A crypto whale known only by wallet address 0x97f8 has closed out a $148 million short position on the S&P 500, taking profits on the Hyperliquid platform. The trade is one of the largest single positions ever reported on a decentralized derivatives exchange.
How the trade played out
The whale had built a short against the stock market index, betting that prices would fall. The bet paid off. On-chain data shows the position was fully unwound, with the proceeds moved to a new wallet. The exact profit figure hasn't been disclosed, but the size of the exit suggests a significant gain.
Short positions on Hyperliquid are perpetual swaps, meaning they have no expiry. Traders pay or receive funding rates. For a $148 million short, those costs can pile up fast. The whale held through that, and still came out ahead.
Who is 0x97f8?
No one knows. The address has no known link to any exchange, fund, or individual. That's typical for large crypto traders who value pseudonymity. What is known is that the wallet has been active on Hyperliquid for months, moving in and out of big positions. This is its biggest recorded trade so far.
Hyperliquid processed the $148 million short without issue. No slippage, no forced liquidation. That matters. Decentralized exchanges have struggled to handle whale-sized orders without crashing or causing price impact. This trade shows Hyperliquid can handle serious capital. Whether it can do so repeatedly is the open question.
The platform’s order book and settlement system are designed for large trades. But one whale closing a short is not a stress test. A rush of similar exits, or a sudden market move, could still test the limits.
The whale's new wallet holds a large amount of USDC and other stablecoins. It's not clear if 0x97f8 plans to open a new position, go long, or sit on the sidelines. The address could stay quiet for weeks. Or it could reappear tomorrow with another massive bet. For now, the trade is done, and the profits are in hand.
