I just noticed how one of the active traders on Hyperliquid is opening a serious short position on ETH worth over forty million. The person is clearly betting on a decline due to macroeconomic conditions and dollar strengthening. The position is impressive in its aggressiveness: 21,000 coins with 20x leverage, already in profit by 562,000.

It’s interesting to consider the delta profile of this position — the net short delta reaches 27.3 million, with a liquidation level at 2123 leaving only a 9.8% buffer. The ROE shows 27.3%, but the used margin is at 53% — a thin ice. Simultaneously, they hold a long position on BTC worth 13.3 million as a partial hedge, but it doesn’t offset the risk.

The most intriguing part is the turnover of 1.2 billion with small replenishments of 5 million, indicating this isn’t a calculated management but rather an emotional game. Any sudden upward move will burn the entire account. The delta profile of such a position is clearly set for all or nothing — no reserves, no safety cushion. It will be interesting to see how this ends.