#JELLYJELLYFuturesAlert

Recently 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 led Hyperliquid validators to intervene, vote to delete the contract, and commit to refunding 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 taking advantage of price volatility, as the token experienced sharp fluctuations— for example, from 0.07 USD to 0.022 USD in just a few minutes. Some posts on X also indicated a negative funding rate on futures, suggesting the potential for a short squeeze, which could further drive up the spot price as market makers adjust.