An address tied to Taiwan trader 0xRay has closed all of its perpetual positions on Hyperliquid. Trade records cited in the report show the biggest leg, a BTC short, was exited at a loss of $505,000, while total realized profit across the full set of trades came to about $717,000.
Arkham snapshot arrived after the unwind had already started
On-chain analytics platform Arkham said in a post at 2:25 p.m. Taipei time on Sept. 14 that an address associated with 0xRay was short about $98 million on Hyperliquid. That included an $81.74 million BTC short entered at $77,888 with 20x leverage, plus a $13.44 million SanDisk short and a $3.15 million PONS short. At that moment, the three positions were showing a combined unrealized profit of $2.7 million.
But Hyperliquid trade history reviewed in the report showed a different picture. By the time Arkham published the post, the account was already in the middle of reducing exposure.
The BTC short started to be closed at 2:48 a.m. Taipei time on Sept. 14. The process continued through 9:50 p.m. that night and was split into 1,815 fills, with cumulative notional value of about $76.96 million. In other words, Arkham's post landed in the middle of the unwind, nearly 12 hours after the account had started cutting the position.
By 11:55 p.m. Taipei time on Sept. 14, the final perpetual trade for the address had been completed. At the time of the report's query, the account no longer held any perpetual positions. Spot balances stood at $11.69 million in USDC and 4,187 HYPE.
BTC lost money, while PONS carried the overall result
Realized profit and loss by instrument ran against the impression created by the earlier snapshot. The BTC short, which was the largest position by notional size, did not close in profit. Its last few exits were filled near $78,434, above the recorded entry price of $77,888.
The position that pushed the overall book into positive territory was the PONS short. According to the report, that trade was opened on Sept. 7 and fully closed at 10:57 p.m. Taipei time on Sept. 14.
- PONS short: +$1.112 million
- SanDisk (xyz:SNDK) short: +$166,000
- HYPE long: +$26
- PUMP long: -$4,000
- Apple (xyz:AAPL) short: -$53,000
- BTC short: -$505,000
Total realized profit across the six instruments came to about $717,000. Over the same period, records since Sept. 5 showed about $24,000 in trading fees and about $68,000 in funding payments received.
Three liquidation-marked trades involved other accounts
The address had three trades marked as liquidations, all at 9:37 p.m. Taipei time on Sept. 7 and all tied to PUMP. The report said the liquidated-party field in the records showed that three other addresses, not 0xRay's, were forcibly closed. This address was on the other side, taking the buy orders as those counterparties were liquidated.
During the full trading period, the address itself did not go through a single forced liquidation.
SanDisk and Apple markets were opened through HIP-3
The report also noted that SanDisk and Apple appeared on-chain as xyz:SNDK and xyz:AAPL. The prefix indicates these were markets launched by third-party deployers through the HIP-3 mechanism, rather than native Hyperliquid perpetual contracts.
The source said Chain News had reported in June on SPCX, the SpaceX stock perpetual that had the largest trading volume among similar markets. PONS, meanwhile, is the token of meme coin launch platform Pons Family.
0xRay had already drawn attention in Taiwan's trading community
The report added that 0xRay was already known in Taiwan's trading circles. Chain News reported in November 2025 on his experience entering the market at age 14 with NT$3,000 in gift money. In February this year, it also reported that he went long NVDA with about NT$500 million ahead of Nvidia earnings.