A single onchain wallet has placed a $100.33 million short position on ether using 23x leverage on the decentralized exchange Hyperliquid. The trader, identified by address 0x50b3, opened the bet on 47,604 ETH at a specific implied entry price.
The size of the bet
The position is one of the largest single leveraged shorts ever recorded on Hyperliquid. At 23x leverage, even a small price move against the trader could trigger automatic liquidation. The exchange uses a cross-margin system that can close the position if the collateral drops below the maintenance threshold.
Liquidation risk
The short faces immediate danger if ether rises just $41 from its entry price — roughly 2% higher. That narrow buffer means any bullish news or market momentum could force a close at a loss. Onchain analysts watching the wallet note the trader hasn't hedged the position with any offsetting longs or options.
Why the trade stands out
Hyperliquid has become a hub for high-leverage derivative trading, but billion-dollar notional positions remain rare. The exchange's transparent order book and onchain settlement mean anyone can track the wallet's moves. So far the wallet has not added collateral or adjusted the position since opening it.
The ether market itself has been volatile, trading between $1,800 and $2,200 over the past month. A 2% spike is well within normal daily ranges. If ether rises, the liquidation could cascade, adding selling pressure that might amplify the move.
The trader is betting that ether will stay flat or fall in the near term. Whether that gamble pays off depends on market conditions over the next hours or days.
