Ahead of Plasma Token Launch, Hyperliquid Records $130M in XPL Futures Liquidations

Hyperliquid XPL Futures See $130M Wiped Out Ahead of Plasma Token Launch

The XPL futures market on decentralized exchange Hyperliquid experienced extreme volatility overnight, with open interest collapsing from $160 million to just $30 million in minutes. The sudden plunge, driven by a rapid price spike, wiped out more than 80% of outstanding positions and emptied the sell-side of the order book.

The cascade began when a trader took a massive long position worth tens of millions of dollars, pushing XPL’s price to $1.80—up over 200% within two minutes—and triggering a wave of auto-deleveraging.

While some traders suffered heavy losses, others profited handsomely. One wallet gained $16 million in under a minute while retaining $10 million in XPL exposure, and trader Techno_Revenant closed a $20 million long to net nearly $25 million. Others, including StableDruid, were less fortunate, losing large portions of their allocations despite hedging.

The liquidations come just days ahead of the official launch of Plasma’s XPL token. The stablecoin-focused blockchain, backed by Founders Fund, Framework Ventures, and Bitfinex, recently completed a $250 million USDT yield program on Binance in under an hour, signaling strong market demand for the upcoming token.