BlockBeats reported on Sept. 1, citing TradingBeats monitoring data, that a sub-account linked to trader "CBB" began buying HYPE spot from 00:45 today and has accumulated 125,492.4 HYPE for about $10.5506 million. The weighted average purchase price was $84.073.
At the same time, the account opened a new short position in HYPE perpetuals under 10x cross margin. The short totals 125,458.02 HYPE, with a position size of about $10.5524 million and an average entry price of $84.111. The token amounts and notional values on both legs are almost fully matched, forming a near 1:1 spot-perpetual hedge.
HYPE funding remains positive, which means longs are paying shorts. According to the monitoring data, the account has received about $1,818.6 in funding today through the perpetual short.
TradingBeats said the strategy also uses borrowing to raise capital efficiency. The account has portfolio margin enabled and currently holds about 190,538 HYPE on the asset side, while borrowing about 7.56 million USDC. Its USDC balance stands at roughly negative $5.96 million.
The main account has posted a net transfer-in of about $10 million in this round. The remaining spot exposure is financed mainly through USDC borrowing. TradingBeats identified the monitored address as the sub-account named "2 HYPE DN" under the main account prefix 0x49e9.
The main account currently also holds about 15.696 million USDC and controls multiple related sub-accounts. The main account address is 0x49e96e255ba418d08e66c35b588e2f2f3766e1d0, and the trading sub-account address is 0x642ed9529b2c4fc33da54d1005b6aa12aefdf814.
BlockBeats added that TradingBeats, an on-chain perpetuals and address analytics tool, is now live and supports real-time Hyperliquid data, including address tracing and whale activity analysis.