Whales' "Reverse Arbitrage" on Hyperliquid: $9.9 million profit in 22 days

According to the latest monitoring by on-chain analyst Ember, a major whale completed an impressive trading operation on Hyperliquid in 22 days. This whale account (0x94d…814) first transferred 255 BTC (worth $21.77 million at the time) into the platform, then fully cashed out at a price of $85,378, and subsequently used this funds to trade actively over the following three weeks. Data shows that this whale successfully earned $9.9 million through 69 trades with a 62% win rate, demonstrating considerable trading capability.

From Reducing Positions to Concentrated Deployment

The trading logic of this whale is quite interesting — it first cleared its BTC holdings at high levels, then shifted to actively building long positions on Hyperliquid. Over the past two days, this whale has maintained a bullish outlook, currently holding nearly $310 million in long positions. Although there is an unrealized loss of about $1.4 million on paper, the overall position size remains substantial.

Multi-Asset Long Concentration, Position Scale Surpasses $1.1 Billion

This whale’s long positions cover four major mainstream cryptocurrencies: BTC (1,699 coins, entry price $90,801), ETH (33,000 coins, entry price $3,099), SOL (336,000 coins, entry price $138.6), and XRP (3.777 million coins, entry price $2.13). Notably, the assets chosen by this whale are similar to those held by another whale with a long position worth $788 million on the platform. The combined long positions of these two whales have reached $1.1 billion, accounting for over one-third of Hyperliquid’s total long positions. This data reflects that a few large whales already wield significant influence in the derivatives market, and their trading decisions and position changes can have a substantial impact on the overall market trend.