A crypto trader opened a five-times-leveraged long on Hyperliquid’s gold contract worth $9.91 million just ahead of the U.S. Independence Day holiday. The position already shows more than $49,000 in unrealized profit, with the contract trading at $4,166.
One trader spun up a fresh wallet and opened a long position on gold. As the U.S. prepared for its July 4 festivities, the trader opened a five-times-leveraged long position on Hyperliquid’s gold contract worth $9.91 million, according to Onchain Lens. Hyperbot data shows the trade already sitting on an unrealized profit of over $49,000 at press time.
Trading gold on a perpetuals exchange
Hyperliquid is a decentralized exchange built mainly for perpetual futures, and it lets crypto traders buy and sell gold contracts. The contract tracks the value of one troy ounce of gold, giving on-chain traders exposure to the metal without leaving the exchange.
That exposure comes with amplified risk, because leverage magnifies both gains and losses. The gold contract on Hyperliquid was trading at $4,166 at the time of writing, up 1% on the day.
A volatile run for the metal
Gold is seen as a safe haven asset amid times of unrest, inflation, and currency debasement. The contract’s price reached as high as $5,570 on Jan. 29 this year before pulling back.
The Iran war had a significant impact on the price, and the precious metal’s price hit north of $5,400 in early March. The tug of war between the U.S. and Iran amid ongoing negotiations then steadied conditions, and the metal’s price dropped in the months that followed. Against that backdrop, and with gold hitting record highs over recent months, crypto traders have kept trading the volatile asset on Hyperliquid.
Source: TheStreet
Trading involves risk.
Risk Disclaimer
