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By Shaurya Malwa|Edited by Parikshit Mishra
May 22, 2025, 8:09 a.m.
- A trader named James Wynn has opened a $1.1 billion long position on Bitcoin using 40x leverage on the Hyperliquid platform.
- The position, tied to the wallet address “0x507,” is currently sitting on over $40 million in unrealized profit.
- Hyperliquid’s platform, built on the HyperEVM blockchain, offers features like real-time order books and deep liquidity without requiring KYC.
A single trader has opened a massive $1.1 billion notional long position on bitcoin (BTC) using 40x leverage on the onchain decentralized exchange (DEX) Hyperliquid, a rare instance of a ten-figure position being open entirely on a blockchain-based platform.
The trade is tied to wallet address “0x507,” belonging to pseudonymous trader “James Wynn” on the platform.
STORY CONTINUES BELOW
Lookonchain data shows the position was opened at an entry price of $108,084, with a liquidation level just under $103,640 — meaning if BTC drops to that price, the position could be wiped out. The trade is sitting on over $40 million in unrealized profit as of early Thursday.
Wynn closed 540 BTC (~$60M) in European morning hours to lock in a $1.5 million profit. Notably, his past three exits were followed by sharp BTC pullbacks and traders may want to watch for a repeat, Lookonchain said.
Hyperliquid is built on its own high-performance layer 1 blockchain, HyperEVM, and offers features typically reserved for centralized platforms, like real-time order books, deep liquidity, and near-zero gas fees.
Its consensus mechanism, HyperBFT, reportedly handles over 200,000 transactions per second, allowing traders to execute quickly and transparently.
Unlike centralized exchanges that require KYC or restrict access, Hyperliquid allows anyone with a wallet to trade permissionlessly. The platform has rapidly gained popularity for its speed and capital efficiency, and this billion-dollar position may serve as a signal to other large players exploring onchain execution.
In many ways, it also marks a new phase of capital migration from centralized finance to decentralized finance (DeFi) — one where whales, not just retail, are willing to place big bets outside the traditional system.
Hyperliquid’s HYPE is up 15% in the past 24 hours as demand for the token increased.
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis.
Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA.
He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
