- Less than 24 hours after activating a loss of $ 4 million in HLP safe from Hyperliquid, the same whale trader appeared again
- If whales can manipulate liquidation engines, smaller traders can feel at a disadvantage.
The whale trader who is responsible for hyperliquid’s $ 4 million vault loss yesterday is back in action and is still carrying out a round of high-delivery transactions on multiple platforms.
This time, the trader sealed $ 4.08 million USDC in GMX. He initially has Ethereum short [ETH]But closed the position quickly and switched to a long, with which he achieved a win of $ 177,000.
After closing the profitable GMX trade, the whale $ 2.3 million USDC moved to Hyperliquid [HYPE]Opening a 25x long position on ETH and a 40x short position on BTC.
The return of the same whale in such a short period of time raises critical questions – is this just smart trade or another attempt to use liquidation assanics?
Data on the chain reveals a risky playbook
Data on Lookonchain chains unveiled The latest positions of a crypto -walvis.
The trader has recently taken strategic steps on GMX and Hyperliquid and used large amounts to take advantage of price fluctuations.
Source: GMX
On GMX, the whale initially short -lived ETH/USD with $ 4.08 million USDC. Later they threw a long position and achieved the $ 177,000 win.
Moreover, the whale on hyperliquid opened a long ETH position with 25x leverage.
The position size is $ 30.54 million, with an admission price of $ 1,886.20. Their liquidation price has been set at $ 1,804 and the period time gain and the loss was $ 35,436.05.
Source: Hypurrscan
For Bitcoin [BTC]The whale took a short position with 40x leverage with position size $ 19.09 million, with an admission price of $ 83,156.45. Their liquidation price is $ 88,844, and their profit and loss of the press was $ 13,880.49.
The aggressive use of the leverage trader signals a risky, high-reward approach. Millions in USDC actively exercise between GMX and Hyperliquid.
It seems that this is a sign of a strategy for liquidity -optimized, so that they can quickly use capital and benefit from small price movements.
Déjà vu? The same tactics, larger positions
The agreements between today’s transactions and the liquidation event yesterday cannot be ignored.
Only a day ago the same whale withdrew the margin from hyperliquid before liquidation, forcing the HLP safe to absorb losing losses. The timing of these recordings enabled the trader to move the risk to the exchange while he was left with minimal damage.
Now the trader has returned with even larger positions. This time you benefit from precise input and exit points.
The rapid transitions from short to long on GMX and Hyperliquid suggest a consciousness of the behavior of liquidation engines, possibly benefit from inefficiencies in automated risk management systems.
Market analysts are now debating whether this is a repeatable pattern.
Hyperliquid’s reaction to the liquidation event of yesterday included reduced leverage limits -BTC transactions were covered at 40x and ETH at 25x. However, these changes have not prevented the contemporary whale trade, which still reached the new maximum leverage.
CEX vs. Dex Leverage – Who treats it better?
Bybit CEO Ben Zhou weighed In on the hyperliquis -Liqale -Liquidation, it emphasizes a critical problem in liquidation assanics.
“For me this ultimately leads to the discussion about leverage, Dex versus CEX options to offer a low or high leverage.”
Zhou pointed out that this problem is not exclusive to hyperliquid. In fact, both CEX and DEX exchanges represent the same challenge when dealing with liquidations on a scale. Although lowering the leverage can be an effective solution, Zhou said that this can be bad for business.
“CEX or DEX stands for the same challenge in this case, our liquidation -engine also takes over the entire position when whales are liquidated. I see that HP has already reduced their overall leverage; That is a way to do it and probably the most effective, but this will harm things because users want a higher leverage. “
Source: X
Chain analysts merged The discussion, which agrees that reducing leverage is a simple solution in the short term and at the same time emphasizes the greater problem problem.
“The real question is whether a DEX can ever support sustainably high leverage without implementing CEX style and risk management. Open interests limits, market monitoring and innovation of liquidation mechanism can help, but each of these moves hyperliquid (or any dex) closer to the centralized playbook for risk management. “
Hyperliquid’s confidence?
The impact of the whale liquidations is already felt in the Hyperliquid ecosystem.
Data from Dune Analytics showed that Hyperliquid saw the net flow of $ 166 million on 12 March, the same day that the position of the whale was liquidated.
With traders and market leaders who are now debating the future of DEX leverage, Hyperliquid is confronted with a critical decision.
As Ben Zhou said
“Would be interesting to see how it develops, perhaps new innovation about liquidation mechanism?”