Hyperliquid Liquidates $1.62 Million Long in Brazil ETF Contract

A roughly $1.62 million long position in Hyperliquid's EWZ contract was liquidated during election-related trading, leaving its owner with a $152,300 loss.

The perpetual contract traded at $34.276 in the latest snapshot, down 23.11% over 24 hours, with about $55.29 million in turnover.

The long position was forcibly closed at 8:05 p.m. ET Sunday (00:05 UTC Monday). Its $1.62 million trading value was substantially larger than the trader’s realized loss.

Open interest, the value of outstanding positions, fell from about $15.42 million to $8.95 million before recovering to roughly $13.96 million. One account later opened a $995,800 long position at an average entry price of $34.66. Two other accounts held a combined $2.08 million in short positions opened within 10 minutes of the election result.

Brazil’s Superior Electoral Court confirmed President Luiz Inácio Lula da Silva’s reelection over Flávio Bolsonaro on Sunday.