Crude oil just had its biggest day in history, and the traders shorting or taking bearish bets on it over the weekend paid the price.

Tokenized oil perpetual contracts on Hyperliquid recorded nearly $40 million in liquidations over the past 24 hours, per Coinglass, with $36.9 million of that coming from short positions that got obliterated as crude surged roughly 30% on a dramatic escalation of the Iran conflict.

The CL-USDC contract on Hyperliquid jumped to $114.77, up nearly 20% in 24 hours. The USOIL-USDH pair hit $135, up 9% on the day after already surging earlier in the week.

The oil move dwarfed everything else in commodities. Brent and WTI are trading at levels not seen since Russia’s invasion of Ukraine in 2022, and the single-day…