Did Binance enable JELLYJELLY leveraged trade against Hyperliquid?
An apparent multi-million dollar trade gone wrong on the Hyperliquid derivatives exchange saw a JELLYJELLY memecoin trader lose millions, gain it all back, and then give it all away again. Onlookers to the topsy-turvy David v Goliath battle with the exchange’s liquidity provider were enthralled as the trader opened a leveraged position and removed liquidity from its own account in order to increase its leverage ratio even higher. With margin reaching nose-bleeding territory, even the smallest fluctuation in price would force a liquidation. It duly did. With a slight wick in price, the trader’s memecoin transferred to an experienced Hyperliquid market-maker, a so-called Hyperliquidity Provider (HLP) . Seemingly down millions of dollars, the trader then executed the next leg of the trade. Knowing that JELLYJELLY was a particularly small and thinly traded memecoin, and armed with the ability to arbitrage its price cross-exchange via a newly-announced 25X perpetuals ...