Only bitcoin shorts, five liquidations: a Hyperliquid whale down $3.68M of $4M
In five weeks a Hyperliquid wallet turned $4.0M into $318k. On bitcoin he opened nothing but shorts, and that cost him: the exchange force-closed his positions five times.
On the morning of 2 October our radar wrote that his 40x short sat 0.7% from its liquidation price. That's the gap that closed at 12:31 UTC.
An hour and a half later he was short again.
- Source: Hyperliquid public records: 32,491 trades since 28 August 2026, 2 transfers, 195 funding payments; our registry snapshots since 8 September
- Wallet: 0xc3ed57a7a8fa374af47eba5dd713bc2946f800dd
- Reconciliation: $4.00M in; trades -$3.64M, fees -$0.26M, funding +$0.12M, open position +$0.10M; $0.32M in the account. State taken 03.10.2026 at 07:54 UTC; chart data frozen
Bitcoin and ether, shorts only, leverage from 20x to 40x. After every hit he goes back short, often the same day. He put the money in on a single day, 28 August, and hasn't withdrawn a dollar.
Four million
28 August, 04:10 UTC: $1.0M lands in an empty Hyperliquid account, and at 12:44 another $3.0M follows. Both transfers come from the same address. So these two transfers are his whole stake: he won't deposit again, and he won't withdraw anything.
First trade at 14:02. Within an hour and a half he opens a 507 BTC short at an average $78,913, which means about $40M of position on a $4M account.
So from day one he runs about 10x leverage, and the position points one way only.
The peak
30 August: bitcoin dips to $78,600, and he closes 500 BTC at +$153k. That's the first win.
Two days later he adds an ether short: 15,080 ETH at $2,400 over seven hours. That evening the account holds $4.46M. So he is $0.46M up on what he put in.
The first week ends in the green. The account hasn't been this high since.
-$1.28M in one day
On 3 September bitcoin heads for $80k. That's the day his short peaks: 700 BTC at 09:31, the largest it has ever been.
Over the day he closes 1,001 BTC of the short at an average $79,919 and books -$1.28M. Then, the same day, he opens 900 BTC of new short at $79,191.
So the first big loss doesn't stop him: he reopens the short at the level where he just lost.
10,000 ETH
On 10 September our registry sees two shorts on his account: 500 BTC at 30x and 10,000 ETH at 20x. For the ether, that means liquidation at $2,534.
The next day, at 13:48, the ether mark price is $2,535, and the exchange force-closes all 10,000 ETH. That's the end of the ether short: -$0.77M.
So the liquidation price from our snapshot was off by one dollar. He hasn't opened an ether short that size since.
White line: all-time trading result, $M, including the open position. Grey dashed: account value, $M. Hyperliquid portfolio points; data frozen 03.10.2026 at 07:54 UTC. Hover over any date.
23 minutes
16 September, 17:37: bitcoin trades around $75,500. Within eight minutes he opens a 300 BTC short. At 18:08 the mark price is $76,469, and the exchange force-closes all 300 BTC: -$0.30M. In other words, 23 minutes from his last entry to the forced close.
Over five days bitcoin climbs from $75k to $87k, which means the whole move goes against a short. On 21 September he shorts again, 500 BTC from $85,200, and that day he gets force-closed twice: 42 BTC at 12:08 and 300 BTC at 19:34.
So that's three forced closes on bitcoin in five days, and every time he goes back short. His leverage is now 40x.
A 0.7% warning
24 September is his best day: +$426k. But on 30 September bitcoin is back above $85k, and he closes 424 BTC at -$0.85M. Then on 1 October at 19:00 he opens a new short: 200 BTC at $84,551, 40x.
Our radar on the morning of 2 October: this short gets liquidated at $87,138, 0.7% above price. At 12:31 bitcoin on Hyperliquid touches $87,235, past his line, which means the exchange force-closes 40 BTC: -$106k.
From 13:37 to 13:58 he closes the remaining 160 BTC himself at $87,088, for -$406k. At 13:58 he opens a new short, 50 BTC at $86,505. So from 30 September to 2 October he loses another $1.36M.
Teal line: short size, BTC, at the end of each hour per trade records. Grey: BTC price on Hyperliquid, hourly close (right axis). The breaks in the short on 16 and 21 September and 2 October line up with the forced closes. Data frozen 03.10.2026.
A new short
3 October, 07:54 UTC: the account holds $318,573. The 50 BTC short from $86,505 is up $98k: the price has pulled back to $84.5k.
Every $1,000 bitcoin falls adds $50k to this position, and every $1,000 it rises takes the same away. His liquidation price is $89,783: the market is 6% below it.
So his cushion is now 6% instead of 0.7%, on a position a quarter of the size. All-time: -$3.68M of $4.0M.
Update, 7 October. He went back into the short, as we expected, and this time he made money. On 6 October he opened 100 BTC at 86,165, on 7 October he closed at 84,287 with a $188K profit and four hours later opened a short again. He now holds a 150 BTC short at 40x, entry 83,914, liquidation threshold 86,205, 3.7% above the price. No new top-ups. All-time he is down $3.37M instead of $3.69M; of the $4.0M he put in, about $0.63M is on the account including the open profit.
We'll show you the next liquidation line before it's hit
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Evidence and limits
Wallet: 0xc3ed57a7a8fa374af47eba5dd713bc2946f800dd. Every number comes from Hyperliquid's public records: trades, transfers, funding, account history. Anyone can check them by address.
Account reconciliation: deposited $4,001,470; closed trades -$3,636,600; fees -$263,900; funding +$118,543; open position +$98,548. Total $318,061 against $318,573 per the exchange, a 0.16% gap.
Forced closes: trades flagged as liquidations where this exact wallet is recorded as the liquidated party. 11.09 13:48 (10,000 ETH), 16.09 18:08 (300.5 BTC), 21.09 12:08 (41.9 BTC) and 19:34 (300.1 BTC), 02.10 12:31 (40 BTC). Together -$1.56M; another -$2.08M on closes he made himself.
On bitcoin and ether the records show only shorts being opened and closed: not a single long. There was a small long on UNI.
What we don't know: who is behind the address; whether he holds spot or positions elsewhere that this short hedges. The money came in two transfers from another Hyperliquid address; we don't claim they share an owner.
Our trail: the radars from 30 September to 3 October describe this short; the line “0.7% above snapshot price” is in the 2 October radar.
A journal of the system's decisions, not investment advice. A reconstruction from public Hyperliquid data; who is behind the address is unknown; no claim is made that anyone held non-public information. Leveraged derivatives trading carries a risk of losing all your funds.