An address on Hyperliquid is currently holding 8 open short positions at the same time. The account net value is $58 million, but the unrealized loss has already stacked up to $36.2 million—equivalent to a 62% evaporation of net value. Such a scale of unrealized loss would have triggered liquidation on most accounts long ago, yet this address has not blown up in a single trade.
The biggest drag comes from three directions: an ETH short position with an unrealized loss of $15.63 million; entry price $2,033; current price around $2,405, up 18%. A BTC short position with an unrealized loss of $11.5 million; entry price $65,693; current price $76,856. And an HYPE short position with an unrealized loss of $7.98 million; entry price $65.92; current price up to $76.35, a gain of more than 15%. Together, these three trades account for 94% of the unrealized loss.
There are also profitable positions in the same account. The XRP short is up by $5.6 million, and the FARTCOIN short is up by $3.7 million. These two trades correctly timed the downside, but the amounts still cannot cover the holes from the first three trades by a long shot.
The real reason this account hasn’t been liquidated yet is that the leverage is kept very low. These trades—ETH, BTC, HYPE, SOL, FARTCOIN, and PUMP—are all 5x leverage. BTC’s liquidation price is at $140,069, which is still 82% away from the current price of $76,856; HYPE’s liquidation price is $151.7, which is still double the current price of $76.35. The total position market value is $301 million, while the account equity is only $58 million. Overall leverage looks like more than 5x, but because it’s spread across 8 coins, the move in any single coin is very unlikely to wipe out the account by itself.
This address has no prior liquidation history. Lower leverage buys a wider margin of error; the trade-off is that unrealized losses can pile up very high without triggering liquidation, and the drawdown the account can actually withstand is far greater than most traders imagine.
#Hyperliquid #巨鲸 #short
Live positions: https://www.coinboss.com/zh/hyperliquid-whale/0x5b5d51203a0f9079f8aeb098a6523a13f298c060