On Hyperliquid, there’s an address that recently rode the roller coaster for 43 days straight: 0xaeaab54bbf65bfd6efed7d2eb68372298e3c2416.

Over 43 days, it traded $640 million in total—about $15 million per day on average. It mainly trades BTC, ETH, and SOL, including single orders as large as $1.3 million. It closed 203 positions, winning 157—an 77.3% win rate. Net profit was $1.884 million, and it was never liquidated.

Looking at these numbers alone, they’re pretty—but the problem is the process: the maximum drawdown along this stretch was $2.903 million, which is even larger than the profit finally locked in. That means if you start copying his “homework” from the deepest pit, you have to withstand an unrealized loss deeper than the entire course profit before you get the later recovery. Most people can’t hold on; the reason usually isn’t mindset—it’s position sizing. His account is well-funded and the leverage wasn’t maxed out. With the same drawdown on a smaller account, it would have blown up long ago.

Fees aren’t cheap either—after 43 days, they paid $196,000 in fees, basically giving back about one-tenth of the profit to the platform. With the costs of high-frequency in-and-out operations right there, even a 77% win rate only just barely manages to look respectable.

Here’s another detail: in the past two days, there hasn’t been any new action from this address. The latest position record is empty, and the account net value is $2.196 million. Once this run is over, they get off and go to cash, and going to zero positions is itself an action.

A high win rate and massive drawdowns can both appear in the same account—this is far more interesting than focusing on win rate alone. Don’t just look at how much the “big whale” made; the segment involving the drawdown is where the real style is revealed.

Check in real time: https://www.coinboss.com/zh/hyperliquid-whale/0xaeaab54bbf65bfd6efed7d2eb68372298e3c2416