Hyperliquid’s HLP Vault Records About $556,000 Loss After XPL Drop

Sixteen wallets began building long positions in XPL on Oct. 29, and a Nov. 1 price plunge left Hyperliquid’s HLP vault with a loss of about $556,000. Together, the wallets accumulated about 269 million XPL, representing roughly $23 million in notional exposure. Funds for 14 wallets had passed through Binance about two months earlier. Before the decline, 12 wallets withdrew about 2.02 million USDC, reducing their margin exposure. XPL dropped from $0.086431 to $0.069429, triggering a series of liquidations of long positions.