SKHX on Hyperliquid fell quickly after the 8:00 a.m. Beijing open on July 27. The token reached a high of $1,250.6, then dropped to a low of $1,171.8, a 6.30% move across the range, and was last quoted at $1,181.9, according to BlockBeats.
A whale short is showing more than $4.56 million in unrealized profit
Hyperinsight data shows that a whale address starting with 0xebe is currently holding 33,700 SKHX short contracts with 10x leverage. The position is worth about $39.9 million, with an average entry price of $1,317.1. Unrealized profit stands at about $4.5638 million, the reported return is 102.65%, and the liquidation price is $1,938.6.
The trader has also locked in profits before this latest mark-to-market gain. By closing parts of the position in batches, the address had already realized about $2.9972 million. During the holding period, it also collected around $1.2672 million in funding payments. Funding income alone now equals 28.5% of the theoretical principal tied to the remaining position.
At the current rate, the position could still earn about $8,550 per hour in funding
Hyperliquid data puts SKHX's current hourly funding rate at about 0.0215%. If both the rate and the size of the position remain unchanged, the whale would continue to receive about $8,550 per hour in funding income.
Combining unrealized profit, previously realized gains and funding income, the whale's gross profit from this round of SKHX shorts has reached about $8.8282 million. On a 10x leverage basis, the current position implies a theoretical margin of about $4.4458 million. Unrealized profit plus funding income totals about $5.8310 million, or 1.31 times the initial margin. Including previously realized profit, total gross gains amount to about 1.99 times the theoretical capital used to open the position.
The address first built the SKHX short on June 24
BlockBeats said the whale's initial capital outlay was far below the current position size. The address first started building the SKHX short on the evening of June 24, when it opened a cumulative 131.243 contracts with turnover of about $225,500. At 10x leverage, that means the base position was established with margin of only about $22,500.
The address then kept adding to the trade on a rolling basis. Between 8:00 a.m. and 9:24 a.m. today, it added another 620.5 short contracts at an average price of $1,207.7, with turnover of about $749,500.