Today I was looking at the data on HL: the biggest whale in terms of contract open interest is $HYPE (0x082e...ca88). Its unrealized profit has already surpassed $80 million.
1.38 million tokens at the current price are worth roughly $130 million, with an average entry price of a bit over $38. Everyone’s been talking about how this guy made a huge amount on this run, but few people noticed that just in funding fees paid to the other side, he’s already been deducted nearly $6 million.
Someone might wonder: if the funding rate is so expensive, why not just buy spot?
The answer is: he can’t.
If you were to drop a $130 million order into the spot order book, it would instantly rocket the price sky-high—slippage would be enormous. To build a position this large, he can only go into the futures contracts to consume liquidity in the depth. And that $6 million funding cost can be said to be the “rent” he pays to the market for borrowing liquidity.
Don’t just envy others for catching a trend that goes up dozens of times—ask yourself first: if your position cost gets deducted tens of thousands of dollars every day just for “keeping your eyes open,” can your mindset really hold up?
For orders like this, having only technical skill isn’t enough—you need sufficient principal to back it. Ordinary people simply can’t pull it off.
There has never been a zero-cost way to get rich overnight in the market.
1.38 million tokens at the current price are worth roughly $130 million, with an average entry price of a bit over $38. Everyone’s been talking about how this guy made a huge amount on this run, but few people noticed that just in funding fees paid to the other side, he’s already been deducted nearly $6 million.
Someone might wonder: if the funding rate is so expensive, why not just buy spot?
The answer is: he can’t.
If you were to drop a $130 million order into the spot order book, it would instantly rocket the price sky-high—slippage would be enormous. To build a position this large, he can only go into the futures contracts to consume liquidity in the depth. And that $6 million funding cost can be said to be the “rent” he pays to the market for borrowing liquidity.
Don’t just envy others for catching a trend that goes up dozens of times—ask yourself first: if your position cost gets deducted tens of thousands of dollars every day just for “keeping your eyes open,” can your mindset really hold up?
For orders like this, having only technical skill isn’t enough—you need sufficient principal to back it. Ordinary people simply can’t pull it off.
There has never been a zero-cost way to get rich overnight in the market.