HYPE whale flips from hedged arbitrage to directional longs with $14.28 million in fresh buys

News Editor

2026-08-27 09:24:26

A whale wallet beginning with 0xf17 has shifted from trimming a HYPE spot-futures hedge to taking a net directional long position, according to TradingBeats, formerly Hyperinsight. The account’s net long exposure in HYPE has risen to about 222,000 tokens. During the early hours of Aug. 27, the whale bought 39,700 HYPE on spot in roughly seven minutes for about $3.251 million at an average price of $81.98, then added a 136,000 HYPE perpetual long worth about $11.026 million at an entry price of $81.05. Combined, the two trades totaled about $14.277 million. As of publication, the wallet held 86,000 HYPE spot worth about $7.008 million and a 10x cross-margin long of 136,000 HYPE perpetuals valued at about $11.087 million. The perpetual position was showing an unrealized profit of about $61,000, with a liquidation price of $38.64. Total spot and futures exposure stood at about $18.095 million. Based on the current market price, the newly added spot and perpetual longs from yesterday were showing a combined unrealized gain of about $42,000. The same whale has repeatedly traded HYPE on swings since Aug. 18, realizing about $320,000 in profit on closed positions, and has also placed 100 spot sell orders between $83.5 and $110 to sell 50,000 HYPE.

A HYPE whale previously known for reducing a spot-perpetual arbitrage trade has now turned outright bullish, with net long exposure rising to about 222,000 HYPE, according to TradingBeats, formerly Hyperinsight, on Aug. 27.

Spot and perpetual purchases were added in quick succession

In the early hours, the whale, identified by an address beginning with 0xf17, first bought 39,700 HYPE on the spot market in roughly seven minutes. The trade was worth about $3.251 million, with an average execution price of $81.98.

It then added a long position of 136,000 HYPE perpetuals, worth about $11.026 million, at an average entry price of $81.05. Taken together, the spot and perpetual purchases amounted to about $14.277 million.

Current holdings and unrealized profit

As of publication, the whale held 86,000 HYPE spot valued at about $7.008 million. It also maintained a 10x cross-margin long in 136,000 HYPE perpetuals, with position value at about $11.087 million, an entry price of $81.05, unrealized profit of about $61,000, and a liquidation price of $38.64.

The combined value of its HYPE spot and futures positions stood at about $18.095 million. Based on the current market price, the spot and perpetual longs added yesterday were showing a combined unrealized gain of about $42,000.

Previous trades and outstanding sell orders

TradingBeats said the whale has traded HYPE on multiple swing-long setups since Aug. 18. Closed positions tied to those trades have generated cumulative realized profit of about $320,000.

The wallet has also placed 100 spot sell orders between $83.5 and $110, aiming to sell 50,000 HYPE with a notional value of about $4.837 million. The weighted average order price is $96.75, covering about 58.1% of its spot holdings.

Latest HYPE market data

HYPE was last quoted at $81.50, down about 0.9% over the past 24 hours. Perpetual open interest stood at about $2.086 billion, trading volume was about $752 million, and spot volume reached about $118 million. The current hourly funding rate was about +0.00125%.

An earlier update said the whale had exited an $11 million hedged position after arbitrage spreads narrowed and funding rates moved lower.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

Disclaimer:

The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.

Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.