Hyperliquid (HYPE) — Onchain News & Whale Tracking

A whale on Hyperliquid front-ran UNI, currently boasting a floating APY of over 50%

December 18th — Per HyperInsight monitoring, UNI surged 10% in the short term likely driven by Binance’s addition of the token to its dual-coin investment product, last trading at $5.28. A Hyperliquid whale address beginning with 0x413c holds unrealized gains exceeding 50%. Its current position, worth ~$1.18 million, has an average entry price of $4.99. The address opened a 10x leveraged UNI long position at midnight yesterday and has been adding to it as recently as 4 hours ago. Additionally, the largest UNI short position held by the “Shanzhai Short Army Vanguard” was cut by over 30% at 1 PM yesterday. The position now stands at ~$3.38 million, with unrealized gains of $1.39 million (410%).

A whale has deposited 1.57 million USDC into HyperLiquid, shorting BERA with 5x leverage.

On December 17, per Onchain Lens data, a whale deposited 1.57 million USDC into HyperLiquid and opened a 5x-leveraged short position on BERA.

「Top ZEC Short on Hyperliquid」 once again reduced their ZEC short position and used the funds to open a MON short position.

As of December 17, per monitoring from HyperInsight, the entity holding the "Largest ZEC Short on Hyperliquid" has been trimming its ZEC short position since yesterday—when it swung from a loss to a profit. Its ZEC position has dropped from $16.5M to $9.1M, with an average entry price of $389. Some of the freed capital was used to add to its MON short: the current MON position is ~$9.2M, with an unrealized profit of $4.62M (150%) and an average entry of $0.0308. This address previously initiated a ZEC short on October 10 at ~$184, then added to the position to average up its entry price. On October 17, at its lowest point, the position was down $21M, with ZEC exposure peaking at $43.2M. Currently, the entity is still closing out its ZEC and STRK shorts. Its primary profits stem from an ETH short: the position is ~$92.95M, with an average entry of $3377 and an unrealized profit of $13.86M (224%). This address is now the largest short seller across ETH, ZEC, and MON on Hyperliquid,

Hyperliquid Relief Fund holds 37.114 million HYPE, approximately 13.7% of the current circulating supply.

December 17 on-chain data shows the Hyperliquid Assistance Fund holds 37.114 million HYPE tokens, worth roughly $1.02 billion—accounting for ~13.7% of the current circulating supply. Total HYPE supply is 1 billion tokens, with current market cap at $7.406 billion and fully diluted valuation (FDV) at $27.35 billion. Previously reported: The Hyper Foundation posted on social media proposing a validator vote to formally confirm HYPE held by the Assistance Fund has been burned and permanently removed from both circulating and total supply.

「Buddy」 deposited approximately 1.2 million U into Hyperliquid again 7 hours ago to continue longing ETH

On December 17th, per Hyperinsight data, “Big Brother MaJi” Huang Licheng deposited ~1.1997 million USDC to Hyperliquid again 7 hours ago to continue longing ETH. This capital has since been used to open a 25x-leveraged ETH long position: the position size is 4050 ETH (worth ~$1.19 million), with a liquidation price of $2,694. To date, “Big Brother MaJi” has amassed total losses of $21.21 million on Hyperliquid.

Multiple-stage setback, all top 50 addresses on the BTC and ETH profit leaderboard on Hyperliquid are empty-handed

December 16 – Per data from Coinbob Popular Address Monitor, all top 50 addresses in BTC and ETH’s top holder profit rankings are in the bear camp. The two leading addresses by profit and short position size are **“Ultimate Bear”** and **“Hyperliquid’s Largest ZEC Short”**, each with over $10 million in unrealized gains. ### Key Short Positions: - **Ultimate Bear (BTC short):** ~$62.19M position size, average entry price $115,000, liquidation price $97,000, unrealized gain $18.17M. - **Hyperliquid’s Largest ZEC Short (ETH short):** ~$92.54M position size, average entry price $3,377, liquidation price $4,163, unrealized gain $14.20M. Bulls are nearly all in losses, with **“BTC OG Insider Whale”** (the top holder across BTC/ETH) posting a total unrealized loss of nearly $52 million. The second-largest long addresses are “pension-usdt.eth” and “CZ’s Counterparty.” ### Key Long Positions: - **BTC OG Insider Whale:** - ETH: ~$559M position, average entry $3,167, liquid

Two ZEC Long Whale Liquidations, 'Hyperliquid's Largest ZEC Short' Position Goes from Loss to Profit

On December 16th, per HyperInsight monitoring, ZEC dropped ~5.5% in the short term and fell below $380. The “Largest ZEC Short on Hyperliquid” has flipped from loss to profit, with a current position size of ~$16.5 million, average entry price of $389, and unrealized gain of $250,000 (8%). Among three whales with liquidation prices near $350 today: - Address 0x58e fully closed its position; - Address 0x96e cut losses by ~$1 million; - Address 0x535 has not adjusted its position, with a liquidation price around $348. Additionally, this whale added to its ETH and MON short positions today—now holding the largest short positions for ETH, ZEC, and MON simultaneously. Its main profits stem from ETH shorts: ~$92.45 million position size, average entry $3,377, unrealized gain of $14.33 million (232%). The account’s total short position is ~$118 million. Historical context: This address first opened a ZEC short on October 10th at ~$184, then added to the position to average u

Hyperliquid Platform Active Smart Contract Transaction Address Count Decreased by 21.97% Compared to Early November

Per HyperTracker data as of December 15, the number of active contract addresses on the Hyperliquid platform is 168,833—down 47,600 (21.97%) from its early November all-time high.

「Top ZEC Short on Hyperliquid」 ZEC short position has been liquidated for over $6 million, now concurrently the Top 1 ETH short position

A whale deposited 3 million USDC into HyperLiquid and went 20x long on ETH

On December 15, Onchain Lens data indicates that address 0x8d0 has deposited 3 million USDC into HyperLiquid and opened an ETH position with 20x leverage.

Trader 0x6051, who made over $1.4M on Hyperliquid, spent 20,000 $USDC to buy 494,558 $EDEL today.

Trader 0x6051, who made over $1.4M on Hyperliquid, spent 20,000 $USDC to buy 494,558 $EDEL today.

Hyperliquid will introduce Portfolio Margin

December 12. Hyperliquid announced today that its upcoming network upgrade will roll out the Portfolio Margin feature, which is already live in pre-alpha on the testnet. In Portfolio Margin mode, margin requirements for spot and perpetual contract trading are fully unified, significantly boosting capital efficiency. Additionally, Portfolio Margin accounts automatically earn interest on all idle borrowable assets. All HIP-3 DEXes are part of the Portfolio Margin calculation, though not all collateral assets from HIP-3 DEXes are eligible to be borrowed. Down the line, new asset classes on HyperCore and derivative primitives will also support Portfolio Margin. Users can provide liquidity using eligible quote assets to earn rewards. Official Note: Portfolio Margin will initially launch in pre-alpha with an extremely low total borrowable asset cap. Users are advised to test using a new account or sub-account with less than $1,000 in assets. If the cap is hit, the account will aut

「Top ZEC Short on Hyperliquid」 Continues to Add to ETH and ZEC Shorts, with Total Short Position of Nearly $120 Million

December 12 — According to monitoring data from HyperInsight (via its Telegram channel @HyperInsight), the largest ZEC short position holder on Hyperliquid has continued to add to short positions in ZEC and ETH over the past two hours. The account has injected roughly $13 million in additional capital today. As of now: - ETH short position: ~$79.53 million, with an unrealized gain of $5.49 million (103% return) and an average entry price of $3,470. - ZEC short position: ~$24.30 million, with an unrealized loss of $3.47 million (-71% drawdown) and an average entry price of $388. Additionally, the account is currently the largest short holder for ZEC and MON on Hyperliquid, and the second-largest for ETH. Its MON short position has also seen a notable recent increase, now totaling $9.90 million with an average entry price lowered to $0.0327. The account’s main profits currently come from its ETH short, with total short position size across all assets at ~$118 million. This a

Sunrise CEO: Successfully Launched MON, with Trading Volume in the past 24 hours surpassing Hyperliquid and various CEXs

On December 11th at the Solana Breakpoint Conference, Sunrise CEO Saeed noted that the first asset listed by Sunrise on Solana is the MON token. This non-native token—originally not issued on Solana—was integrated into the Solana ecosystem on day one, even its first minute of launch. It competes not only with all other on-chain exchanges but also major centralized exchanges (CEXs). Within 24 hours of listing, MON’s trading volume outpaced well-known platforms including Hyperliquid, KuCoin, Kraken, Coinbase, Bybit, Bitget, and Gate—some of which boast user bases exceeding 1 million. Most impressively, it offers tighter spreads than these established CEXs, higher trading volume, and all this is backed by Solana’s native ecosystem user base.

Mainstream Perp DEX Overview: Lighter Takes Top Spot, Hyperliquid Leads with $8.2 Billion in Trading Volume

As of December 11th, DefiLlama data shows 24-hour trading volumes across Perpetual DEX (Perp DEX) platforms have broadly cooled in the past day. Hyperliquid has remained relatively resilient, leading in trading volume, while open interest and TVL (total value locked) across the sector have seen minimal overall shifts. Key 24-hour metrics for select Perp DEXs are below: - **Hyperliquid**: ~$82.7B 24h volume | ~$44.6B TVL | $68.5B open interest [Referral link: https://app.hyperliquid.xyz/join/NTOD] - **Lighter**: ~$70.8B 24h volume | ~$14B TVL | $17.9B open interest - **Aster**: ~$66.3B 24h volume | ~$13.6B TVL | $26.9B open interest [Referral link: https://www.asterdex.com/zh-CN/referral/aboter] - **EdgeX**: ~$49.5B 24h volume | ~$4.06B TVL | $8.3B open interest - **ApeX**: ~$32.4B 24h volume | ~$47.08M TVL | $90.9M open interest - **Backpack**: ~$14.6B 24h volume | TVL undisclosed | $2.03B open interest - **Variational**: ~$10.3B 24h volume | ~$66.18M TVL |

「Buddy」 further deposited 254.7k U to Hyperliquid to continue longing ETH

Mainstream Perp DEX Overview: Hyperliquid and Aster Experience Over 30% Trading Volume Surge, Increased Liquidity Mining Activity

December 10 – Per DefiLlama data, major Perpetual Futures DEX (Perp DEX) platforms recorded **increased 24-hour trading volumes**, a slight rebound in open interest, and minimal TVL changes over the past day. This signals active capital flows across platforms and rising leverage usage. Key platform metrics (24h): - **Lighter**: Volume ~$88.3B | TVL ~$13.9B | Open Interest ~$17.3B - **Hyperliquid** (https://app.hyperliquid.xyz/join/NTOD): Volume ~$85.2B | TVL ~$44.6B | Open Interest ~$67.9B - **Aster** (https://www.asterdex.com/zh-CN/referral/aboter): Volume ~$76B | TVL ~$13.8B | Open Interest ~$27.2B - **EdgeX**: Volume ~$61.3B | TVL ~$4.01B | Open Interest ~$8.31B - **ApeX**: Volume ~$32.9B | TVL ~$47.27M | Open Interest ~$93.03M - **Backpack**: Volume ~$12.1B | TVL Undisclosed | Open Interest ~$2.04B - **Variational**: Volume ~$10.3B | TVL ~$72.86M | Open Interest ~$32B - **Pacifica** (https://app.pacifica.fi/?referral=pacbot): Volume ~$7.12B | TVL ~$42.45M | Open

Hyperliquid Co-founder: ADL will not transfer PnL to HLP, its treatment towards users and HLP is fully symmetric

On December 10, Hyperliquid co-founder Jeff published a post pushing back against claims that the platform’s Auto-Deleveraging (ADL) mechanism transfers profit and loss (P&L) to Hyperliquidity Providers (HLP). Jeff stated ADL does not shift P&L to HLP, treats users and HLP entirely symmetrically, and does not erase the $653 million in profits. On November 28, Hyperliquid activated its Cross-Margin Auto-Deleveraging (ADL) liquidation system across all major perpetual contract markets. The move aims to ensure orderly market operation during periods of extreme volatility—especially when liquidity is tight or large positions are near liquidation. ADL acts as a backup liquidation tool when the insurance fund cannot fully absorb losses from a liquidated position. In such cases, positions of high-leverage traders with large unrealized profits may be partially or fully deleveraged to cover the funding gap. Hyperliquid stresses ADL only triggers under special circumstances, designed to preve

Viewpoint: Hyperliquid's biggest moat is its Tokenomics, with a 30% token airdrop and a community-friendly low-price TGE.

On December 9, cryptocurrency analyst pickle highlighted that Hyperliquid’s biggest competitive moat stems from its tokenomics. Rivals like Lighter and other perpetual futures DEXs (Perp DEXs) can match its premium UX/UI, and even mask fees through "payment order flow"—which creates the appearance of lower costs—to attract and retain liquidity. Yet Hyperliquid’s tokenomics stand out: it hasn’t allowed venture capitalists (VCs) to secure massive token stakes at steep discounts, only to offload them for outsized profits later. This advantage is uncopyable. Most notably, its 30% token allocation for an airdrop—enabling the community to enter at low prices ahead of a subsequent uptrend— is a strategy no competitor can replicate. Per market data, the HYPE token has fallen to its lowest point since May 21, currently trading at $27.7, with a 9.1% drop in the past 24 hours.

「Largest ZEC Short Position on Hyperliquid」 previously underwent a significant position rollover, and is now once again in unrealized losses.

On December 9, per monitoring from HyperInsight, the ZEC short position of Hyperliquid’s largest ZEC short holder has once again moved into unrealized losses over the past 15 hours—driven by ZEC’s ongoing price surge. The address partially closed out its ZEC short position, incurring a roughly $1.24 million loss. Its current position size stands at ~$25.7 million, with a liquidation price of $886 and an unrealized loss of $1.4 million (-27%). Monitoring shows the address has continuously added over $11 million to its ZEC short since December 5, lowering its average entry price from $412 to $387. Additionally, the address has significantly expanded its ZEC and MON short positions this month, with their average entry prices declining. Its primary profits now stem from its ETH short: an unrealized gain of ~$7 million (223%), position size of ~$47.21 million, and average entry price down from $4,015 to $3,573. The newly opened 3x-leveraged MON short has a size of ~$7.44 million, a

A whale address deposited 1.38 million U to HyperLiquid to open a 1x short position in HYPE.

On December 8, Onchain Lens data shows a whale address—idle for 7 months—deposited 1.38 million USDC into HyperLiquid and opened a 1x leveraged short position on HYPE. The same whale previously realized a $1.14 million profit.

US Stock HYPE Treasury Company Hyperliquid Strategies Approves $30 Million Stock Buyback Plan

NEW YORK, Dec. 8 (The Wall Street Journal) — Hyperliquid Strategies Inc. (Nasdaq: PURR) said Thursday its board has authorized a share repurchase program of up to $30 million for its outstanding common stock, effective for 12 months. Chief Executive David Shamis stated: “We’re committed to maximizing shareholder value through prudent capital management. Our top priority is enabling investors to efficiently gain exposure to HYPE — the flagship native token of the Hyperliquid ecosystem. We’ll use company cash to boost the HYPE per share held by shareholders in the most efficient manner.” Repurchases will comply with federal securities laws and may be made via open-market transactions at prevailing prices, privately negotiated deals or other methods. Timing, quantity and amount of repurchases will be at management’s discretion, depending on factors including HSI’s stock price, broader market and economic conditions, and applicable legal requirements. The company does not guarantee t

Hyperliquid Introduces STABLE Perpetual Contract

On December 8, Hyperliquid announced via official channels that it has added support for the STABLE/USDC perpetual contract, which offers up to 3x leverage.

Mainstream Perp DEX Overview: Lighter Dominates Top Spot for 10 Consecutive Days, Trading Volume Keeps Aster and Hyperliquid in Check

On December 8, data from DefiLlama reveals that across Perpetual DEXs (Perp DEXs) over the past 24 hours, leading platforms saw a slight uptick in trading volume compared to the previous day. Lighter has held the top spot for 10 consecutive days, while Aster remains in second place. Key metrics for major Perp DEXs are as follows: - **Lighter**: ~$8.22B 24h trading volume | ~$1.37B TVL | $1.65B open interest - **Aster** [https://www.asterdex.com/en-US/referral/aboter]: ~$6.48B 24h trading volume | ~$1.39B TVL | $2.53B open interest - **Hyperliquid** [https://app.hyperliquid.xyz/join/NTOD]: ~$6.22B 24h trading volume | ~$4.41B TVL | $5.96B open interest - **EdgeX**: ~$5.13B 24h trading volume | ~$407M TVL | $796M open interest - **ApeX**: ~$3.05B 24h trading volume | ~$46.8M TVL | $89.42M open interest - **Backpack**: ~$1.25B 24h trading volume | TVL undisclosed | $2.03B open interest - **Variational**: ~$1.14B 24h trading volume | ~$72.86M TVL | $320M open interest -

A whale has deposited 6 million USDC into HyperLiquid and has gone long on Ethereum, SUI, and FARTCOIN.

Per Onchain Lens monitoring on December 8th, a whale deposited 6M USDC into HyperLiquid and opened multiple long positions: 20x leverage on ETH, 10x on SUI. Additionally, the same whale opened a 10x leverage long position on FARTCOIN yesterday.

The "1011 Insider Whale" has once again deposited 10 million USDC into Hyperliquid to leverage 5x and long 9010.4 ETH.

On December 7th, per Onchain Lens monitoring, the "1011 Insider Whale" once again deposited 10M USDC into Hyperliquid, went long 9,010.4 ETH (valued at $26.8M) with 5x leverage, opening at $2,959.4 and liquidating at $1,888.2.

A whale has deposited 3 million USDC into HyperLiquid and shorted ETH with 10x leverage.

December 7: A crypto whale deposited 3 million USDC into HyperLiquid and shorted ETH with 10x leverage, per Onchain Lens data. ### 说明： 1. **时间表达**：用 `December 7`（美式日期省略年份时常见），冒号分隔时间与事件（快讯常用结构）； 2. **简洁性**：用 `per Onchain Lens data` 替代 `according to Onchain Lens monitoring`（更符合美式快讯的简洁口语化风格，`per` 比 `according to` 更常用在数据引用中）； 3. **明确性**：补充 `crypto` 修饰 `whale`（加密领域默认语境下可省略，但加 `crypto` 更清晰，符合美式财经/加密快讯的表达习惯）； 4. **语序自然**：事件核心（鲸鱼操作）前置，数据来源后置，符合读者快速抓取信息的需求。

A new wallet deposited 3,000,000 USDC to HyperLiquid and went long on HYPE with 10x leverage.

December 7 — Per Onchain Lens monitoring, a newly created wallet deposited 3 million USDC into HyperLiquid and opened a 10x leveraged long position on HYPE.

Pump.fun's protocol revenue in the last 24 hours has surpassed Hyperliquid.

As of Dec. 7, per Defillama data, Pump.fun generated $1.09M in revenue over the past 24 hours—surpassing Hyperliquid’s $896k for the same period and ranking third overall, behind Tether ($23.65M) and Circle ($8.15M).

The ETH TOP2 long position on Hyperliquid has been closed. The recent long positions have accumulated a total profit of $1,055,000.

On-chain analyst Ai Yi (@ai_9684xtpa) noted on December 6th that 17 hours prior, the second-largest ETH long position holder on Hyperliquid closed a nearly four-day-old position, securing $1.285 million in profits—significantly down from the $5.3 million peak unrealized gain it had accumulated. After locking in that profit, the whale opened two more ETH long positions, both of which resulted in losses, erasing nearly $230,000 of the earlier gains. Overall, the whale’s three ETH long positions generated a cumulative profit of $1.055 million.

Mainstream Perp DEX Overview: Lighter's trading volume drops by 15% but still holds the lead, with Aster and Hyperliquid closely following.

On December 5th, per DefiLlama data, Lighter’s 24-hour trading volume in Perp DEXs has dropped by ~15% but remains the top-ranked platform over the past 24 hours. Some capital has flowed to smaller market-cap platforms, with Pacifica seeing its trading volume rebound. Below are key metrics for select Perp DEXs: - Lighter: ~$8.88B 24h vol | ~$1.27B TVL | ~$1.83B open interest - Aster: ~$7.37B 24h vol | ~$1.42B TVL | ~$2.58B open interest - Hyperliquid: ~$6.32B 24h vol | ~$4.34B TVL | ~$6.30B open interest - EdgeX: ~$4.09B 24h vol | ~$0.412B TVL | ~$0.811B open interest - ApeX: ~$2.82B 24h vol | ~$47.19M TVL | ~$88.51M open interest - Variational: ~$1.75B 24h vol | ~$72.86M TVL | ~$0.373B open interest - Backpack: ~$1.15B 24h vol | TVL undisclosed | ~$2.01B open interest - Pacifica: ~$0.591B 24h vol | ~$41.78M TVL | ~$61.71M open interest (Referral links retained as original: Aster → [https://www.asterdex.com/en-US/referral/aboter](https://www.asterdex.com/en-US/re

「Top ZEC Short on Hyperliquid」 Adds to ZEC Short Position, Realizes $3 Million Profit Turnaround

December 5th — Per HyperInsight monitoring, the ZEC short position of the "Top ZEC Short on Hyperliquid" address has neared its average entry price amid ZEC’s ongoing rally. Over the past hour, the address added ~$1.72 million in additional ZEC shorts, bringing its current position size to ~$14.1 million. Its unrealized profits have shrunk from over $3.3 million yesterday to $300,000, with the average entry price adjusted to $412. The address initially opened a ZEC short on October 10 at ~$184, then added to the position to average up to $419. On October 17, its maximum unrealized loss hit $21 million. Currently, the address is shorting ETH, ZEC, MON, and HYPE simultaneously, with core profits tied to its ETH short. Recent unrealized gains have contracted by ~$3 million, leaving current unrealized profits at $6.22 million (194%). Its total short position size across all assets is ~$48.05 million, with an average ETH entry price of $4,014. The recently opened 3x-leveraged MO

Hyperliquid November Revenue Surpasses $90 Million, Marking a 13.8% Month-over-Month Decrease

On December 5, DefiLlama data shows Hyperliquid’s November revenue totaled $90.6 million, down 13.8% from October’s $105.09 million.

HYPE Treasury company Hyperliquid Strategies has staked 12 million HYPE, representing 3.54% of the circulating supply.

December 4: MLM Monitor reports Hyperliquid Strategies—the HYPE Treasury entity—has staked 12 million HYPE tokens, valued at ~$420 million. The stake represents 1.2% of the token’s total supply and 3.54% of its circulating supply. ### Key adjustments for American English/breaking news style: 1. **Conciseness**: Used `~` (common in quick updates) instead of `approximately`, and a colon (`:`) for time marking (faster to scan). 2. **Clarity**: Reworded `HYPE Treasury company Hyperliquid Strategies` to `Hyperliquid Strategies—the HYPE Treasury entity` (avoids ambiguity, clarifies the company’s role). 3. **Flow**: Split the last clause into a separate sentence for readability (common in short news alerts). 4. **Tense**: Kept `has staked` (appropriate if reporting on a recent action relative to the update time; could use `staked` if focusing on the past event). This version aligns with U.S. news wire conventions—brief, scannable, and direct.

Data: The top three Hyperliquid short positions hold a large amount of spot, with Abraxas spot holdings surpassing short positions.

On December 4th, per monitoring from HyperInsight (via its Telegram channel @HyperInsight), a whale with a short position exceeding $10 million on Hyperliquid primarily holds spot assets. The top 3 addresses on the HYPE short position leaderboard are: - **BobbyBigSize**: Largest HYPE short position (~$51.5M), with ~$11.85M in spot holdings; - **Abraxas Capital**: Two affiliated addresses hold a combined HYPE short position of ~$71M. The addresses have continuously increased their HYPE spot holdings since early December, rising from $56M to $63M in the past 3 days; - **Lightning Arbitrage Hunter**: HYPE short position (~$32.91M), with ~$6.68M in spot holdings.

The Top 2 ETH Long Position Address on Hyperliquid is currently in a floating profit of $5.28 million, with a position size of $63.32 million.

On-chain analyst Ai Yi (@ai_9684xtpa) noted on December 4th that high-frequency contract trader 0xa43 currently holds a 19,628.65 ETH long position—valued at roughly $63.22 million—with an average entry price of $2,950.23. This address is now the second-largest ETH long position holder on the Hyperliquid platform. Unrealized gains from this position have fully offset losses from the trader’s 17 trades over the past three days.

Whale "pension-usdt.eth" has added to its BTC short position by approximately $60 million, currently ranking as the number 1 BTC short on Hyperliquid.

On December 4th, per the Coinbob Popular Address Monitor: Over the past hour, a whale wallet tagged "pension-usdt.eth" boosted its BTC short position with 3x leverage, totaling roughly $60 million in notional value (position size: $93.2 million; average entry price: $92,700). The position is currently floating at a $460,000 loss (1.4%) and ranks as the top BTC short position on Hyperliquid. Earlier today at 00:00, the address partially closed a $60 million BTC short position at break-even before adding to the short again this morning. Recently, the wallet has focused on swing trades with low leverage and large order sizes: it held positions for an average of ~8 hours this week, and has generated $6.6 million in monthly profits.

Mainstream Perp DEX Overview: Hyperliquid Trading Volume Drops, Lighter Maintains Top Spot in Past 7 Days

**On December 3rd, DefiLlama data shows:** Perpetual (Perp) DEX trading volumes dipped slightly over the past 24 hours. Lighter led in 7-day trading volume, while Hyperliquid’s volume fell nearly 30%. Current partial Perp DEX metrics are as follows: - **Lighter**: 24h volume ~$10.89B | TVL ~$1.24B | Open interest ~$1.75B - **Aster**: 24h volume ~$9.49B | TVL ~$1.44B | Open interest ~$2.51B - **Hyperliquid**: 24h volume ~$7.28B | TVL ~$4.33B | Open interest ~$6.37B - **EdgeX**: 24h volume ~$6.34B | TVL ~$419M | Open interest ~$804M - **ApeX**: 24h volume ~$2.53B | TVL ~$47.35M | Open interest ~$32.46M - **Backpack**: 24h volume ~$1.52B | TVL undisclosed | Open interest ~$2.02B - **Variational**: 24h volume ~$1.22B | TVL ~$72.86M | Open interest ~$3.66B - **Pacifica**: 24h volume ~$754M | TVL ~$41.43M | Open interest ~$55.53M (Note: Links to platforms remain as referenced in the original content.)

The Ethereum L2 Long Position Address on Hyperliquid has realized a floating profit of over $3.3 million, despite a previous win rate of only 10.5%.

December 3rd: Per monitoring from AI Grandma, the No. 2 address holding Hyperliquid ETH long positions currently has an unrealized profit of $3.32 million. Three days ago, the address opened a 7x leveraged long position on ETH, holding 19,860.72 ETH (valued at approximately $60.58 million) with an average entry price of $2,884.03. Prior to this, among its 19 recent trades over three days, only 2 resulted in small profits—yielding a win rate of 10.5%. The address has focused on trading three tokens: MON, ZEC, and ETH, frequently taking both long and short positions.

A whale has deposited 4.49 million USDC into HyperLiquid to leverage 10x and increase their long position on ZEC.

On Dec. 3, Onchain Lens data shows a whale deposited 4.49 million USDC into HyperLiquid to take a 10x leveraged long position on ZEC. The whale currently holds an open buy order for ZEC at $333.46 to further expand the position. Additionally, the whale holds 20x leveraged long positions on ETH and 5x leveraged long positions on DYDX. As of now, the account has an unrealized loss of $1.29 million and a total account loss of $2.7 million.

A whale has deposited 1.01 million USDC into Hyperliquid to leverage 10x long on HOOD.

On December 3rd, per Onchain Lens data, a whale initially deposited 1.01 million USDC into Hyperliquid and opened a 10x-leveraged long position on HOOD. The whale is currently adding to this position.

Sonnet Biotherapeutics Receives Shareholder Approval to Merge with Hyperliquid Strategies

December 2 — Per market sources, Sonnet Biotherapeutics has secured shareholder approval for a merger with Hyperliquid Strategies.

Earlier reports indicated Hyperliquid Strategies plans to raise up to $1 billion, with proceeds earmarked for purchasing HYPE and other uses.

Mainstream Perp DEX Overview: Hyperliquid Surpasses $10 Billion in Trading Volume Again, Platform Volumes Rebound Collectively

On December 2nd, data from DefiLlama reveals most perpetual DEXs (Perp DEXs) recorded a sharp rebound in 24-hour trading volume over the past day. Lighter, Aster, and Hyperliquid all saw volumes surge above $10 billion—marking their first such levels in nearly 10 days. Below are key metrics for select Perp DEXs: - **Lighter**: 24h volume ~$118.8B | TVL ~$12.2B | Open interest ~$16.1B - **Aster**: 24h volume ~$110.5B | TVL ~$14.1B | Open interest ~$26.5B (ref: https://www.asterdex.com/en-US/referral/aboter) - **Hyperliquid**: 24h volume ~$102.2B | TVL ~$42.8B | Open interest ~$59.2B (ref: https://app.hyperliquid.xyz/join/NTOD) - **EdgeX**: 24h volume ~$65.2B | TVL ~$4.2B | Open interest ~$7.56B - **ApeX**: 24h volume ~$27.5B | TVL ~$47.06M | Open interest ~$29.24M - **Variational**: 24h volume ~$14.7B | TVL ~$72.86M | Open interest ~$3.31B - **Backpack**: 24h volume ~$12.2B | TVL (not disclosed) | Open interest ~$1.96B - **Pacifica**: 24h volume ~$5.75B | TVL ~$41.28M |

Crypto KOL paulwei has publicly shared his live trading on Hyperliquid, and recently placed a buy order in pyramid pattern to go long on BTC.

**December 2nd Update** Per on-chain AI analysis tool CoinBob (@CoinbobAI_bot), crypto KOL paulwei transferred ~$100,000 to Hyperliquid on November 16, then opened a 2x leveraged long position on BTC via a pyramid order. His long position currently spans the $72,600–$83,500 range, representing ~75% of his account’s total capital. Orders are partially filled, with the current position size at ~$11,000. Additionally, the trader has allocated 18% of his capital to a short position spanning $93,600–$99,000. Background: paulwei previously grew 1.8 BTC to over 80 BTC in two years starting May 1, 2020. His initial capital for this live Hyperliquid trade is ~1 BTC.

A new wallet deposited 3.448 million USDC into HyperLiquid and entered a 20x leveraged short position worth 38.6 million US dollars in BTC.

On December 2nd, Onchain Lens monitoring shows a newly created wallet deposited 3.448 million USDC into HyperLiquid and opened a 20x-leveraged short position on BTC. Currently, the position is valued at $38.6 million, with an average entry price of $86,373.6 and a liquidation price of $92,885.8.

A certain Whale Address has deposited 10 million U into HyperLiquid, initiating a 20x ETH long position.

On December 2, per LookOnChain monitoring, the whale address starting with 0xa5B0 has deposited 10 million USDC into HyperLiquid and opened a 20x long position using 12,000 ETH (valued at $32.8 million).

「Buddy」 once again made a deposit to Hyperliquid of approximately 250,000 U to top up his ETH long position.

December 1st — Per monitoring from Hyperinsight (via https://t.me/HyperInsight), Huang Licheng (“Brother Ma”) deposited 249,847 USDC to Hyperliquid just 7 minutes ago to boost the leverage on his ETH long position to over 25x. As of press time, his long position totals 2,000 ETH (roughly $5.48 million), with an unrealized loss of $257,189 (-114.57%) and a liquidation price of $2,662.

Mainstream Perp DEX Overview: Hyperliquid Trading Volume Continues to Decline by 56.9% in the Last 7 Days, Lighter Trading Volume Takes a Steep Dive Ahead

Hyperliquid Sees Multiple Multi-Million Dollar BTC Inflows in a Single Day, with the Largest Inflow Reaching $91 Million

A whale deposited 4 million USDC to Hyperliquid and shorted HYPE 10x.

On November 27th, as monitored by LookOnChain, a whale deposited 4 million USDC into Hyperliquid 2 hours ago and took a short position of 554,542 HYPE with 10x leverage. The value of this short position is approximately $20.15 million.