Oil Contract Liquidations Surge on Hyperliquid Platform

Recent data from Hyperinsight and Coinglass reveals that over the past 12 hours, the xyz:CL (WTI oil mapping contract) experienced liquidations totaling approximately $39 million, ranking third across the network after BTC and ETH. According to BlockBeats, the contract is deployed by TradeXYZ on the Hyperliquid platform, with all liquidation amounts originating from Hyperliquid. The rise in oil prices has led to significant liquidations of short positions on CL by large investors on Hyperliquid, with the total exceeding tens of millions of dollars. The largest liquidation involved a major investor known for frequently countering leading assets (0x8af7), who held 72,178 CL short positions worth around $7.7 million, all of which have been liquidated. Following the liquidation, the investor quickly reopened short positions, currently holding $5.09 million in shorts at an average price of $107, with a liquidation price of approximately $137.