Spot floating profit looks quite promising; but once you hedge, it turns straight into a loss. The overhang from selling pressure is still on its way—so is this setup actually hedging, or is it just getting trapped?

CoinWorld says Loracle spot has risen 25% to $63.5 million, with an unrealized profit of $12.7 million, but even after hedging it still has a net loss of $33.75 million; on the contract side, more than $100 million HYPE was liquidated/closed out at high levels, with losses of about $46.46 million. Over the past month, 2.008 million HYPE tokens were unlocked; on May 21, about 557,000 were sold off, worth about $33.35 million.