A new wallet deposited $2.44 million USDC on Hyperliquid and opened a short position on 1,600 BTC at 40x leverage. This position represents a notional exposure of approximately $97.6 million in Bitcoin. With 40x leverage, a mere 2.5% move against the trader’s position would wipe out the entire margin. Hyperliquid is a decentralized derivatives platform built on its own Layer-1 blockchain, capable of maintaining a fully on-chain order book with near-zero gas fees. Since 2025, the platform has established itself as the venue of choice for large, leveraged directional bets entirely on-chain, regularly attracting positions at the 40x ceiling.
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