The largest crude oil short position on Hyperliquid is nearing liquidation—just a 2.85% rise in oil prices would trigger the liquidation of $12 million worth of short positions.

According to TradingBeats data, on October 23, the largest short position on Hyperliquid’s crude oil futures contract (ticker: CL) approached its liquidation threshold: the position was opened with up to 20x leverage, holding $12.63 million in notional value at an entry price of $96.70; its liquidation price stands at $102.85. With current oil prices trading at $100, the market is just 2.85% away from triggering a full liquidation. The recent upward momentum in oil prices stems primarily from two converging factors: escalating geopolitical risks in the Middle East and tightening global crude supply—highlighted by heightened U.S.-Iran tensions in the Strait of Hormuz, growing friction between Iran’s Islamic Revolutionary Guard Corps (IRGC) and U.S. forces, and ongoing Houthi attacks on Saudi oil infrastructure—all of which have significantly increased the market’s risk premium for potential supply disruptions.