At the same account address 0xb83de012dba672c76a7dbbbf3e459cb59d7d6e36 on Hyperliquid, a BTC short worth about $202 million is sitting on an unrealized loss of about $5.126 million (ROE about −13.0%, 5x leverage); at the same address, a ZEC short worth about $63.64 million is instead showing an unrealized profit of about $6.596 million (ROE about +28.2%, 3x leverage)—one position is down around five million, while the other is still up over six million.

The same account has an ETH short worth about $152 million, with an unrealized profit of about $3.474 million (ROE about +11.2%, 5x leverage); and a HYPE short worth about $48.25 million, with an unrealized loss of about $4.131 million (ROE about −46.8%, 5x leverage). The account's net value is about $215 million. All four positions are shorts, but their P&L is pulling in completely opposite directions.

Prices: BTC at approximately 80020 on Binance (−0.640%) and 80023.2 on OKX (−0.625%); ETH at approximately 2316.6 on Binance (−1.183%) and 2316.0 on OKX (−1.195%); HYPE at approximately 76.561 on Binance (+0.785%) and 76.514 on OKX (+0.765%); ZEC at approximately 1204.79 on Binance (+1.021%) and 1204.22 on OKX (+0.956%).

Both are short positions, but BTC/HYPE are bleeding while ETH/ZEC are making money—the cross-asset moves are pulling in different directions, making the picture more striking than looking at any single coin’s P&L.

#Hyperliquid #巨鲸 #BTC #ZEC

With the BTC short at the same address already sitting on an unrealized loss of about 5.12 million, would you see the ZEC short, still up about 6.6 million, as a hedge that’s still working—or as a sign that the position has gone off course?

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