Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Oil shorts on Hyperliquid get wiped out as c
Markets
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Oil shorts on Hyperliquid get wiped out as c
Oil shorts on Hyperliquid get wiped out as crude surges 30% on Iran escalation
For feedback or concerns regarding this content, please contact us at crypto.news@mexc.com
Oil shorts on Hyperliquid get wiped out as crude surges 30% on Iran escalation
Tokenized crude oil futures saw their largest liquidation event on crypto venues as the conflict expanded to Saudi Arabia and Gulf oil production collapsed.
By Shaurya Malwa|Edited by Omkar Godbole
Updated Mar 9, 2026, 4:59 a.m. Published Mar 9, 2026, 4:54 a.m.
Make us preferred on Google
What to know:
- Crude oil’s historic price spike, driven by a sharp escalation in the Iran-Israel conflict, triggered nearly $40 million in liquidations on Hyperliquid’s tokenized oil contracts, with about $36.9 million coming from short positions.
- The surge pushed Hyperliquid’s CL-USDC contract as high as $114.77 and helped make oil one of the platform’s largest single-asset liquidation events outside bitcoin and ether, even as broader crypto markets suffered a risk-off sell-off.
Crude oil just had its biggest day in history, and the traders shorting or taking bearish bets on it over the weekend paid the price.
Tokenized oil perpetual contracts on Hyperliquid recorded nearly $40 million in liquidations over the past 24 hours, per Coinglass, with $36.9 million of that coming from short positions that got obliterated as crude surged roughly 30% on a dramatic escalation of the Iran conflict.
The CL-USDC contract on Hyperliquid jumped to $114.77, up nearly 20% in 24 hours. The USOIL-USDH pair hit $135, up 9% on the day after already surging earlier in the week.
The oil move dwarfed everything else in commodities. Brent and WTI are trading at levels not seen since Russia's invasion of Ukraine in 2022, and the single-day percentage gain is on track to be the largest in the history of the oil market.
The catalyst was a weekend that went from bad to catastrophic. Iran appointed Mojtaba Khamenei as new supreme leader, replacing his father who was killed in the opening wave of strikes. Israel launched a fresh round of attacks on Iranian and Hezbollah infrastructure.
Iranian missiles and drones expanded beyond Israel to hit Saudi Arabia and Bahrain, killing two people near Riyadh and targeting energy infrastructure. Iraq's oil output dropped roughly 60%. Kuwait and the UAE trimmed production as tanker traffic through the Strait of Hormuz collapsed.
Anyone shorting oil into that backdrop got carried out. The $36.9 million in short liquidations on the CL contract alone made oil one of the largest single-asset liquidation events on Hyperliquid outside of bitcoin and ether on Sunday.
Across the broader crypto market, CoinGlass data shows 94,058 traders were liquidated in the past 24 hours with total losses hitting $364.4 million. Bitcoin accounted for $156.67 million of that, ether contributed $70.88 million, and solana added $19.8 million.
Long liquidations outpaced shorts at $215 million versus $149 million, reflecting the broader sell-off in crypto as risk assets dropped on the escalation. The largest single liquidation was a $6.88 million BTC-USD position on Hyperliquid.
Traders are increasingly using crypto perpetual markets to express macro views on oil, metals, and currencies, drawn by 24/7 access, lower margin requirements, and the ability to trade during weekends when traditional commodity markets are closed.
When missiles start flying on a Saturday, Hyperliquid's oil contract is one of the only places in the world where you can get leveraged crude exposure.
Open interest on the CL-USDC contract sat at $195 million with $570 million in 24-hour volume, numbers that would have been unthinkable for a tokenized commodity product a year ago. The USOIL pair carried $4.1 million in open interest with $16.2 million in volume, smaller but growing.
More For You
Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race
CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events.
What to know:
- Disrupting a Stagnant Market: Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product.
View Full Report
More For You
Bitcoin could face deeper downside as odds of U.S. market meltdown rise to 35%
Veteran strategist Ed Yardeni raised his probability of a stock market crash this year as oil tops $100, the dollar posts its best week in a year, and the Iran conflict expands to Saudi Arabia.
What to know:
- Bitcoin is holding steady around $67,000 despite sharp declines in global equities, surging volatility and rising oil prices.
- Market strategist Ed Yardeni has raised the odds of a U.S. market meltdown to 35 percent as higher oil prices threaten both inflation and employment.
- Research from NYDIG suggests that only about a quarter of Bitcoin's price moves can be explained by its correlation with equities, with the rest driven by crypto-specific factors.
Read full story
Latest Crypto News
Bitcoin could face deeper downside as odds of U.S. market meltdown rise to 35%
Oil futures surge 20% past $110 as war fears hammer Asian stocks, bitcoin steady near $67K
Bitcoin tumbles below $66,000 as oil prices explode nearly 20% higher
Crypto’s Rock ’n’ Roll Era Is Over
Bitcoin is still a great way to diversify portfolio even if it trades like a tech stock, analyst says
Market structure state of play: State of Crypto
Top Stories
Oil leaving Middle East trades over $100 a barrel. Here’s how it could affect bitcoin
Bitcoin dip may not be over as whales sell into retail buying — a bearish signal
Why bitcoin couldn't hold $70,000 despite its best week of Wall Street news in months
Trump's cyber strategy vows to 'support the security' of cryptocurrencies and blockchain
Those who cheered U.S. Bitcoin reserve have spent year watching Trump's order languish
Kalshi, Polymarket seeking $20 billion valuations in fundraising talks: WSJ
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact crypto.news@mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
Patos (PATOS) Price Alert: 108% Gains Guaranteed from Solana Token?
Following the strategic addition of crypto icon Mark Zuckerfart as Lead Marketing Executive, presale activities spiked a staggering 500%. This […] The post Patos
Share
Coindoo2026/03/09 20:49
Safe-Haven Status Faces Unprecedented Pressure As DBS Flags Critical Shifts
The post Safe-Haven Status Faces Unprecedented Pressure As DBS Flags Critical Shifts appeared on BitcoinEthereumNews.com. US Dollar: Safe-Haven Status Faces Unprecedented
Share
BitcoinEthereumNews2026/03/09 20:55
JPMorgan Chase warns that US stocks could fall by 10% due to the Middle East conflict, and the market is not yet prepared.
PANews reported on March 9th that JPMorgan Chase's trading department stated that a war with Iran could trigger a drop of up to 10% in the S&P 500 from its highs
Share
PANews2026/03/09 21:13