Hyperliquid Traders Face Widespread Liquidations as Oil Prices Collapse

On a notional basis, Hyperliquid users lost $79.7 million worth of leveraged positions while trading Brent and WTI crude oil perpetual futures. On the decentralized exchange, Bitcoin was the only other asset that had prompted comparable losses at $107 million.

Benchmark oil prices plunged on Tuesday after U.S. President Donald Trump declared that Iran had agreed to a two-week ceasefire. The last time benchmark oil prices sparked liquidations on Hyperliquid, the president had unveiled a five-day pause on military strikes against Iran’s energy infrastructure. What’s more, an explosion occurred near an oil refinery in Port Arthur, Texas.