#JELLYJELLYFuturesAlert

Recently, it has been attracting significant attention in the cryptocurrency community, particularly related to events surrounding the JELLYJELLY token and its futures trading.

Specifically, a trader opened a short position worth 6 million USD, then pumped the token price on-chain to force the liquidation of their own position, causing an unrealized loss of about 12 million USD for the Hyperliquidity Provider (HLP) reserves. This prompted Hyperliquid validators to intervene, voting to remove the contract and committing to refund most users (except flagged addresses) in the coming days.

In this chaotic context, centralized exchanges like Binance and OKX quickly listed the perpetual futures for JELLYJELLY, with leverage up to 50x on Binance. This move is seen as capitalizing on price volatility, as the token experienced sharp rises and falls—for instance, from 0.07 USD to 0.022 USD in just a few minutes. Some posts on X even indicated negative funding rates on futures, suggesting a potential short squeeze, which could drive the spot price higher as market makers adjust.