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

According to MLM monitoring, TST surged over 110% intraday, reaching 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. Currently, the address's holdings have increased to approximately 133.6 million TST (worth about $3 million), with unrealized profits of around $1.05 million, yielding returns over 50%.

It is reported that Hyperliquid validators will vote within approximately 24 hours on whether to delist perpetual contracts for TST, ZEREBRO, and others. If passed, settlements before delisting will be based on the 1-hour TWAP spot oracle price, potentially providing a pathway for large holders to avoid slippage and exit at expected prices through arbitrage. Overall, this incident highlights how some capital is strategically exploiting mechanism design, which could exacerbate price volatility for related assets in the short term.