Oil trader loses $17M on Hyperliquid after Trump statements
Over the past 24 hours, total liquidations across the crypto market reached $403 million. Of that, $46.6 million came from tokenized Brent oil futures traded on Hyperliquid.
According to CoinDesk, oil ranked third among all assets by liquidation volume, behind Ethereum ($104.5 million) and Bitcoin ($98.3 million). The single largest liquidation across all assets was a $17.17 million Brent position on Hyperliquid. This marks the second time in the past month that oil has produced the largest individual liquidation on a crypto platform.
The BRENTOIL-USDC contract on Hyperliquid traded at $107.19, up roughly 2% on the day. Trading volume reached $977 million over 24 hours, while open interest stood at $515 million. For context, that level of open interest exceeds the total market capitalization of many mid-cap crypto tokens.
Why liquidations were triggered and who was affected
The wave of liquidations was triggered by Donald Trump’s national address. Instead of signaling de-escalation, which had fueled a two-day rally, he promised to hit Iran “extremely hard.” Following these remarks, Brent crude surged 5% on traditional markets, moving above $106.
Traders betting on a ceasefire were hit the hardest. In particular, those holding long positions in crypto while shorting oil were caught on both sides, as the market moved against them in two directions at once.
Out of the $403 million in total liquidations affecting 137,031 traders, long positions took the bigger hit at $234.6 million compared to $168.7 million in shorts. This imbalance reflects a broad sell-off in risk assets after Trump’s speech reversed Tuesday’s optimism. Within a four-hour window around the address, $153.7 million in positions were liquidated, including $130.8 million in longs.
The tokenization trend
Hyperliquid has recently gained traction amid rising geopolitical tensions. After Trump announced the start of a military operation over the weekend, traditional markets were closed, leaving traders without access to their usual instruments. As a result, attention shifted to crypto platforms operating 24/7 — particularly Hyperliquid, which offers tokenized assets such as oil, gold, and other macro instruments.
The ability to trade these assets outside traditional market hours has turned Hyperliquid into a focal point for capital and speculative activity. Traders looking to react to news in real time increasingly turned to tokenized futures and leverage, driving a sharp increase in both volumes and liquidations. As a result, the platform has emerged as a key hub for liquidity redistribution while traditional markets were temporarily offline.
It is worth noting that in October 2025, Hyperliquid introduced the HIP-3 upgrade, further strengthening the platform’s decentralization.
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