On Hyperliquid, there’s an Ethereum whale that opened a $156 million long position with a $20.06 million account, using 8x leverage. It’s currently up $12 million in unrealized profit.

The address is 0x0392a716dbee1661ea781881826b928daeb5d7d9. He went long 56,861 ETH at an average entry price of $2,538. Binance and OKX are both quoting around 2,746 now, meaning he’s currently up more than $200 per coin. The liquidation price is 2,453, roughly 11% away from the current price—so the safety cushion isn’t thin.

More comfortable is that since opening the position, he has also received $7.97 million in funding fees. In a market where funding fees are positive, short positions must regularly pay money to long positions—effectively holding a $156 million long position and also collecting rent.

In terms of style, there were 477 filled trades, with the largest single trade at $6.68 million, and there are no clearing records. In the past few days, they haven’t closed out any positions; all the profit is tied up in the open positions—classic “dead-hold” behavior. The risk is also laid bare: 8x leverage; Ethereum fell from 2746 back to 2453, and this trade basically got wiped out.

How long do you think they can hold this position?

Check in real time: https://www.coinboss.com/zh/hyperliquid-whale/0x0392a716dbee1661ea781881826b928daeb5d7d9

#Hyperliquid #以太坊 #巨鲸 $ETH