Hyperliquid's largest crude oil short position is on the brink of liquidation; oil prices need only rise 2.85% to liquidate a $12 million short order.

BlockBeats news, October 23 - According to TradingBeats data, the largest short position on Hyperliquid for crude oil (xyz:CL) is on the verge of liquidation. This address uses aggressive 20x leverage to trade crude oil contracts, with a position size of $12.63 million, an opening price of $96.7, and a liquidation price of $102.85. Currently, the oil price ($100) only needs to rise another 2.85% to reach its liquidation price.

Recently, oil prices have risen again, driven primarily by the sudden escalation of geopolitical risks in the Middle East combined with persistently tight supply. The escalation of US-Iran confrontation in the Strait of Hormuz, increased friction between Iran's Revolutionary Guard and US forces, and continued attacks by Houthi forces on Saudi oil facilities have collectively pushed up the risk premium for crude oil supply disruptions.