PONS—this “whale hunt” is over before it even starts?
On Hyperliquid, $PONS’s top short—Loracle—holds 27.75 million short positions (about $17.12 million). When the price drops, the position goes from a maximum unrealized loss of $7.75 million to an unrealized profit of $1.378 million. The second round really doesn’t have much excitement.
So why does everyone place orders anyway, even when everything is an open secret on Hyperliquid?
First, it’s easy to call for a takedown, but hard to actually pull it off. Besides jellyjelly getting the platform back by rolling it, big individual whales generally haven’t been targeted successfully. Human force can’t easily bend the market. Even if cbb, Sun Ge, and mlm shout louder, it’s the same.
Second, “open secret” large positions are themselves information. CEXs and vaults earn extra revenue by copying trades; they can also bait the counterparty—and you have no idea whether the other side has additional positions.
Third, the market has reflexivity. If you try to hunt someone, you might also get hunted in return. So even if it’s all an open secret, people still play.
On Hyperliquid, $PONS’s top short—Loracle—holds 27.75 million short positions (about $17.12 million). When the price drops, the position goes from a maximum unrealized loss of $7.75 million to an unrealized profit of $1.378 million. The second round really doesn’t have much excitement.
So why does everyone place orders anyway, even when everything is an open secret on Hyperliquid?
First, it’s easy to call for a takedown, but hard to actually pull it off. Besides jellyjelly getting the platform back by rolling it, big individual whales generally haven’t been targeted successfully. Human force can’t easily bend the market. Even if cbb, Sun Ge, and mlm shout louder, it’s the same.
Second, “open secret” large positions are themselves information. CEXs and vaults earn extra revenue by copying trades; they can also bait the counterparty—and you have no idea whether the other side has additional positions.
Third, the market has reflexivity. If you try to hunt someone, you might also get hunted in return. So even if it’s all an open secret, people still play.
