Hyperliquid’s near FTX 2.0 saga In late March 2025, Hyperliquid—the popular perpetual decentralized exchange (DEX)—and Jelly my Jelly (JELLY)—a low-cap memecoin—nearly triggered a mega liquidation of Hyperliquid’s Hyperliquidity Provider (HLP) vault, an automated market-making mechanism tied to the exchange’s liquidation engine. A trader opened two long positions on JELLY worth $2.15 million and $1.9 million,…