loracle, one of the most closely watched bearish traders on Hyperliquid, is back in profit on several meme coin shorts. That has not changed his overall record: on-chain figures cited in the source show he is still down about $25 million in total, with HYPE accounting for the bulk of the damage.
At the time of publication, loracle was holding a 3x leveraged short on PONS through Hyperliquid. The position stood at 27.75 million PONS, worth more than $16.5 million, with an average entry price of $0.665. After the recent pullback across meme coins, the trade was showing around $1 million in unrealized profit. He was also holding a 3x leveraged short on CASHCAT, totaling 36.3 million tokens worth more than $6.2 million at an average entry price of $0.2, for about $1.3 million in unrealized profit.
Those positions have not been painless. When PONS reached its all-time high, loracle’s PONS short was once showing more than $6.9 million in unrealized losses. The source said overseas KOL MLM had tried to organize a campaign to "hunt" loracle and posted on X that it had assembled an eight-digit pool of capital, though no action followed. loracle did not appear to back away after his positions became public. He even publicly called on Robinhood CEO Vlad Tenev to coordinate with market makers to add liquidity to the PONS/USDG market.
Even with the current gains on meme shorts, his aggregate performance remains deep in the red. Based on all visible on-chain positions and historical profit and loss on Hyperliquid, the report put loracle’s total loss at roughly $25 million. The article listed two main trading addresses associated with him: 0xefe4c06b6d310978bead596e1798a4fc1d9d194b and 0x8def9f50456c6c4e37fa5d3d57f108ed23992dae.
The report compared loracle with Machi Big Brother, another high-profile trader on Hyperliquid whose cumulative losses are said to be about $30 million so far. At his worst point, loracle’s unrealized drawdown reached roughly $70 million, exceeding Machi’s. Their trading styles differ sharply, one preferring longs and the other shorts, but both have been treated by the market as traders with seemingly endless capital.
From early Hyperliquid contributor to the platform’s biggest HYPE bear
According to the source, loracle was an early contributor to the Hyperliquid ecosystem. In 2024, he founded hypurr.fun, a Telegram-based launchpad built around Hyperliquid. The platform reportedly generated a notable wealth effect at the time.
After hypurr.fun collapsed, loracle shifted into high-leverage perpetual futures trading on Hyperliquid. His style was aggressive, and his positions often ran into the tens of millions of dollars.
He reportedly started with about $7.44 million in principal. By going long HYPE and trading swings in BTC and ETH, he built his account over more than 10 months. By early 2026, his profits had expanded to around $42 million, including roughly $11.5 million in profit in a single week. For a time, he was one of the largest HYPE bulls on-chain.
His book later broadened well beyond crypto majors. The source said he traded NVDA, PAXG, crude oil, ZEC, TON, and LIT, mixing long and short positions, and was described by some as a crypto-native macro trader. Around May this year, his cumulative profit was still near $37 million.
More than 10 months of gains erased in about one month
The turning point came with HYPE.
In late April, loracle opened his first HYPE short, a 5x leveraged position worth about $11 million, when HYPE was trading around $40. As the token kept climbing through May, he kept pressing the trade instead of cutting it. By late May, his HYPE short reportedly had grown to $103 million.
In early June, HYPE printed a record high of $75. loracle finally started to close out. In roughly one month, more than $40 million in perpetual futures profits that had taken him over 10 months to build were wiped away. By the time he had fully exited on June 2, his realized loss on HYPE had exceeded $46 million.
After that loss, his trading appeared to change again. Rather than stepping aside, he flipped long. On June 3, on-chain data showed him opening a long position of 1.36 million HYPE, worth about $17 million, at an average entry of $70.5.
That trade also went against him. HYPE fell through July, and loracle closed the long on July 30 at an average price of $54.57, taking a loss of about $2.3 million. In practical terms, he shorted into a rally, then bought near the top and sold lower.
A few days after closing that long, he returned to the short side. In early August, loracle opened another 3x leveraged HYPE short. At its peak, the notional value of that short exceeded $54 million. As HYPE rose again in late August, he started reducing the position. At the time of publication, he still held a short on 363,300 HYPE worth about $28 million, showing around $9 million in unrealized losses, with a liquidation price of $166.
Across his full HYPE trading history, the source said losses have now surpassed $40 million. That amount more than offset the profits he made in BTC, ETH, and some commodities trades.
Where the “endless bullets” came from
As of publication, loracle’s total derivatives loss was still around $25 million. Some on-chain analysts previously argued that he was not running a naked HYPE short. Their view was that, as an early Hyperliquid contributor, he held a very large spot HYPE position worth hundreds of millions of dollars, with most of it staked. On that reading, his HYPE short had been acting as a hedge.
The article cited multiple on-chain analysts who linked two HYPE staking addresses to loracle: 0xe44bd27c9f10fa2f89fdb3ab4b4f0e460da29ea8 and 0xfae95f601f3a25ace60d19dbb929f2a5c57e3571.
At their peak, those two addresses had a combined 4.948 million HYPE staked. Using the current HYPE price cited in the report, that stake would be worth about $385 million.
That stockpile has been reduced sharply. The report said the 3.35 million HYPE originally staked in address 2 had all been withdrawn. Address 1 was down to 96,940 HYPE still staked. Adding another 240,000 HYPE held in trading address 2, loracle’s current holdings were estimated at roughly 336,000 HYPE, worth about $26.2 million.
In hindsight, simply holding HYPE spot would have produced a better outcome than actively trading around it. The article also made clear that such a judgment is retrospective. In reality, after the large trading losses, one of loracle’s main sources of capital was the sale of his HYPE spot holdings.
He began selling HYPE in stages from April. Early that month, he sold about 450,000 HYPE at an average price of $35, for roughly $15 million. In May, he unlocked HYPE three times for a total of 2.008 million tokens. In the clearest on-chain record cited by the source, he sold 557,000 HYPE on May 21, the day HYPE first broke to a new all-time high, for around $33.35 million.
Built by HYPE, hurt by HYPE
HYPE sits at the center of loracle’s entire trading story. It was the asset behind his early gains, the market where he took his largest losses, and a source of liquidity when he needed capital to keep trading. The source summed that up with a simple line: his rise came through HYPE, and so did much of his decline.
The report closed by noting that the old idea that a whale can always recover as long as he stays in the game has not held up well on Hyperliquid. The platform has already seen several heavily watched traders go from market fame to wiped-out accounts. As for what happens next to the trader once known as HYPE’s biggest short and now followed as one of the leading meme coin bears, the source said it will keep tracking him.