Hyperliquid trader books $7.5M, opens $38.6M 25x ETH long
A Hyperliquid trader known as ‘Evaded’ booked $7.5M on ZEC and HYPE in under four days, then opened a $38.63M 25x long on 18,100 ETH that faces liquidation on about a 4% drop.
On May 22, a trader using the on-chain alias ‘Evaded’ recorded more than $7.5 million in unrealized gains from two longs opened within the prior 96 hours and then used those gains to open a large leveraged ether position.
The trader held a long of 36,875 ZEC valued at about $24.15 million and a long of 287,618 HYPE valued at roughly $20.94 million. Both positions rose sharply after they were opened, and the trader kept the positions open while creating the new ether exposure.
The new position is a 25x leveraged long of 18,100 ETH with $38.63 million in notional exposure. At 25x leverage, an adverse ETH price move of roughly 4% would be sufficient to trigger automatic liquidation of the position. A short, sharp drop in ether could close the trade before it recovers.
ZEC rose more than 30% in early May after the U.S. Securities and Exchange Commission closed its investigation into the Zcash Foundation without recommending enforcement action. The token moved to a 2026 high and produced monthly returns above 100% from that swing. HYPE reached an all-time high near $63 on May 21 following the May 12 launch of a Bitwise HYPE exchange-traded fund and sustained accumulation by wallets linked to venture firm a16z.
Hyperliquid operates on-chain, so large leveraged positions are visible to anyone monitoring the blockchain. Several large leveraged trades on the platform have been observable through 2026. The trader’s identity beyond the ‘Evaded’ alias is not public.
The sequence of trades transferred gains from ZEC and HYPE into a concentrated, highly leveraged ETH position. If ZEC, HYPE and ETH fell at the same time, all three holdings would be affected simultaneously.
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