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Synthetic Brazil ETF perpetual plunges on Hyperliquid following Lula election win

A synthetic Brazil ETF perpetual contract traded on Hyperliquid tumbled by more than 20% to as much as 35% after Luiz Inácio Lula da Silva won Brazil's presidential election while traditional exchanges remained closed.

Candlestick price chart for the EWZUSDT perpetual contract showing a sharp vertical decline of 29.42% to around 34.90.
Image: @yourfriendSOMMI

A synthetic Brazil ETF perpetual contract on decentralized exchange Hyperliquid experienced a steep sell-off following Luiz Inácio Lula da Silva's victory in Brazil's presidential runoff election. Crypto Banter reported that the contract slumped more than 20% immediately after Lula defeated Flávio Bolsonaro to secure a fourth term. With traditional equity markets closed over the weekend, the 24/7 perpetual market became the primary venue reflecting the election outcome in real time.[3]

Degen News reported that the synthetic EWZ perpetual plunged approximately 25% on Hyperliquid as Lula clinched reelection, occurring while Brazilian markets were closed for another 12.5 hours. Market commentator yourfriendSOMMI shared a chart showing the EWZUSDT perpetual sliding 29.42% from above 46 to roughly 34.90 as Lula's victory odds surged. Separately, Joe Weisenthal shared a chart of the Hyperliquid Brazil ETF Perpetual indicating a 35% decline, showing prices dropping from near 46 down toward 31.87.[4][2][1]

Key facts

  • A synthetic Brazil ETF perpetual contract on Hyperliquid plunged following Luiz Inácio Lula da Silva's victory over Flávio Bolsonaro in the presidential runoff.
  • With traditional markets closed, the 24/7 Hyperliquid contract served as the main venue pricing the Brazilian election result in real time.
  • Crypto Banter reported the synthetic Brazil ETF contract dropped more than 20% right after the election was decided.
  • Degen News reported the EWZ perpetual crashed about 25% on Hyperliquid while Brazil's market was closed for another 12.5 hours.
  • A chart shared by yourfriendSOMMI recorded a 29.42% drop in the EWZ perpetual contract, falling from above 46 to around 34.90.
  • A chart posted by Joe Weisenthal documented a 35% decline in the Hyperliquid Brazil ETF Perpetual contract, falling from near 46 to roughly 31.87.

Sources · 4 sources

  1. JW

    Joe Weisenthal@TheStalwartPost on X ·

    35% move https://t.co/DgHknFrjsF

    Open source
  2. Y❤

    yourfriendSOMMI ❤️💛💚💙@yourfriendSOMMIPost on X ·

    ❤️💛💚💙 🚨Brazil crashes -29% due to Presidential Odds for LULA victory peaking. https://t.co/3mwvLGrXMw

    Open source
  3. CB

    Crypto Banter@crypto_banterPost on X ·

    🚨BRAZIL ETF PERP ON HYPERLIQUID CRASHES AS LULA WINS BRAZIL! A synthetic Brazil ETF perpetual on Hyperliquid dumped more than 20% right after Luiz Inácio Lula da Silva was declared the winner of Sunday’s runoff. Lula secured a fourth term, defeating Flávio Bolsonaro in a comeback that defied pre-election odds. With traditional markets closed, the 24/7 Hyperliquid contract became the main place the result was priced in real time.

    Open source
  4. DN

    DEGEN NEWS@DegenerateNewsPost on X ·

    NEW: SYNTHETIC BRAZIL ETF PERP $EWZ CRASHES ~25% ON @HyperliquidX AS LULA WINS REELECTION, WITH BRAZIL’S MARKET CLOSED FOR ANOTHER 12.5 HOURS https://t.co/KCtrWSxhe4

    Open source