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Crypto Whale Closes Oil Longs, Opens $30 Million Oil Short on Hyperliquid

According to Arkham, the trader later briefly held a $30 million oil short on Hyperliquid, with negative funding rates generating about $388,000 in daily payments despite a roughly $2 million mark-to-market loss.

HYPE

Summary

A large trader previously closed WTICRUDE and BRENTOIL long positions worth more than $14.1 million at a loss exceeding $3.9 million, then opened a new WTICRUDE short on April 9. Existing information put that short at $9.3 million with an average entry price of $92.3 and a liquidation price of $117.6. Arkham later said whale address "0x63c" briefly held a much larger $30 million oil short on Hyperliquid. According to Arkham, the position was earning about $388,000 per day, or roughly $142 million annualized, because funding rates were negative, although the trader was currently down about $2 million due to oil price moves.

Terms & Concepts
  • Whale: A market participant with very large capital whose trades can materially affect price and market liquidity.
  • Short position: A trade that seeks to profit from a price decline by selling exposure first and buying it back later at a lower price if the market falls.
  • Hyperliquid: A crypto-native trading platform focused on perpetual futures and other derivatives, where funding payments can affect trader returns.