A Hyperliquid trader going by the handle 'Evaded' pocketed more than $7.5 million in profit from two positions in under four days, then turned around and opened a $38.63 million ether long with 25x leverage. The trades, which took place around May 22, have drawn attention to the on-chain derivatives platform's capacity for outsized bets.
The $7.5M Bet on ZEC and HYPE
Evaded's winning streak began with positions in ZEC and HYPE — likely Zcash and Hyperliquid's native token. The combined haul crossed $7.5 million, a figure that would be a career year for many retail traders. The speed of the gains — less than 96 hours — underscores the volatility that can ripple through thinly traded altcoins on decentralized exchanges.
Details of the entry and exit prices weren't disclosed, but the profit implies a well-timed play on momentum. Hyperliquid's order-book model allows users to take on heavy leverage, which magnifies both returns and risk. For Evaded, the risk paid off.
A New Position on Ether
Instead of cashing out, Evaded rolled the winnings into a massive ether long. The $38.63 million position, opened with 25x leverage, pushes the total exposure past $965 million in notional value. That kind of size can move markets on Hyperliquid's relatively lean liquidity pools.
Ether was trading around $2,900 at the time, according to market data. A 4% adverse move would liquidate the entire position — a risk Evaded is clearly comfortable taking. The trader's identity remains unknown, a common feature of pseudonymous on-chain activity.
What Drives the Trade
Hyperliquid has become a venue for high-stakes speculation, attracting traders who chase amplified returns. Evaded's sequence — small-cap coins first, then a pivot to ether — suggests a strategy of building capital before applying it to a larger, more liquid asset. Whether the ether trade will repeat the earlier success is an open question.
The platform does not require KYC, and its smart-contract architecture settles trades without intermediaries. That same freedom allows for positions that would raise eyebrows on centralized exchanges. Regulators have yet to directly address Hyperliquid's model, though the size of these trades may invite scrutiny.
For now, Evaded holds a nine-figure ether bet. The next few days will tell if the trader's conviction matches the market's direction.
