According to Hyperinsight, two major whale addresses on Hyperliquid opened a spread position (long WTI, short Brent crude) worth $27 million combined on May 6, betting on U.S. crude outperforming Brent. During today’s sharp oil price decline, WTI crude weakened, pushing the two addresses’ 20x leveraged WTIOIL short positions close to liquidation. If oil prices fall further and WTI drops below $90, long positions face liquidation risk; if prices rebound, short positions face similar liquidation threats.
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