On-chain data from TradingBeats (formerly Hyperinsight) shows that nearly 43% of JP225's roughly $9.306 million in open interest now sits with a single short seller behind an address starting with 0xf87. The whale is running a 20x isolated short of 58.49 contracts, worth about $4 million at an average entry of 67,557.3 points, and it is the only position in the account. In the past 24 hours, the address added 35.77 contracts through 481 fills, or roughly $2.424 million in new shorts, expanding the position by about 157%. Total JP225 open interest jumped from around $2.77 million to $9.306 million during the same window, up roughly 236%, with the whale accounting for a major part of that growth. JP225's mark price now sits about 0.11% below the oracle price, and the hourly funding rate has dropped to -0.0129%. At current size, the trader pays around $516 per hour, or about $12,400 daily, equivalent to more than 9% of its $138,100 margin. JP225 would need to fall at least 0.31% a day just to cover that funding bill. The index trades at 68,393, with the position down about $48,900, or -24.7%. Liquidation is at 69,028, a mere 0.93% away.
BlockBeats reported on Aug. 13 that on-chain monitoring from TradingBeats (formerly Hyperinsight) shows a short whale has stacked roughly $4 million worth of JP225 (Nikkei 225) shorts into a market with thin liquidity. With funding gone negative, the daily carry cost now works out to more than 9% of the margin behind the position.
One address holds nearly half of open interest
JP225's roughly $9.306 million in open interest has nearly 43% concentrated in a single short seller behind an address starting with 0xf87. The whale is shorting 58.49 contracts on 20x isolated margin, a position worth about $4 million at an average entry of 67,557.3 points. It is the only position in the account.
Position grows 157% in 24 hours
Over the past 24 hours, the address added 35.77 contracts through 481 fills, about $2.424 million in fresh shorts, expanding the position by roughly 157%. Total JP225 open interest climbed from around $2.77 million to $9.306 million over the same stretch, an increase of about 236%. A sizable part of that OI growth traces to this one large short book.
Funding bill tops 9% of margin
With shorts still piling in, JP225's mark price has been pushed about 0.11% below the oracle price, and the hourly funding rate briefly dropped to -0.0129%. At current sizing, the whale pays roughly $516 per hour, or about $12,400 a day, more than 9% of its $138,100 margin. JP225 would need to fall at least 0.31% a day just to cover the funding cost.
JP225 is now at 68,393 points. The short is underwater by about $48,900, a return of roughly -24.7%. Liquidation sits at 69,028, about 0.93% above the current price.
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