A trader known as @Techno_Revenant inadvertently earned $38 million in 20 minutes by causing a sudden surge in the price of XPL on the Hyperliquid platform. The trader, a novice in contract trading, mistakenly increased his order speed tenfold due to sleep deprivation, leading to a massive buy order that spiked XPL prices.
Initially, the trader accumulated $30 million in XPL long positions over two days, intending to finalize with an additional $5 million. However, the accidental increase in order size from $44,000 to $444,000 per transaction caused XPL to skyrocket, triggering forced liquidations of hedging accounts worth over $159 million. Despite initial panic, the trader's positions were protected by automatic reduction mechanisms, resulting in a substantial profit.
Despite the unexpected windfall, the trader continues to hold significant XPL positions, using 14 accounts to maintain over $31.1 million in long positions, representing 35.5% of Hyperliquid's total XPL holdings.
Trader Nets $38 Million in XPL Due to Accidental Market Surge
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