Whale opens large leveraged SKHX long on Hyperliquid after Hynix earnings

A large trader built a major SKHX long on Hyperliquid after Hynix earnings, according to reports citing on-chain sources including Ai Yi and Hyperinsight. Wallet 0xc8b…48891 added 1.817 million USDC in margin and accumulated about 31,968.2 SKHX for roughly $31 million at an average entry near $981.9, while one earlier snapshot described a smaller 23,251.544 SKHX position worth $24.67 million opened at 14:38 on July 28 at an average price of $1,106.8. Reports variously described the trade as 4x or 3x leveraged, with unrealized losses ranging from about $169,000 to $1.074 million depending on observation time; one report also put the liquidation price near $553.70. SKHX was said to have rebounded more than 11% from an intraday low of $879.4 on July 29, suggesting the whale was buying into weakness even as the position remained under water in reported snapshots. New funding-rate data added cost context to the trade: Hyperinsight said on July 30 that Hyperliquid’s SKHX funding rate rose to 0.0373% per hour, paid by longs to shorts, versus about 0.3141% every four hours on Binance’s SKHYNIXUSDT, making Binance’s equivalent rate roughly 2.1 times higher. At those rates, a $10,000 long position would cost about $89.6 over 24 hours on Hyperliquid versus $188.4 on Binance, while Hyperliquid’s 24-hour cumulative settled funding rate was about 0.3925%.