HLP is now long $28m of POPCAT after a rapid succession of backstop liquidations

Dozens like this in the span of a couple minutes

HLP is currently in the process of closing out the position in 10k chunks, but has already taken a > $3M loss on the backstop liquidation

Note that this is an example of HLP stepping in to backstop liquidations instead of ADL-ing corresponding shorts! On average it's highly profitable. Sometimes, this happens.