Hyperliquid’s top P&L trader shorted $BTC for $123,120.00 by $34.99,000.
This user’s current position is $59.1M short in $BTC at an average price of $123,724.10.
This user will be liquidated for $243,819.73.
— Whale Watch Perps (@whalewatchperps) October 5, 2025
Traders at HyperLiquid, a decentralized perpetual futures exchange, were short $34,990 in Bitcoin at 123,120, with an existing $59.1 million short at a moving average of 123,724.10. When a trader liquidates 243,819.73 BTC, they have leveraged over 100x.
Super liquid status
In mid-2024, Hyperliquid introduced sub-second finality for transactions, low fees (0.01%), and provision of publicly accessible on-chain information. This allows whale watchers to monitor a wide range of locations in real time.
Bitcoin is currently trading around 123,120, close to its 2025 price of 130,472. The trader’s huge bet gives him a bearish outlook, perhaps hoping for a price correction given the cryptocurrency’s high volatility (averaging 28% over 30 days, with an average of 3-5 changes per day).
hype trading
This trader was involved in extensive high leverage trading on Hyperliquid. It has over 300,000 active users and over $1.2 billion in total value locked. This design is also appealing to risk-taking traders who are focused on short-term fluctuations in the price of BTC and other major cryptocurrencies.
According to analysts, the position will be closed if there is an increase above the liquidation price. A move that cost millions of dollars. The reverse is also true. A drop in Bitcoin can also bring big profits. This is why leveraged trading is characterized as extremely risky and extremely profitable. This ~$59.1 million hyperliquid shortfall illustrates the volatile and risky nature of decentralized crypto derivatives.
