HLP earned about $47,000 during the XPL volatility this morning, after previously losing nearly $12 million due to JELLY volatility.

According to ChainCatcher, on-chain data shows that HLP earned about $47,000 this morning during the XPL volatility, with an annualized return rate of 14% over the past month. A certain whale made mostly million-unit XPL trades between 5:00 and 6:00 this morning, sweeping the entire order book and squeezing out all short positions. He then began to close part of his long positions, earning $16 million in just one minute. XPL surged to $1.8 within two minutes, an increase of over 200%.

Previous reports stated that on March 26, a whale holding 126 million JELLY (jellyjelly) was manipulating the token price. The address first sold JELLY, causing the price to plummet and leaving HLP with a passive short position of 398 million JELLY (worth about $15.3 million). The address then bought back JELLY, pushing the price up and resulting in a loss of nearly $12 million for HLP.

Subsequently, Hyperliquid announced that users holding JELLY long positions at settlement would be refunded by the foundation at the settlement price of 0.037555, and the trading pair would be delisted. At the same time, they updated their leverage system and HLP liquidation mechanism.