A forced closure of a long Ethereum position for $700 million occurred on Hyperliquid yesterday, resulting in rapid liquidations across the market.

What happened

The position belonging to account Гарретта Джина was closed within seconds, producing a reported PnL of -$128 million on the trade. According to platform records, the forced exit triggered cascading liquidations that affected multiple leveraged exposures across the order book.

Trader’s record and recent losses

In previous months, the same account realized about $142 million of profit trading with leverage, as reflected in historical PnL snapshots. Market moves over the past two weeks eliminated much of those gains, producing cumulative losses of $270 million for the account.

Broader market impact

The liquidation of $700 million was followed by the forced closure of positions held by eight other top traders on Hyperliquid, per platform reports. These simultaneous liquidations underscore the risks of concentrated leverage and reduced liquidity during rapid price movements on derivatives venues.

On such markets, participants can face rapid deleveraging when margin requirements are breached and price gaps widen. Platform records and on-chain data are the primary sources for the reported figures; consult official platform disclosures for further details.