A trader with wallet address 0xcf6 turned an initial $27,950 deposit into nearly $3 million on the Hyperliquid exchange since early April. The account peaked above $3.1 million in late May and was hovering close to $3 million at the time of reporting. The run was almost entirely built on leveraged long bets — primarily tokenized stock perpetuals for Micron Technology and Intel.
The bets that paid off
Two positions made up the bulk of the gains. The Micron long, using 10x leverage, had an unrealized gain of nearly $1.96 million on a position worth $3.86 million. The Intel long, also at 10x, was up about $1.01 million on a $2.04 million position. The trader's six open positions also include Hyperliquid's native token HYPE, Meta, BlackBerry, and Venice Token (VVV). The HYPE long (10x, $1.69 million) was up roughly $123,000. The META long (10x, $454,000) was down $16,000. BB (10x, $198,000) was up $20,000. The smallest bet — a VVV long at 3x and just $35,000 — was down $1,800.
Why stock perps?
Tokenized stock perpetuals track real share prices but settle in USDC. They carry no shareholder rights — no dividends, no voting. Hyperliquid is one of the few crypto exchanges offering them, and they let traders take leveraged directional bets on equities without leaving the crypto ecosystem. That also means funding payments apply. This trader's account had already lost more than $90,000 to funding over the stretch, a steady drain that can erode even winning positions.
The survivorship bias problem
Most Hyperliquid traders lose money over longer stretches, as X user Ivan Lim pointed out. This story is a textbook case of survivorship bias: one outlier makes headlines while the silent majority gets wiped. The trader's success doesn't change the odds — it just makes for a good chart. Whether the account stays near $3 million or begins to bleed will depend on whether those long positions keep paying before funding costs eat further into the stack.
