A smart trader netted over $8.3 million in profits trading perpetual contracts on the Hyperliquid Decentralized Exchange.
The trading activity of the trader with an address “0x880” was revealed by Onchain tracker SpotOnChain highlighting the trading details involved and the strategy leveraged by the trader.
The trader netted a whopping $5.3 million from derivatives trading and $3 million in funding fees from the Decentralized exchange.
The trader’s strategy involves a strategic combination of Short and long positions on top crypto assets.
Winning Trading Strategy
The trader netted $5.3 million by shorting popular tokens such as $SOL, $ETH, $BTC, $LINK, $XRP, $WIF, and $LTC while longing $DOGE and $SUI.
This strategic combination of positions has proved very effective in unearthing market opportunities and printing money for the trader.
The trader in question is not done trading. In the past 24 hours, the trader bridged an additional 3.7 million $USDC to Hyperliquid, indicating intentions to continue trading perpetual contracts on the platform.
Hyperliquid making its mark in the Decentralized World
Hyperliquid is fast becoming a household name in the world of Decentralized exchanges.
Its native crypto asset $HYPE has surged from a listing price of 3.81 to an all-time high (ATH) of $34.29, pushing its market capitalization to an impressive $9.4 billion.
At the moment $Hype is exchanging hands for $27.94 surging by 12.9% in the past 24 hours.
The Network has recorded significant growth since its launch in terms of users, Trading volumes, and Withdrawals.
- Total users: 320,000 (compared to Binance’s 28 million)
- – Total trading volume: $550 billion
- – Total deposits: $12 billion
- – Total withdrawals: $9 billion
Hyperliquid is touted as the “ Binance of Decentralized Exchanges” due to its growing user base and surging transaction volumes. The story of the trader who cleaned $8.3 million on the platform is going to attract more users to Hyperliquid deepening its relevance in the industry.
