A wallet with no prior transaction history deposited $153,000 into Hyperliquid and immediately opened a 40x leveraged long on 97.92 Bitcoin, a position worth roughly $6.22 million at entry, according to on-chain monitor Lookonchain. The trade's liquidation price sits at $62,825.14, meaning a drop of only a few percentage points from current levels would wipe out the position entirely.
The position is visible in real time on Hyperliquid's own onchain perpetuals tracker, which lets anyone follow the wallet's margin, entry price and distance to liquidation as Bitcoin's price moves. Opening a position this large from a brand-new wallet with a single deposit is a pattern that's become common on Hyperliquid, where the platform's transparency means every high-leverage bet — win or lose — plays out in public.
Related: Trader Builds $136M BTC Short, Becomes Largest On-Chain Bitcoin Bear
One Bet Among Many This Week
This wallet's trade is far from the largest of its kind active on Hyperliquid this week. Separate large positions have included a $102.6 million 40x short on 1,600 BTC from another freshly funded wallet, and a $50.7 million 40x short sitting just a few hundred dollars from its liquidation price — both signs that extreme-leverage directional bets on Bitcoin have become increasingly common on the platform even as the underlying asset trades in a comparatively narrow range.
Why the Leverage Level Matters
At 40x leverage, a position only needs Bitcoin to move roughly 2.5% against it before liquidation, a razor-thin margin that turns even modest price swings into forced-selling events. That dynamic has made Hyperliquid's public liquidation feed a genre of its own within crypto — a real-time look at how much capital traders are willing to risk on short-term directional conviction, and how quickly that conviction can be erased.
