SKHX whale stays in a 28-day leveraged long, down $1.6 million

News Editor

2026-07-24 03:30:48

A whale address starting with 0x511 is still holding a deeply underwater long position in SK Hynix-linked token SKHX on Hyperliquid, according to Hyperinsight data cited by BlockBeats on July 24. The trader currently holds 4,034 SKHX long contracts at 3x cross leverage, with an average entry price of $1,622.6, a position value of about $4.942 million, and a liquidation price of $923.67. The unrealized loss stands at roughly $1.6034 million, or 73.5%, making it the largest floating-loss address in SKHX at the time of reporting. The position began in the early hours of June 26 Beijing time and has now been held for 28 days. The first purchase, 325.5 contracts at an average price of $1,898.5, was made when SKHX was trading near $1,900, which puts that initial entry 55.1% above the current price. The trader later averaged down four more times, near $1,659, $1,678, $1,436, and $1,361, with the last add-on recorded on July 15. Since opening the trade, the position has also paid about $198,200 in net funding fees. Hyperliquid data showed SKHX climbed as high as $1,302.8 on the day before sliding to $1,214.3, a 6.8% intraday pullback.

A whale wallet beginning with 0x511 is still holding a high-entry SK Hynix-linked long on Hyperliquid, according to Hyperinsight data cited by BlockBeats on July 24.

The address is currently holding 4,034 SKHX long contracts at 3x cross leverage. Its average entry price is $1,622.6, the position is valued at about $4.942 million, and the liquidation price is $923.67. The trade is showing an unrealized loss of about $1.6034 million, or 73.5%, making it the largest floating-loss address in SKHX at the time of the report.

The first buy was 55.1% above the current price

The long position was opened in the early hours of June 26, Beijing time, and has now been held for 28 days. At the time, SKHX was still trading near $1,900. The whale made its first purchase by buying 325.5 contracts at an average price of $1,898.5. That initial entry now sits 55.1% above the current price.

As the market moved lower, the trader averaged down four more times, at roughly $1,659, $1,678, $1,436, and $1,361. After the last add-on on July 15, the position has not changed.

Funding costs have reached about $198,200

The cost of holding the position has continued to rise on top of the mark-to-market loss. Data shows the long has paid about $198,200 in net funding fees since it was opened.

The current hourly funding rate is about +0.00955%, with longs still paying. Based on the current position size, the static estimated cost is about $472 per hour.

The trader previously made money on long-held U.S. equity proxy trades

Looking back at earlier trades, this wallet had made several large positions by holding U.S. stock proxy longs for extended periods. The Micron trade was held for about 45 days, the Marvell trade for about 29 days, and the Cerebras trade for about 39 days. Those positions generated a combined net profit of about $494,500.

That same patience had been a source of gains before. In the SK Hynix trade, however, the longer the position has been held, the deeper the loss has become.

SKHX rose to $1,302.8 before pulling back

Data showed that South Korean stock proxy SK Hynix (SKHX) on Hyperliquid rose as high as $1,302.8 during the day, then quickly fell to $1,214.3, marking a 6.8% intraday pullback.

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

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