Whale Watch Confirms $4.14M Bitcoin Long on Hyperliquid at Risk of $449K Loss

At 06:45 UTC, September 30, 2025 Whale Watch Perps announced a trade with a high-ranking Hyperliquid trader. At $113,957, the trader opened a long of 21,370 of Bitcoin. This order size represents 0.52 percent of their entire position, so it was an adjustment, and not a new stake.

The trader has 4.14 million long position in Bitcoin. The average entry price is $113,975.10. The procedures of dividing total value by the price of entry demonstrate that the trader has control over approximately 36.33 BTC. This puts the account among whale level traders on the platform.

Liquidation Trigger at $101,595.39 BTC

At a price of less than Bitcoin amounting to 101,595.39, the trader is liquidated. This compares to an entry price of 10.87 less than the average price of entry of $113,975.10. To avoid greater losses, Hyperliquid would automatically close the position. Loss per BTC of liquidation is 12379.71. That multiplied by the 36.33 BTC position will make their potential loss 449,796.74. This indicates the extent of risk exposure in case Bitcoin goes into liquidation.

Bitcoin was trading at about $116,000 at reporting time. This is $2,043 above the entry price. The unrealized gain is 74,149.50 to 36.33 BTC. The gain is not big as compared to the potential loss of 449K. The liquidation calculation implies 9.21x leverage. The number is obtained by dividing the entry price and the entryliquidity difference. The margin required to sustain margin of 4.14M is required to be between 414,000 and 828,000 with this leverage based on the margin rules of Hyperliquid.

Hyperliquid Confirms Fully On-Chain Order Books

The trading that occurred on Hyperliquid which is a Layer 1 blockchain exchange. The platform is trading more than 100 open and spot assets. The model of Hyperliquid bitcoin provides order books on-chain with the possibility of more latency than centralized exchanges.

Whale Watch Perps reported that it was a top PnL trader. This implies that the user has always been very high in the profits. Control of $4.14M in Bitcoin positions builds on this position. Whale-sized positions are usually between 10 BTC and 100 BTC, which are consistent with the 36.33 BTC of the trader. The liquidation space of the trader only gives a 10.87 per cent entry buffer. This margin is slim with Bitcoin volatility usually going higher than 10 percent within a short period. This position might be wiped out in almost the $450K with a sudden correction.