MLM：Hyperliquid to Vote on Delisting TST Perpetual Contract, Whale Suspected of Arbitraging Settlement Mechanism

According to MLM monitoring, TST surged over 110% intraday, hitting its highest level since October last year. On-chain data shows that an address transferred approximately 900,000 USDC from Bitget 24 hours ago and established a large long position on Hyperliquid. The address's holdings have now increased to approximately 133.6 million TST (about $3 million), with unrealized profits of around $1.05 million, yielding over 50% returns.

It is reported that Hyperliquid validators will vote within approximately 24 hours on whether to delist perpetual contracts such as TST and ZEREBRO. If passed, settlements will be based on the 1-hour TWAP spot oracle price prior to delisting, potentially providing large holders with an arbitrage path to avoid slippage and exit at expected prices. Overall, this event highlights some funds leveraging the mechanism design for strategic gaming, which may exacerbate price volatility for the related assets in the short term.