Jeffrey Huang, the Taiwanese entrepreneur better known on-chain as Machi Big Brother, is back making outsized bets on Hyperliquid. Arkham's on-chain tracking shows he has opened a combined $151 million in leveraged long positions against an account holding just $6.06 million in equity — a gross exposure of roughly 25 times his own capital.
Highlights
- $100.0M ETH long at 25x leverage
- $44.2M BTC long at 40x leverage
- $7.0M HYPE long at 10x leverage
- Account equity of $6.06M, already down $1.2M on the combined book
The position breaks down into three separate bets: $100.0 million of ether at 25x leverage, $44.2 million of bitcoin at 40x leverage, and $7.0 million of Hyperliquid's native HYPE token at 10x leverage. At those multiples, a single-digit-percentage move against any one leg could wipe out a meaningful share of the account, and Arkham's feed already shows the book sitting $1.2 million underwater since the positions were opened.
The new long is the latest chapter in a trading history that has made Huang one of the most closely watched addresses in derivatives circles. Arkham's own data previously showed his account swinging from a peak unrealized profit of $44.84 million to a realized loss of $75.19 million over a six-month stretch, a drawdown that at one point forced him to sell down a holding of Bored Ape Yacht Club NFTs to post margin. He has since been liquidated more than once on leveraged ether longs, including a single forced unwind of nearly $30 million, each time rebuilding a position from whatever capital remained. More recently, Huang had been promoting a separate Solana-based token called Season 3 while traders waited on Hyperliquid's own long-delayed Season 3 airdrop, a sideline that kept his name in circulation even as his core perps account sat near its lows.
That history is precisely why the fresh $151 million book is drawing attention now. Huang has built a reputation as what some traders call the “king of liquidations” — a nickname earned less for consistent profit than for the scale and frequency of his leverage, which tends to move in step with broader risk appetite on Hyperliquid. His long concentration in ETH and BTC also lines up with a period when ether options traders have been buying more calls than bitcoin's heading into this week's macro catalysts, suggesting some of the market shares his directional lean even if few are matching his leverage.
Related: Arkham Trader Up $21M on Leveraged BTC and ETH Longs
Whether this round ends differently from his past liquidation cycles will likely come down to how ETH and BTC trade over the next several sessions. A sustained rally would let Huang recoup the current $1.2 million drawdown quickly given the size of his exposure; a reversal of even a few percentage points could trigger forced unwinds at his stated leverage ratios. Either way, his positions remain fully visible on-chain, which is part of why accounts like his have become a recurring case study alongside other large, publicly tracked traders such as the one behind a recently disclosed $9 million weekly portfolio swing on a separate Solana-based platform.
For now, the account sits open, leveraged, and underwater by a fraction of its total exposure — a familiar setup for a trader whose on-chain history has become something of a barometer for risk-taking at the frothier end of the perpetuals market. Hyperliquid itself has leaned into that visibility rather than away from it: every position, liquidation and margin call on the exchange is readable in real time by anyone with a wallet explorer, which is exactly how an account like Huang's becomes public spectacle rather than a private bet. The $7.0 million HYPE leg of his current book ties his fortunes directly to the exchange's own token, meaning a comeback for Huang would also read, in a small way, as a vote of confidence in the platform he has used to both build and lose several fortunes already.
