The futures market for Plasma’s unreleased XPL token on decentralized exchange Hyperliquid experienced one of its most volatile trading episodes to date overnight, with more than $160 million in open interest wiped out in less than 10 minutes.

More than 80% of outstanding positions were liquidated, collapsing open interest from $160 million to just $30 million while clearing out the entire sell-side of the order book.

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Author: Oliver Knight

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