Trader "watershedpath" holds the largest single on-chain long position in HYPE, with about $111 million in exposure and a $58 million unrealized profit. Arkham said in a post dated Aug. 26, 2026, that the position has been maintained for almost a year, an unusually long period for a leveraged perpetual trade. Rather than close part of the position, the trader withdrew $18.5 million in margin, allowing capital to be removed while retaining the HYPE exposure but increasing vulnerability to liquidation if the token falls. The disclosure does not provide the trader’s entry level or liquidation margin. HYPE has risen more than 46% over the past month and 16% in the last seven days, trading at $82.06 with roughly $1.16 billion in 24-hour volume.