Hyperliquid whale's $107 million HYPE long sits 8.3% above its $71.09 liquidation price, with $53.6 million of paper profit

The position, line by line

Odaily's first report gave 1.38 million HYPE, $52.76 million of unrealized profit, a $71.08 liquidation price and a $76.96 market price. Its later item and the PANews version put the value at about $107 million and the profit above $53 million, with HYPE at $77.84 and 8.67% above liquidation.

The trackers did not publish an address. We queried the largest accounts on Hyperliquid's leaderboard through the exchange's public info API and found one HYPE long matching every reported figure: address 0x082e843a431aef031264dc232693dd710aedca88. Onchain Lens's post on X was not opened this run, so the link between that address and the "Smartestmoney" label rests on the matching numbers.

The reported figures moved because HYPE moved. At $76.96 the position was worth about $106 million; at $77.84 about $107 million. Our 8.3% distance uses the mark price implied by the API reading, $106,997,606 ÷ 1,380,042.66 = $77.53. The 8.67% in PANews used $77.84.

Why the cushion is thinner than the profit suggests

The account shows $53.6 million of paper profit, but its equity is $17.7 million. Hyperliquid's API also reports a raw USDC balance of about −$89.3 million on this account. Position value plus that balance gives the account value: $107.0 million − $89.3 million ≈ $17.7 million. Our reading is that profit and margin have left the account over time while the position stayed open. Hyperliquid's ledger for the address shows several USDC transfers in and out since September. We did not trace where they went.

That is why liquidation sits at $71.09 even though the entry is at $38.68. Hyperliquid's margining documentation says cross positions are liquidated when account value, including unrealized PnL, falls below the maintenance margin. The API counts $9.7 million of maintenance margin against $17.7 million of equity, so the buffer is about $8.0 million.

Each $1 drop in HYPE removes about $1.38 million of equity. A fall of about $6.45, from $77.53 to $71.09, would use up the buffer, matching the API's liquidation price. At $71.09 the position would still show about $44.7 million of profit over its entry ((71.09 − 38.68) × 1.38 million), and the account would still be liquidated.

Hyperliquid's liquidation documentation says the exchange first tries to close positions with market orders on the book. If equity falls below two-thirds of maintenance margin without a successful close, a backstop liquidation passes the cross positions and margin to the liquidator vault. In that case the account ends with zero equity if it holds no isolated positions.

The owner can move the liquidation price simply by adding USDC to the account, which raises equity and pushes the liquidation price down. The address received USDC on November 5 and again on November 7, according to the ledger. A liquidation price on a cross account is a snapshot and can change from hour to hour.

What a deposit or a partial close would change

The API figures let us estimate how far the level can move. Maintenance margin was $9,699,761 on a $106,997,606 position, or about 9.07% of notional. If that ratio holds, liquidation comes when 1,380,042.66 × P × (1 − 0.0907) equals the $89.29 million USDC shortfall. That gives about $71.15, within 6 cents of the API's $71.09. The small gap comes from Hyperliquid's own margin tiers, which we did not model.

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On the same approximation:

Each $1 million added lowers the level by about 80 cents. Moving it to about $63 would take roughly $10 million, less than a fifth of the $53.6 million paper profit. Selling part of the position works the other way: it realises profit, cuts the USDC shortfall and shrinks the amount that could hit the book. These are our estimates from one API reading, not Hyperliquid's figures.

How big is this against the HYPE market

Hyperliquid's market data at 08:40 SGT showed HYPE open interest of 22,259,859.6 HYPE. The whale's 1,380,042.66 HYPE is about 6.2% of that. At the $77.52 mark price, total HYPE open interest was about $1.73 billion and the past day's notional volume was $154.7 million.

The same reading put the hourly funding rate at 0.00125%. Hyperliquid's funding documentation says funding is paid every hour, and that 0.00125% per hour is the fixed interest component. When the rate is positive, longs pay shorts. On a $107 million long that is about $1,337 an hour, or about $32,100 a day if the rate held. The API records $7.6 million of cumulative funding on this position since it opened.

Prices on other venues lined up at the same time:

Sources: OKX public ticker API and Bitget public futures ticker API.

Has HYPE been near $71 lately

Hyperliquid's daily candles show HYPE has not traded that low in the past month. The 30-day low was $74.357 on October 24 (UTC), about 4.4% above the liquidation price. The most recent sharp drop came on November 5, when HYPE fell from $83.78 to a $76.15 low. The 90-day low was $53.737 on August 11, and the year's high in this data was $97.999 on September 23. On October 29 HYPE spiked to $97.11 intraday.

The position was built cheaply by those standards. HYPE traded between about $22 and $36 through December 2025. The trackers' 11-month holding time points to an opening around then, with additions later lifting the average to $38.68. We did not check each fill.

What this means if you trade HYPE

The $71 area matters for three groups.

HYPE longs with leverage. If HYPE falls toward $71 and this account does not add margin, about 1.38 million HYPE of market selling could hit Hyperliquid's book. That could widen the move for a short time on every venue that tracks the price. Check your own liquidation price against $71.09, and whether it sits just above or just below.

Shorts eyeing the level. A liquidation price is visible to everyone, and the owner can move it by depositing. Our liquidations page shows when forced closes actually happen, and that is better evidence than a level on a screen.

Spot holders. Nothing in this report changes HYPE's supply or the protocol. It shows where one large leveraged position sits on the order book.

If you hold a leveraged HYPE long, four checks take a few minutes:

1. Open the position screen and note your liquidation price. Compare it with $71.09 and with the $74.36 30-day low.
2. Work out how much HYPE has to fall to reach your level. If it is under 8%, a move that also triggers this account could reach you first.
3. Check whether your position is cross or isolated. On a cross account, losses elsewhere in the account also pull your liquidation price closer.
4. Read the current funding on the venue you use, and multiply it by your position value to get the hourly or eight-hour cost of holding.

Bitget lists the HYPEUSDT perpetual and OKX lists HYPE-USDT spot and a perpetual, according to their public tickers above. If you trade HYPE on a centralized venue, open through our Bitget fees and sign-up page with the code nexu888, or through our OKX page with nexu888. Set your stop with the $71 area in mind, and compare funding across venues on our funding-rates page before you hold a leveraged long through several funding periods.

What to watch next

• The account's liquidation price on Hyperliquid's API. A deposit lowers it, and a partial close shrinks the 1.38 million HYPE that could hit the book.
• HYPE open interest on Hyperliquid. A sharp fall in open interest with a falling price would point to forced closes.
• Funding. A long this size pays about $32,100 a day at the current rate, which is a reason to hold only if the trader expects more upside.

For earlier HYPE coverage, see our report on $7.96 million of HYPE ETF outflows and our $52 million Hyperliquid liquidations check.

What we could not confirm

• The Onchain Lens post on X behind the "Smartestmoney" label. We matched the address by its numbers.
• Who controls the address, and where the USDC that left the account went.
• Whether the owner holds hedges on other venues or in other accounts.

Quick answers

What is the HYPE whale's liquidation price?

Hyperliquid's API showed $71.0866 at 08:44 SGT on November 8, 2026, for a 1,380,042.66 HYPE long at 5x cross margin. That was about 8.3% below the $77.53 mark price. The level moves if the owner adds or removes margin.

How much profit does the HYPE whale have?

About $53.6 million unrealized on an average entry of $38.6755, according to the same API reading. Odaily first reported $52.76 million at a $76.96 price.

How big is the position against HYPE open interest?

About 6.2% of the 22.26 million HYPE open on Hyperliquid at 08:40 SGT.