Trader James Wynn opened a long position in perpetual contracts for 10,200 BTC ($1.14bn) using 40x leverage on Hyperliquid.
Bitcoin just broke through $111,900!
Top trader @JamesWynnReal‘s 40x leveraged long position of 10,200 $BTC($1.14B) is now sitting on an unrealized profit of over $39M!https://t.co/Xy0EC0h5Cw pic.twitter.com/5UlbeiA984
— Lookonchain (@lookonchain) May 22, 2025
At press time, he still held the equivalent of 5,188 BTC ($574.3m) with an unrealised profit of $13.62m.
The average entry price is $108,065; the liquidation level is $95,941.
Partial profit-taking on the long has already brought the trader $11.23m.
Wynn separately noted difficulties transferring USDC from Binance to an external wallet on Arbitrum to support the open position. He doubted it was mere coincidence.
Yesterday I was trying to add money from @binance to my external wallet to fund HL to save myself from a potential major liquidation.
But for the first time ever it just so happened that USDC on Arbitrum was SUSPENDED.
Coincidence? Unlikely.
They was not only coming for me… pic.twitter.com/BsEDxv3KrA
— James Wynn ? (@JamesWynnReal) May 22, 2025
The Hyperliquid platform is built on its own high-performance L1 HyperEVM and offers functionality common to CEX: a real-time order book, high liquidity and competitive fees. Hyperliquid does not require KYC procedures.
The network uses a modified version of the Proof-of-Stake consensus algorithm called HyperBFT, with throughput of 200,000 TPS.
Thanks to its speed and capital efficiency, it has quickly gained popularity. A position as large as $1.1bn may reflect a shift by big players away from centralised venues towards DEXs.
At press time, Hyperliquid’s open interest (OI) and 24-hour turnover hit record highs of $8.92bn and $18.91bn, respectively. By both metrics, the platform ranks fifth.
Hyperliquid hit all-time highs in open interest ($8.92B) and 24h trading volume ($18.91B).
It now ranks 5th by perps open interest, behind Binance, Bitget, Bybit, and OKX, and 5th by 24h volume, trailing Binance, OKX, Bybit, and Bitget.
Source:@Neda4_ pic.twitter.com/93BSJvNN9C
— Laevitas (@laevitas1) May 22, 2025
According to The Block, DEX spot trading as a share of the corresponding CEX metric has risen to 20%.
Bitcoin and Ethereum are the leading assets on Hyperliquid. For bitcoin, OI and daily trading volume are $3.87bn and $11.36bn, respectively; for the second-largest cryptocurrency they are $1.05bn and $3.89bn.
BTC remains dominant on the platform with $3.87B in OI and $11.36B in volume, followed by ETH at $1.05B and $3.89 B. pic.twitter.com/3XxwyUTO42
— Laevitas (@laevitas1) May 22, 2025
In March, ForkLog examined the chain of events in which high-risk positions jeopardised not only the platform’s stability but also the safety of client funds in the Hyperliquidity Provider Vault.