Wintermute has increased its Hyperliquid short book from $190.77 million to $211.53 million. At the same time the firm cut its $HYPE short roughly in half, from $11.43 million down to $5.60 million.
The current top positions are concentrated in the majors: $BTC at $70.80 million, $ETH at $53.83 million, $SOL at $17.63 million, $XRP at $7.41 million and $DOGE at $6.79 million. Combined unrealized PnL sits at –$4.12 million while funding collected so far is +$2.27 million.
The overall direction of the book remains clearly bearish even after the reduction in the $HYPE short. Adding more than $20 million in additional short exposure while the market has been volatile shows the firm is willing to keep leaning against the recent strength. The funding income provides a partial offset to the mark-to-market loss, but the net position is still underwater on an unrealized basis.
Large market-maker short books on Hyperliquid are watched closely because they can reflect both proprietary views and hedging of broader inventory or client flow. The increase to $211.53 million keeps Wintermute among the more visible directional short entities on the platform. How the book evolves from here, especially if price continues to move against it or if more shorts are added, will be the next data point.
The current top positions are concentrated in the majors: $BTC at $70.80 million, $ETH at $53.83 million, $SOL at $17.63 million, $XRP at $7.41 million and $DOGE at $6.79 million. Combined unrealized PnL sits at –$4.12 million while funding collected so far is +$2.27 million.
The overall direction of the book remains clearly bearish even after the reduction in the $HYPE short. Adding more than $20 million in additional short exposure while the market has been volatile shows the firm is willing to keep leaning against the recent strength. The funding income provides a partial offset to the mark-to-market loss, but the net position is still underwater on an unrealized basis.
Large market-maker short books on Hyperliquid are watched closely because they can reflect both proprietary views and hedging of broader inventory or client flow. The increase to $211.53 million keeps Wintermute among the more visible directional short entities on the platform. How the book evolves from here, especially if price continues to move against it or if more shorts are added, will be the next data point.
