Highlights
- A Hyperliquid wallet Arkham tracks as 0x039 built a $114.37 million, 8x-leveraged ETH long two weeks ago.
- Ten days ago, with ETH at $2,372, the position carried an unrealized loss of about $4.9 million.
- ETH has since recovered above the trader's $2,486 entry price, flipping the bet into a $1.98 million profit.
- PANews independently verified the reversal using the same on-chain data.
A trader who deployed a fresh wallet just two weeks ago is now sitting on nearly $2 million in profit after riding out a sharp drawdown on one of the largest single ETH bets currently live on Hyperliquid. According to on-chain monitoring platform Arkham, the wallet — tagged 0x039 — opened an 8x leveraged long worth $114.37 million shortly after funding, wagering that Ether's summer rally had further to run.
The trade nearly didn't survive its first real test. Ten days ago, when ETH slid to $2,372, the position was underwater by roughly $4.9 million — a paper loss large enough to have triggered liquidation on a less aggressively margined book. The trader's entry price sat at $2,486, meaning the drawdown represented a move of more than 4.5% against the position before price stabilized and began to recover.
Ether has since clawed back that ground. With ETH trading back above the $2,486 entry level, the position has flipped from red to green, now showing an estimated $1.98 million in unrealized gains. On a notional exposure north of $114 million, that swing represents roughly $6.9 million of paper value recovered in a little over a week — a reminder of how quickly leveraged perpetual positions can move in either direction once price crosses a trader's break-even line.
Related: Arkham Trader Up $21M on Leveraged BTC and ETH Longs
The rebound has been driven partly by easing macro anxiety, including fading bets that the Federal Reserve will move aggressively on rates this month, and partly by renewed demand flowing into spot Ether products. That combination lifted the asset off its recent lows and carried it back through the $2,400 and $2,450 levels before pushing past the trader's breakeven point over the past few sessions.
For a position of this size, the difference between holding and folding during the worst of the drawdown was significant. Had the wallet cut the trade near ETH's $2,372 low, it would have crystallized a multi-million-dollar loss instead of the current unrealized gain. Leveraged perpetual positions on Hyperliquid are marked continuously against the platform's oracle price, meaning the $4.9 million paper loss was fully visible on-chain in real time — exactly the kind of data point that lets trackers like Arkham surface these trades before a trader might otherwise choose to publicize the outcome themselves.
The episode is the latest example of large, anonymously funded wallets making outsized directional bets on Hyperliquid, where on-chain visibility lets analysts reconstruct a trader's full position history in near real time — from initial funding to entry price to live mark-to-market profit and loss. It follows a similar recent case in which a dormant trader reopened a 25x leveraged ETH long after months of inactivity, and comes just weeks after a top Ethereum short seller lost $49 million when a squeeze ended a long winning streak. An 8x leveraged long on a roughly $2,500 asset leaves comparatively little room for error: a move of about 12.5% against entry would have been enough to wipe out the position's collateral entirely, which makes the decision to hold through the $2,372 dip notable rather than routine. Arkham's tracking shows no signs yet of the wallet reducing size or pulling margin, suggesting the trader may be positioning for a larger move rather than treating the recovery as a cue to exit.
Hyperliquid's fully on-chain order book has made this kind of forensic tracking routine rather than exceptional. Every open position, funding payment, and liquidation price on the exchange is visible to anyone querying the chain directly, which is how Arkham was able to reconstruct 0x039's entire trade — from the initial deposit into a brand-new wallet through the drawdown and back into profit — without relying on any disclosure from the trader. That transparency cuts both ways: the same visibility that let the market watch this wallet sweat through a $4.9 million paper loss will just as easily broadcast the outcome if the position keeps running, gets trimmed, or eventually gets closed out entirely — much as it did when a mystery whale's entire 167,855 ETH stack was tracked in real time through a five-day, $408 million exit.
