for Plasmas non -released XPL token on decentralized exchange hyperliquid experienced one of its most unstable commercial episodes to date overnight, with more than $ 160 million in open interest rates of less than 10 minutes.
More than 80% of the outstanding positions were liquidated and collapsed open interest rates from $ 160 million to just $ 30 million while clearing the entire sales book.
A trader wrote how they tried to “uncover their XPL position with 1x leverage” only for the price to be “manipulated”, resulting in the loss of $ 1.4 million.
The price of XPL spiked to as high as $ 1.80, which increased by more than 200% within two minutes to spur a number of massive liquidations.
A trader allegedly triggered the carnage by walking long tens of thousands of millions of dollars in XPL, effectively emptying the order book and forcing a cascade of auto-interception.
The wallet equalized $ 16 million in surplus within a minute of settlement of part of the position, while still maintaining a long exposure of over 15 million XPL worth $ 10 million.
Another trader, known on X as Techno_revenant, closed a $ 20 million long via auto relief and the net nearly $ 25 million in winnings. Others were less fortunate: “1x no leverage, account destroyed, only covering 50% XPL allocation,” wrote X -user staplentruid.
The chaos comes only a few days before the official launch of Plasmas XPL token. Plasma, a StableCoin-focused Blockchain supported by Founders Fund, Framework Ventures and BitFinex, recently filled in a $ 250 million USDT yield on Binance in less than one hour.
