Debrief of Hyperliquid Contract "Whale Insider" Price Manipulation, Precise Long and Short Position Entry and Exit

By: blockbeats|2025/03/11 11:30:04

Original Article Title: "Retrospective of Hyperliquid Contract 'Insider' Whale Operation, Long and Short Position Opening and Closing with Precision"

Original Article Author: Wenser, Odaily Planet Daily

Amidst the recent market downturn and volatility, the most outstanding traders are undoubtedly those on Hyperliquid who have been actively engaging in frequent contract opening and closing to seek excess profits. While BTC, ETH, and other mainstream coins have been fluctuating, these traders always seem to be one step ahead in identifying the direction of the trend, swiftly opening positions, precisely closing them, and exiting, thereby earning themselves the title of "Insider Whale" amidst community envy and suspicion.

Currently, some retail investors see them as a "position opening indicator" and have successfully followed their trades. In light of this, Odaily Planet Daily will present a brief review in this article of the profit whale-related operations and monitoring addresses on the Hyperliquid platform for readers' reference.

Hyperliquid Becomes the Latest Gold Rush Territory: Monthly Trading Volume Surges Over 4 Times in 6 Months

After experiencing the baptism of political meme coins like TRUMP, MELANIA, LIBRA, the meme market phase in the cryptocurrency market has passed, and in its place, on-chain contract trading has become the latest gold rush land for countless traders.

In early February, according to a Messari report, Hyperliquid's monthly trading volume has surged over 4 times since October 2024, indicating the rapid rise of the platform in the decentralized trading market. Hyperliquid has nurtured a group of high-value, consistently active trading users, becoming the only Layer 1 alternative solution in the market with a clear core user base.

In late February, Hyperliquid's official post stated that the HyperEVM mainnet is now live, bringing general programmability into Hyperliquid's high-performance financial system. The initial release of the mainnet includes: a HyperEVM block built as part of L1 execution, inheriting all security from HyperBFT consensus; spot transfer between native spot HYPE and HyperEVM HYPE; a standardized WHYPE system contract suitable for DeFi applications.

Meanwhile, on February 22, according to Degen News citing DeFiLlama data on the X platform, in the past 24 hours, HyperliquidX protocol's revenue was $2.46 million, surpassing pump.fun to rank third, only behind the two major stablecoin issuers Tether and Circle. One might say the trend was already evident at that time.

According to Dune Analytics, as of March 7, the number of unique users on Hyperliquid has approached 400,000; the total number of transactions has reached 53 billion; and the platform's total trading volume has exceeded $19 trillion.

Debrief of Hyperliquid Contract

"On-chain Binance," so terrifying

Since February, many whales have achieved impressive results on Hyperliquid—profits ranging from tens of thousands to tens of millions of dollars. Waving the flag of "On-chain Binance," Hyperliquid has become a place of significant trading depth in the volatile market.

Whale "Insider Trading" Review: BERA, BTC, ETH, and More Within Reach

Whale Action: Shorting BERA for $589,000 Profit in 2 Hours

In early February, as monitored by LookIntoChain, after BERA was listed, a whale made $589,000 in under 2 hours by shorting BERA. The whale had deposited $1.6 million to Hyperliquid 16 hours earlier, shorted BERA at $13, and profited $589,000.

Observation address: https://hypurrscan.io/address/0x0eC0A15e5763ED97A85e860fDCCd7D1e082b5AA9

It is worth noting that the address has now been liquidated.

-- Price

Whale Action: 50x Leveraged Short on ETH, Floating Profit Exceeds $62.4 Million

At the end of February, as monitored by Onchain Lens, a whale shorted ETH with 50x leverage on HyperLiquid, with a floating profit exceeding $62.4 million at the time.

Observation address: https://hypurrscan.io/address/0x20C2d95a3Dfdca9e9AD12794D5fa6FaD99dA44f5

Currently, the address still holds $98 million in contract positions.

Suspected Insider: Long on ETH and BTC During Severe Plunge, Holding Up to 88,500 ETH, with a 24-Hour Profit of $6.83 Million

According to on-chain analyst Auntie Ai's monitoring, the 88510 ETH long position of a 50x leveraged user on Hyperliquid has been fully closed to take profit. They have now started to take profit on Bitcoin, with only 315 BTC remaining.

The address previously used a principal of 6 million USDC to open a long position exceeding 200 million US dollars. Details are as follows—ETH: 49384 ETH, entry price $2196, liquidation price $2133.9; BTC: 1260 BTC, entry price $85671, liquidation price $84629. Subsequently, the address added 914 ETH and 41 BTC to their long positions.

As the story unfolded, Trump made direct calls for XRP, SOL, ADA, BTC, and ETH, announcing plans to establish a cryptocurrency reserve. In response to this news, the address experienced a peak profit of 6.46 million US dollars. Due to the extreme timing of the entries and exit points, many speculated at the time that the address might have insider connections to Trump. Although this view was later refuted by Coinbase executive Conor Grogan, citing the source of funds as phishing scam money, the truth remains unknown.

Currently, the address has completely closed its positions.

Address for observation: https://hypurrscan.io/address/0xe4d31c2541A9cE596419879B1A46Ffc7cD202c62

Insider Brother Strikes Again: Opens $13.45 Million Bitcoin Short Position

In early March, as monitored by ai_9684 xtpa, 20 minutes before the US stock market opened, the "Hyperliquid 50x leveraged BTC and ETH long position whale with $6.83 million profit" opened a $13.45 million BTC short position—once again at 50x leverage, during a sensitive time window, transitioning from long to short with a significantly smaller position size. The entry price this time was $93,117.5, with a liquidation price of $94,083, briefly experiencing a $60,000 loss. However, the address ultimately exited with "nearly $300,000 profit."

Institutional Move: Opens $139 Million ETH Short Position at 50x Leverage, Peaking at $78.19 Million Profit

On March 4th, according to Hypurrscan data, a whale on Hyperliquid opened a $139 million ETH short position at 50x leverage, peaking at a $78.19 million profit, with a liquidation price of 3507 USDT. Subsequently, it was revealed that this position was actually opened by the stablecoin USR maintenance protocol Resolv Labs.

Viewing Address: https://hypurrscan.io/address/0x20c2d95a3dfdca9e9ad12794d5fa6fad99da44f5

Currently, the contract balance of this address is approximately $97 million.

Suspected Insider Whale Manipulation: 50x Leveraged Long on ETH, Earns $2.15 Million in 40 Minutes

Just this afternoon, according to on-chain analyst Auntie AI's monitoring, the "Hyperliquid 50x leveraged BTC and ETH long position earning $7.13 million whale" deposited 1.95 million USDC as collateral, opened a 50x ETH long position, held 27,809 ETH (approximately $57.88 million), with an entry price of $2,057.49, and a liquidation price of $2,008.

Shortly after opening the position, ETH quickly rose to a high of $2,149, and the whale closed the entire position for a profit of $2.15 million in less than 40 minutes. As of now, the whale has accumulated $9.28 million in profits through three leveraged trades.

Viewing Address: https://hypurrscan.io/address/0xf3F496C9486BE5924a93D67e98298733Bb47057c

Whale Operation: 4.06 Million USDC Long on BTC, Unrealized Gain of $58.9k

On March 6th, as monitored by Lookonchain, a wallet dormant for two years sold 1,863 ETH at an average price of $2,181, receiving 4.06 million USDC. Subsequently, the address deposited the 4.06 million USDC into Hyperliquid, went long on BTC with 20x leverage at a price of $89,930, realizing an unrealized gain of $58.9k, with a liquidation price of $75,186.

Viewing Address: https://hypurrscan.io/address/0x523b21F469825D0104ac6A3c762a955EeDb75e5B

Summary: Speed is Key in Feasting or Famine

Currently, it appears that the suspected insider whale has an unusually high success rate in long and short operations, raising doubts about their true identity—whether a hacker conducting a phishing scam, an insider, or a whale collaborator.

Considering that the Hyperliquid infrastructure is not yet mature, current copycat traders often rely on their quick reaction speed. Odaily Planet Daily reminds here that in the midst of an unclear market trend, it is advisable to be cautious with leverage. Before choosing the "big brother," make sure to have proper risk management.

Original Article Link

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