A trader on the Hyperliquid exchange turned a leveraged bet on SK Hynix into a $6.44 million profit this week, riding a sharp recovery in the chipmaker's stock after a brutal five-day selloff. The position, opened July 29, initially showed a $778,000 gain before swinging to a $2.26 million unrealized loss, then rebounding to the seven-figure win.
How the trade played out
The whale opened a 3x leveraged long on 37,229 units of SKHX, a perpetual contract tracking SK Hynix's share price. On-chain analytics platform Lookonchain flagged the trade as it unfolded. The position's wild swings mirrored the stock's volatility: SK Hynix shares had dropped nearly 15% in the five days before the trade, but then surged as much as 28.59% on July 31.
Catalysts behind the rally
The stock's rebound followed a string of bullish signals. SK Hynix reported a record operating profit for the second quarter on July 29, driven by surging demand for its HBM4 memory chips used in AI data centers. The next day, strong earnings from Amazon and Microsoft added to the tech rally, and SK Group Chairman Chey Tae-won bought shares in the company, further boosting sentiment.
Whale's track record
The trader's history on Hyperliquid suggests a high-risk appetite. According to Lookonchain, the same wallet had lost more than $1 million on each of its three previous trades. This week's win more than offsets those losses, though the position's size and leverage leave little room for error.
Liquidation event days earlier
The SKHX market saw a separate $57 million liquidation event just days before the whale's trade, underscoring the extreme volatility in the token. That liquidation likely contributed to the sharp drop that preceded the whale's entry.
Whether the whale has closed the position or is still holding remains unknown. The trade's fate will hinge on SK Hynix's next moves and the broader AI chip demand story.
