Lookonchain
Hyperliquid's HYPE token has fallen 22% from its peak as the largest $HYPE short, 0xf02d, holds 715,334 HYPE worth $54.57M. The position carries $5.56M in unrealized profit and has earned another $620K in funding fees.
Why it matters
The position makes concentrated bearish exposure visible in HYPE, while its funding income shows that holding the short has been financially rewarding. The figures do not establish that this account caused the drawdown, but they show how the market is positioned around the token.
Market impact
Further weakness would add to the short's unrealized gains, while a sharp rebound could erase those gains and create covering pressure. Funding rates and any change in the open position are the next signals for traders watching whether bearish positioning is building or unwinding.
Source: [HypurrScan Beta](https://hypurrscan.io/address/0xf02d16a272a842f8bac1d9a9e773aba1933454c6#perps)
Frequently asked questions
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How much is the largest HYPE short position worth?
The position covers 715,334 HYPE and is valued at $54.57M. It is held by the address 0xf02d.
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What returns does the largest HYPE short have?
The position carries $5.56M in unrealized profit and has collected $620K in funding fees.
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Does the 0xf02d short explain HYPE's 22% decline?
The address does not establish that its short caused HYPE's 22% decline. Its size and funding income show substantial bearish positioning around the token.
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What would hurt the largest HYPE short position?
A sharp rebound in HYPE could erase its unrealized gains and create losses and covering pressure. That risk applies to the full $54.57M position.
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Which signals matter as HYPE stays below its peak?
Funding rates and any change in the open position are key signals. Traders can watch whether the 715,334 HYPE short expands, contracts or closes.
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