Perma-Bear Runs 81% Short Book on Hyperliquid, $2.7M Profit

On June 11 analytics firm Nansen flagged a Hyperliquid wallet it labeled the “Perps Perma-Bear,” noting the account holds an 81% short book and $2.7 million in lifetime profit. The wallet’s largest position is a $13.57 million short on HYPE, showing a $539,000 gain. Shorts on ether and bitcoin also show gains of roughly $226,000 and $138,000, respectively.

HYPE reached an all-time high of $75.51 on June 2 and has since traded near $58, about 28% below that peak. The decline has coincided with gains on bearish positions on Hyperliquid perpetuals.

Hyperliquid is an onchain exchange that offers perpetual-futures contracts, which allow traders to take leveraged positions without a set expiry. HYPE is the exchange’s native token and has attracted institutional and retail activity since a U.S. regulatory decision cleared the first domestically regulated perpetual futures contract, drawing additional attention to the platform.

Large holders and leveraged accounts are visible on the market. Wallets linked to venture firm a16z hold more than $90 million in HYPE. One account sold roughly $36 million in HYPE while managing a roughly $103 million short position as liquidation risk increased. Another account recorded about $7.5 million in gains over four days trading ZEC and HYPE longs before moving into a leveraged ether trade.

Nansen recently added Hyperliquid perpetuals to its dashboard, enabling users to track and mirror large wallets’ trades. Elevated open interest on the platform and large, visible positions increase the likelihood that a sudden price swing could force liquidations and trigger short or long squeezes depending on market direction.