Two whale at the top of the crude oil open interest rankings have jointly bet on WTI crude oil outperforming Brent crude oil, opening a spread position of 27 million.

According to ME News, on May 6th (UTC+8), Hyperinsight monitoring showed that two addresses at the top of Hyperliquid's crude oil open interest list recently opened "long WTI, short Brent" spreads, betting on WTI crude oil to strengthen relative to Brent crude. The two addresses had similar average prices and a combined open interest of $27 million. During today's sharp drop in oil prices, WTI crude oil weakened relatively, and the 20x leveraged WTIOIL short positions held by these two addresses were close to liquidation. If oil prices decline further and WTI briefly drops below $90, the long positions will face liquidation; conversely, if oil prices subsequently rebound, the short positions will also face liquidation, potentially resulting in a double liquidation on both the long and short sides. Address: 0x2c6736b6d4bc89458137f68f0ca78b0916e33075 Address: 0x1d3d17c65742978338263c06a19ef6c0becd8928 (Source: ME)