Analyzing the Trading Strategies of Top Traders on Hyperliquid: The Art of Leverage and Timing

Recently, the market has warmed up, and the operations of some large traders on the Hyperliquid platform have once again attracted market attention. These large accounts, known as "whales," create waves on the platform with their strong financial strength, unique trading strategies, and keen grasp of market trends. Their every move not only reflects market sentiment but also provides us with a window to observe how top traders play the game.

This article will analyze the trading methods, risk preferences, and success-failure logic of several traders with distinct styles, attempting to reveal their secrets to success and explore what lessons ordinary investors can learn from them.

Short-term Sniper: The Event-Driven and High-Leverage Art of "50x Brother"

A trader has been posting Bitcoin-related content on social media since 2014, seemingly a loyal supporter of Bitcoin. However, he chose to disappear in 2015. It wasn't until March 2025 that he sparked controversy by making over $9 million in profits from a highly leveraged short position on Bitcoin, leading to questions about the source of his funds. The trader chose to reveal his identity in response to the doubts.

This trader's trading style is characterized by high risk and high return, often using 50x leverage and responding sensitively to market changes. For example, around the Federal Reserve interest rate decision on March 20, 2025, he shorted Bitcoin at a price of $84,566, and after the price dropped to $82,000, he closed the position for a profit of $81,500. Then he went long at $82,200, and when the price rebounded to $85,000, he closed the position, earning an additional $921,000, totaling a 164% return. This operation earned him the nickname "Hyperliquid 50X Brother" on social media.

From his trading strategy, this trader excels at capturing event-driven and fleeting opportunities, demonstrating a unique market insight. He can not only capitalize on significant economic events but also decisively enter the market during extreme panic. When Ethereum fell to around $1500 and the market was generally bearish, he chose to buy 3715 Ethereum for $5.5 million (average price of $1493.5) and sold at $2502, making a profit of $3.74 million.

On May 12, the results of the China-U.S. trade negotiations were announced, and the market is expected to experience fluctuations. This trader opened a short position on Bitcoin at $104,094 and subsequently made a profit of $1.18 million.

As of May 13, the trader has made approximately $2.82 million in profits on the Hyperliquid platform. Overall, his trading frequency is not high, with only 3 to 4 trades made over two months. However, each operation accurately predicts short-term trends, and he has exceptional courage, often operating on the edge of liquidation. Nevertheless, this trading style is not suitable for ordinary investors to imitate, and he has also incurred losses in some small-cap tokens.

The Controversial Legend: A Well-Known Trader's MEME Coin Hunt and Large Capital Operations

A well-known trader became active on the Hyperliquid platform starting in March 2025. His trading style tends to focus on longer cycles (several days), and apart from mainstream tokens, he also likes to bet on some popular MEME tokens. These highly volatile tokens seem to be his main source of profit.

Taking the position on May 13 as an example, his unrealized profit from long positions on the PEPE token reached as high as 23 million USD, far exceeding the profits of other mainstream tokens.

In terms of leverage usage, this trader is relatively conservative and seems to set different leverage multiples based on the volatility of different tokens. For example, Bitcoin opened with 40x leverage, while PEPE only used 10x leverage.

In addition, he has established the largest user vault on Hyperliquid, but unlike the high returns of personal operations, this vault is currently underperforming. At a price of $103,533 for a long position in Bitcoin, as of May 13, this position has incurred a loss of about 10%, approximately $960,000. Over the past month, the overall return rate of the vault has been -8%. Nevertheless, it has still attracted $10 million in deposits, of which $9.2 million comes from him personally.

Overall, this trader achieved a profit of $45 million on Hyperliquid. His trading strategy primarily focuses on long positions, capturing market upswings. For example, he went long with 40x leverage when the price of Bitcoin was $94,000, and when the price broke through $100,000, his floating profit reached $5.4 million. Although his trading win rate is not high (around 47%), he is still able to generate huge profits through large positions and high leverage.

This trader is known in the community as a "legendary trader," but his success is also accompanied by controversy. Some accuse him of exploiting community trust for profit, such as by promoting Meme coins to inflate prices before selling, similar to the pump and dump incident of a certain popular token in 2024. However, he personally denies this. Currently, these controversies and responses cannot be confirmed.

Overall, the trader's success is attributed to large positions, often opening trades worth tens of millions or even hundreds of millions of dollars. Coupled with keen insights into market changes, this has resulted in high returns. Ample margin has also allowed his liquidation price to reach a very high threshold. This style helps to improve the win rate, but if the trend judgment is incorrect, it can also lead to significant losses.

The Rising Mysterious Whales: Testing the Waters and Swinging with Mainstream Coins under Low Leverage

Recently, another large holder has become active on the Hyperliquid platform, initially attracting attention for investing over 8 million USD to go long on Ethereum. Subsequently, this address made over 8.16 million USD profit within a week by going long on XRP and SOL.

In terms of operating style, this investor also has strong financial strength, with initial opening funds reaching 36 million USD. Additionally, he does not adopt aggressive short-term operations, but chooses to use low leverage and extend holding times to maintain profits.

In terms of trading variety selection, as of now, he has only traded three mainstream tokens: ETH, XRP, and SOL. Among them, ETH has generated profits, while XRP and SOL have suffered losses. From the perspective of trading strategy, this investor seems to lack decisiveness; initially, he only opened a position in ETH and later chose to go long on XRP and SOL at high prices during a market surge. As a result, with the market's correction, there may have been psychological fluctuations, ultimately leading to the closure of all orders. Although the final outcome was profitable, from the perspective of operational style and thinking, it is not worth emulating.

The Firm Bears of the Market: Will the Big Bets of Short Investors Pay Off in the End?

Compared to the traders introduced earlier, there is currently an investor who can be considered a temporary counterexample. As of May 13, data shows that this address has incurred a floating loss of 3.12 million dollars by shorting BTC, ETH, and SOL.

Starting from May 10, this investor has successively injected $50.5 million into Hyperliquid for short-selling operations. The total amount of positions held exceeds $230 million, with the investment in Bitcoin alone exceeding $110 million. This investor seems to be firmly bearish on the market, with all $50.5 million allocated to positions and holding them for several days without closing.

However, due to sufficient margin, the liquidation price of that address is difficult to reach (the liquidation price for BTC is $142,000, for ETH is $4,254, and for SOL is $294). In terms of overall position profit and loss, the current loss amount is only about 6%.

Of course, we cannot determine whether this investor's ultimate direction is correct. We can only continue to observe and see if this mysterious market contrarian is a prophet who predicts the market in advance or is merely taking risks based on financial strength.

Looking at the active large holders on the Hyperliquid platform, we find that their trading strategies are unique, and there is no one-size-fits-all method. However, overall, they tend to choose high liquidity tokens such as BTC, ETH, SOL, and XRP as trading targets. In terms of trading style, everyone has their own habits; some prefer high leverage, while others are accustomed to predicting the market in advance. But the positions and investments of these large holders clearly carry a high risk, which is not applicable to ordinary investors and is difficult to replicate. After all, in the risky cryptocurrency market, only by continuously learning and forming one's own trading system can one move steadily through the fluctuations.