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    "date": "2026-03-09T13:31:41",
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        "rendered": "Oil shorts on Hyperliquid get wiped out as crude surges 30% on Iran escalation"
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        "rendered": "<div data-module-name=\"article-header\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<h2>Oil shorts on Hyperliquid get wiped out as crude surges 30% on Iran escalation<\/h2>\n<h2>Tokenized crude oil futures saw their largest liquidation event on crypto venues as the conflict expanded to Saudi Arabia and Gulf oil production collapsed.<\/h2>\n<p><span>Updated Mar 9, 2026, 4:59 a.m. <\/span><span>Published Mar 9, 2026, 4:54 a.m. <\/span><\/p>\n<\/div>\n<div data-module-name=\"article-body\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>Crude oil just had its biggest day in history, and the traders shorting or taking bearish bets on it over the weekend paid the price.<\/p>\n<p>Tokenized oil perpetual contracts on Hyperliquid recorded nearly $40 million in liquidations over the past 24 hours, per Coinglass, with $36.9 million of that coming from short positions that got obliterated as crude surged roughly 30% on a dramatic escalation of the Iran conflict.<\/p>\n<p>The CL-USDC contract on Hyperliquid jumped to $114.77, up nearly 20% in 24 hours. The USOIL-USDH pair hit $135, up 9% on the day after already surging earlier in the week.<\/p>\n<figure><img loading=\"lazy\" alt=\"Oil contracts on Hyperliquid. (Hyperliquid)\" width=\"2146\" height=\"1406\" decoding=\"async\" data-nimg=\"1\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Feba474cdbb59bb4890d6bd2831b80fe1d316a831-2146x1406.png%3Fauto%3Dformat&#038;w=3840&#038;q=75\"><\/figure>\n<p>The oil move dwarfed everything else in commodities. Brent and WTI are trading at levels not seen since Russia&#8217;s invasion of Ukraine in 2022, and the single-day percentage gain is on track to be the largest in the history of the oil market.<\/p>\n<p>The catalyst was a weekend that went from bad to catastrophic. Iran appointed Mojtaba Khamenei as new supreme leader, replacing his father who was killed in the opening wave of strikes. Israel launched a fresh round of attacks on Iranian and Hezbollah infrastructure. <\/p>\n<p>Iranian missiles and drones expanded beyond Israel to hit Saudi Arabia and Bahrain, killing two people near Riyadh and targeting energy infrastructure. Iraq&#8217;s oil output dropped roughly 60%. Kuwait and the UAE trimmed production as tanker traffic through the Strait of Hormuz collapsed.<\/p>\n<p>Anyone shorting oil into that backdrop got carried out. The $36.9 million in short liquidations on the CL contract alone made oil one of the largest single-asset liquidation events on Hyperliquid outside of bitcoin and ether on Sunday.<\/p>\n<p>Across the broader crypto market, CoinGlass data shows 94,058 traders were liquidated in the past 24 hours with total losses hitting $364.4 million. Bitcoin accounted for $156.67 million of that, ether contributed $70.88 million, and solana added $19.8 million. <\/p>\n<p>Long liquidations outpaced shorts at $215 million versus $149 million, reflecting the broader sell-off in crypto as risk assets dropped on the escalation. The largest single liquidation was a $6.88 million BTC-USD position on Hyperliquid.<\/p>\n<p>Traders are increasingly using crypto perpetual markets to express macro views on oil, metals, and currencies, drawn by 24\/7 access, lower margin requirements, and the ability to trade during weekends when traditional commodity markets are closed. <\/p>\n<p>When missiles start flying on a Saturday, Hyperliquid&#8217;s oil contract is one of the only places in the world where you can get leveraged crude exposure.<\/p>\n<p>Open interest on the CL-USDC contract sat at $195 million with $570 million in 24-hour volume, numbers that would have been unthinkable for a tokenized commodity product a year ago. The USOIL pair carried $4.1 million in open interest with $16.2 million in volume, smaller but growing.<\/p>\n<\/div>\n<div data-module-name=\"promotional-article\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>More For You<\/p>\n<div><a href=\"http:\/\/www.coindesk.com\/research\/pudgy-penguins-challenging-the-pokemon-and-disney-legacy-in-the-global-ip-race\"><\/p>\n<figure><img loading=\"lazy\" alt=\"basic\" width=\"1920\" height=\"1080\" decoding=\"async\" data-nimg=\"1\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Ff8091d558e9eef2131b4a99142663663b4f7f691-3840x2160.png%3Fauto%3Dformat&#038;w=3840&#038;q=75\"><\/figure>\n<p><\/a><\/p>\n<p>CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events.<\/p>\n<div>\n<p>What to know: <\/p>\n<div>\n<ul>\n<li><strong>Disrupting a Stagnant Market<\/strong>: Pudgy Penguins is utilizing a &#8220;Negative CAC&#8221; model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.coindesk.com\/research\/pudgy-penguins-challenging-the-pokemon-and-disney-legacy-in-the-global-ip-race\">View Full Report<svg width=\"21\" height=\"21\" viewbox=\"0 0 21 21\" fill=\"none\"><mask id=\"mask0_2473_9121\" style=\"mask-type:alpha\" maskunits=\"userSpaceOnUse\" x=\"0\" y=\"0\" width=\"21\" height=\"21\"><rect x=\"0.5\" y=\"0.500366\" width=\"20\" height=\"20\" fill=\"var(--border-default)\" \/><\/mask><g mask=\"url(#mask0_2473_9121)\"><path d=\"M12.0385 15.2119L11.1602 14.3081L14.3429 11.1254H4.25V9.8754H14.3429L11.1602 6.69269L12.0385 5.78894L16.75 10.5004L12.0385 15.2119Z\" fill=\"var(--text-default)\" \/><\/g><\/svg><\/a><\/p>\n<\/div>\n<\/div>\n<div data-module-name=\"read-next\" data-module-version=\"1.0.0\" data-module-instance=\"default\">\n<p>More For You<\/p>\n<div>\n<p>Bitcoin steadies as limited U.S. exposure to oil shocks calms markets<\/p>\n<figure><img loading=\"lazy\" alt=\"lists of market prices and percentage changest (geralt\/Pixabay)\" width=\"1920\" height=\"1080\" decoding=\"async\" data-nimg=\"1\" src=\"http:\/\/www.coindesk.com\/_next\/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F41dcb69e0755bebd639a95df0b88616709cef820-1920x1080.jpg%3Fauto%3Dformat&#038;w=3840&#038;q=75\"><\/figure>\n<p>Rising oil prices are shaking global markets, but the U.S. is largely insulated and bitcoin seems to be riding the wave alongside Wall Street.<\/p>\n<div>\n<p>What to know: <\/p>\n<div>\n<ul>\n<li>Oil prices have surged above $100 a barrel amid conflict involving Iran, the United States and Israel, pressuring global markets but leaving bitcoin largely unchanged around $67,000.<\/li>\n<li>Bitcoin is increasingly trading like a U.S. risk asset, buoyed by the relative resilience of Wall Street, America\u2019s status as a net oil exporter and growing institutional access through spot ETFs.<\/li>\n<li>While U.S. energy independence may delay the impact of higher oil prices at the gas pump, a prolonged conflict and sustained oil spike could eventually feed into American inflation and consumer costs.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.coindesk.com\/markets\/2026\/03\/09\/u-s-isn-t-really-exposed-to-oil-shocks-and-that-might-be-helping-bitcoin\">Read full story<svg width=\"21\" height=\"21\" viewbox=\"0 0 21 21\" fill=\"none\"><mask id=\"mask0_2473_9121\" style=\"mask-type:alpha\" maskunits=\"userSpaceOnUse\" x=\"0\" y=\"0\" width=\"21\" height=\"21\"><rect x=\"0.5\" y=\"0.500366\" width=\"20\" height=\"20\" fill=\"var(--border-default)\" \/><\/mask><g mask=\"url(#mask0_2473_9121)\"><path d=\"M12.0385 15.2119L11.1602 14.3081L14.3429 11.1254H4.25V9.8754H14.3429L11.1602 6.69269L12.0385 5.78894L16.75 10.5004L12.0385 15.2119Z\" fill=\"var(--text-default)\" \/><\/g><\/svg><\/a><\/p>\n<\/div>\n<\/div>",
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        "rendered": "<p>Oil shorts on Hyperliquid get wiped out as crude surges 30% on Iran escalation Tokenized crude oil futures saw their [&hellip;]<\/p>",
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