Oil prices are like a rollercoaster, yet someone is holding a heavy short position on Hyperliquid worth $22 million, with an unrealized profit of $450,000—truly delicious alpha from geopolitical chess games.

After Trump called off the airstrike on Iran on May 18, WTI crude oil fell by about 17%. Hyperliquid’s largest short position, using 20x leverage, with a position size of about $22 million and an entry price of $88.9, was opened on May 26 and is currently in an unrealized profit of about $456,000. Oil prices declined on expectations of a U.S.-Iran peace agreement, falling about 7% from the high on May 26 to now; however, ceasefire signals and conflict-related updates alternated, and the market has continued to trade in choppy swings.