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Oil surge of 30% triggers massive short liquidations on Hyperliquid
Oil experienced one of the sharpest jumps in history, with traders who opened short positions over the weekend suffering significant losses.
Tokenized perpetual oil contracts on the Hyperliquid (HYPE) platform recorded nearly $40 million in liquidations over the past 24 hours, according to CoinGlass. Of this amount, $36.9 million came from short positions, which were liquidated as oil prices surged by about 30% due to the sharp escalation of the conflict involving Iran.
The CL-$USDC contract on Hyperliquid rose to $114.77, marking an increase of almost 20% in a single day. The USOIL-USDH pair reached $135, rising 9% during the day following gains earlier in the week.
Oil contracts on Hyperliquid.
The movement in oil prices overshadowed all other commodities on the raw materials market. Brent and WTI are trading at levels not seen since the beginning of the war in Ukraine in 2022, and the single-day price increase could become one of the largest in the history of the oil market.
The catalyst was dramatic events over the weekend. Iran appointed Mojtaba Khamenei as the new Supreme Leader, replacing his father who was killed during the initial strikes. Israel launched a new wave of attacks on Iranian and Hezbollah targets.
Iranian missiles and drones extended beyond Israel, with attacks affecting Saudi Arabia and Bahrain. Two people were killed near Riyadh, and energy infrastructure facilities were hit. Oil production in Iraq dropped by about 60%. Kuwait and the UAE also reduced output as tanker traffic through the Strait of Hormuz sharply declined.
Traders who opened short oil positions amid these developments suffered losses. Liquidations of short positions in the CL contract alone reached $36.9 million, making oil one of the assets with the largest liquidation volumes on Hyperliquid on Sunday, second only to Bitcoin and Ethereum.
Across the entire crypto market, according to CoinGlass, positions of 94,058 traders were liquidated in the past 24 hours, with total losses reaching $364.4 million.
Bitcoin accounted for $156.67 million, Ethereum for $70.88 million, and Solana for $19.8 million.
Liquidations of long positions exceeded short liquidations: $215 million versus $149 million, reflecting a broad sell-off across the crypto market amid rising geopolitical risks.
The largest single liquidation was a BTC-USD position worth $6.88 million on Hyperliquid.
Traders are increasingly using perpetual contracts on crypto platforms to speculate on the price movements of oil, metals, and currencies. They are attracted by 24/7 trading, lower margin requirements, and the ability to trade on weekends, when traditional commodity markets are closed.
When missile strikes begin on a Saturday, the oil contract on Hyperliquid is one of the few places in the world where traders can open leveraged positions on crude oil.
Open interest in the CL-$USDC contract reached $195 million, with $570 million in 24-hour trading volume — figures that would have seemed unimaginable for a tokenized commodity product just a year ago.
The USOIL pair had $4.1 million in open interest and $16.2 million in trading volume — smaller figures, but showing a clear growth trend.
