A whale address beginning 0xf17 has shifted from reducing a HYPE spot-and-perpetual hedge to taking a directional long position, lifting its net long exposure to about 222,000 HYPE. The trader bought 39,700 HYPE spot in roughly seven minutes for about $3.251 million at an average price of $81.98, then opened a 10x long in 136,000 HYPE perpetual contracts for about $11.026 million at an entry price of $81.05. The combined purchases were worth about $14.277 million. The whale now holds 86,000 HYPE spot, valued at about $7.008 million, and the 136,000-token perpetual position, valued at about $11.087 million, with a floating profit of about $61,000 and a liquidation price of $38.64. The combined HYPE positions are worth about $18.095 million. Based on the current price, the newly added spot and perpetual positions show a temporary combined profit of about $42,000. Since Aug. 18, the trader has made about $320,000 from closed HYPE trades. It has also placed 100 spot sell orders for 50,000 HYPE between $83.50 and $110, with a weighted average order price of $96.75 and a notional value of about $4.837 million, covering roughly 58.1% of its spot holdings. HYPE was trading at $81.50, down about 0.9% in 24 hours, while perpetual open interest stood at about $2.086 billion, perpetual trading volume at about $752 million, spot volume at about $118 million and the hourly funding rate at about +0.00125%. The move follows a narrowing HYPE arbitrage opportunity and the whale's withdrawal of an approximately $11 million hedged position as funding rates fell.