XPL Crash Leaves Hyperliquid’s HLP Vault With About $556,000 in Losses
On-chain data shows that a sharp drop in XPL triggered a chain liquidation of long positions and left Hyperliquid’s HLP vault with an estimated loss of about $556,000. Before the sell-off, 16 wallets funded through centralized exchanges had been building XPL long exposure since Oct. 29, accumulating roughly 269 million XPL with a notional exposure of about $23 million. Of those, funds for 14 wallets were transferred through Binance around two months earlier, while 12 wallets withdrew about 2.02 million USDC before the price decline to reduce margin exposure. As XPL fell quickly from $0.086431 to $0.069429, the liquidation process forced the HLP vault to take over about 160.39 million XPL in long positions at an average entry cost of $0.07592, with a notional value of about $12.18 million. The vault later closed the position at $0.0725, resulting in the reported loss.
