Silver contracts on Hyperliquid saw $23.95 million in liquidations within hours amid sharp price swings, underscoring heightened market volatility in tokenized commodities.
In addition to prior trading surges, Feb. 2 saw silver contracts (SILVER) on Hyperliquid experience $23.95 million in liquidations over a four-hour period due to significant spot price volatility, with 64% from long positions. The majority of these liquidations occurred on Hyperliquid, including a single $4.13 million short liquidation by a large trader and a $1.6 million individual long liquidation. This activity underscores the intense trading and risk exposure in Hyperliquid’s tokenized metals market, where silver recently led volumes with $2.659 billion traded and $224 million in open interest.