Whale Opens $1.1B Bitcoin Long on Hyperliquid

Crypto Whale Opens $1.1B Bitcoin Long on Hyperliquid, Nets $36M

A crypto whale has taken the market by storm with a $1.1 billion Bitcoin long position at 40x leverage on the decentralized exchange Hyperliquid, marking what is believed to be the first-ever 10-figure trade on the platform.

The trader, known as James Wynn on X, is claiming responsibility for the position, which has already earned over $36 million in unrealized gains, according to on-chain data from Hypurrscan. The trade was built using a $28.4 million margin, accumulated across multiple entries at an average price of $108,065.

The leveraged position had previously dipped into a $16.3 million unrealized loss before bouncing back sharply as Bitcoin surged past $110,000 on May 21 and climbed close to $112,000 in early May 22 trading. As of now, the position remains well above its liquidation price of $103,790.

Perp futures positions of wallet address “0x507.” Source: Hypurrscan

Crypto analysts and influencers were quick to react. “He did it fellas,” wrote Sigma², noting the position as the first over $1B on Hyperliquid. Others on X described Wynn as having “nerves of steel” or called him an “absolute mad man” for the high-risk strategy.

Data from HyperDash indicates Wynn began closing portions of the position around the $106,000 mark on May 20, possibly locking in partial profits or managing risk as Bitcoin began its climb.

Who is James Wynn?

Wynn identifies as a high-risk leverage trader and memecoin enthusiast, claiming early support for Pepe (PEPE) when its market cap was just $600,000. On-chain data shows he deposited $4.65 million USDC into Hyperliquid about two months ago and has since made 32 trades, including leveraged bets on XRP, Toncoin (TON), Official Trump Token (TRUMP), and even Fartcoin (FARTCOIN).

Change in profit and loss (PnL) from Wynn’s wallet over the last 24 hours. A small amount of that PnL includes a position held in kPEPE. Source: HyperDash

Hyperliquid is a rising player in the DeFi space, built on its own layer-1 blockchain and offering decentralized derivatives, spot trading, and borrowing and lending services.

Wynn’s massive position not only highlights the growing appetite for high-leverage DeFi trading but also puts Hyperliquid in the spotlight as a serious contender in the on-chain derivatives market.