The takeaway first: the most expensive leverage lesson this month was paid for by someone else, but don’t just treat it as a joke and move on.

I just checked the public Hyperliquid API for the address belonging to Machi Big Brother (Machi, Huang Licheng), which has been repeatedly cited by various on-chain monitoring services. Data as of today at 18:54 Beijing time:

Account equity is approximately $4,768, with $0 available to withdraw.

Position: 68 $ETH long, 25x cross margin, average entry price around 2,313.9, liquidation price around 2,290.7. In other words, it’s only about 1% away from liquidation.

Over the past 30 days: account equity peaked at around $12.25 million, with interval PnL of approximately -$8.63 million.

Historical cumulative PnL: approximately -$37.06 million.

Meanwhile, according to Lookonchain’s monitoring today, his funds on Papertrade have been completely wiped out. An hour ago, he sold another Mutant Ape (#20992) at a loss, seemingly to reload for future trades. During the weekend’s moves, on-chain data showed that he was liquidated five times in a row within an hour, then opened a new 25x $ETH long position a few minutes later.

My view is simple: being right about the direction is one thing; keeping your position alive is another. With 25x leverage on your entire account, one wick is all it takes—you don’t have to be wrong for long.

On a related note, positions like these that are “on full-chain display” are also a side effect of transparent perpetual platforms like $HYPE : everyone can see who will be liquidated at what price.

Data from Hyperliquid’s public API and Lookonchain. On-chain conditions can change at any time. This is not investment advice.

#麻吉大哥 #Hyperliquid #OnChainData