A trader known as James Wynn has been liquidated 22 times on S&P 500 perpetual shorts via the Hyperliquid platform between May 13 and August 3. The liquidations cost him roughly $73,100 in realized losses, but he still holds a short position worth about $530,900 at 50 times leverage.
22 Liquidations in Under Three Months
Wynn's S&P 500 short has been repeatedly wiped out as the index kept climbing. The S&P 500 has risen more than 13% since he first opened a bearish bet in April. Each liquidation forced him to close a portion of his position at a loss, but he kept re-entering the same trade. His current short of 70.50 units was entered at 7,418.59. The index closed at 7,489.72 on August 3, meaning the position is only 0.8% away from its liquidation price of 7,548.37.
Position Teetering on Liquidation
At 50x leverage, a move of less than 2% against the position triggers liquidation. With the S&P 500 just 58.65 points above his liquidation level, any further rally could wipe out the trade. Wynn's account balance stands at $6,512, with 81.5% margin usage and zero dollars available for withdrawal. That leaves him no room to add margin or reduce risk.
All-Time Losses Exceed $22 Million
Wynn's track record on Hyperliquid shows an all-time loss of $22.07 million across 67 trades, with a win rate of just 28%. The S&P 500 has hit 23 record highs in 2026, making his persistent bearish stance increasingly costly. Beyond the S&P 500 short, Wynn also holds a long oil position and a short NASDAQ position, suggesting a broader bet against risk assets.
With the S&P 500 continuing to grind higher, Wynn's remaining positions remain at risk of further liquidations. The next move in the index will determine whether he can hold on or faces another forced exit.
