A new Hyperliquid derivatives trade showed Ray opening a 20x leveraged $9.35 million S&P 500 short, with the position briefly in unrealized profit as the contract traded below the entry price.
A Hyperliquid trader identified as Ray opened a 20x leveraged short position on the platform’s S&P 500 contract worth $9.35 million at an average entry price of 6405. On March 31, the contract rebounded above 6410 before easing to 6398, leaving the trade with about $10,000 in unrealized profit. The reported liquidation price for the position was 6660.