Profitable wallet strategy · One trader's method, from the public record
A Trader’s Short Bets Show a $1.4 Million Gain, Mostly on Paper
Hyperliquid, a perps venue, shows only $15,000 from positions closed in the month to Nov. 14. The rest depends on short bets still open.
Key points
- Positions closed during the period had made only $15,000.
- On Oct. 18, the account sold four markets short together, totaling $627,000.
- The replay covered 33 positions since Aug. 25.
An account on Hyperliquid, a crypto exchange, showed a $1.4 million gain from trading perps in the month to Nov. 14. Most of the gain remains on paper, so a rebound in the tokens it bet against can take it back. Perps are contracts that track a token's price without the trader owning the token. This account profited when PUMP fell, buying back its short 25.5% below its average sale price.
Older short positions predated the period. It bought back ENA$0.1191-12.69% at 20.8% above its average sale price and realized a $48,000 loss.
Up to six markets, ranked by the size of the realized gain or loss on closes and partial closes from October 14, 2026 to November 14, 2026. Figures exclude fees and funding. Data as of 10:57 a.m. ET, Nov. 14.
| ENA | -$48,000 |
|---|---|
| PUMP | +$25,000 |
| SUI | +$17,000 |
| BNB | +$9,000 |
| MON | +$8,000 |
| DOGE | +$7,000 |
Adding to losing bets made its losses worse. It added to 14 positions while they were already losing. Together they lost $337,000. Without those adds, the desk's replay shows they would have lost $247,000.
The desk rebuilt all 485 of the account's fills, the individual trades it executed. Their $6.2 million total matched Hyperliquid’s volume figure. That record shows the trades and payments, but not who controls the account or why it traded.
- Gain over 30 days
- $1.4 million Most remains on paper
- Short positions opened
- $4.7 million No long positions were opened
- Profit from closed positions
- $15,000 Before the open gains are realized
- Value of positions still open
- $4.0 million Backed by one cross-margin balance
Why it matters
Almost all of the period’s gain was still tied to open positions by Saturday morning. Positions closed during the period had made only $15,000. LINK$9.1111-8.74%, its busiest market, fell 28.2% from Oct. 14 to Nov. 14.
For LINK, the account set its short at 5x. At that setting, every dollar of margin controls $5 of LINK.
Because it uses cross margin, the whole account balance backs the trade. At Saturday morning’s balance and positions, Hyperliquid put the LINK short’s liquidation price at $16.89.
Apply the strategy
The basket short. On Oct. 18, the account sold four markets short together, totaling $627,000. It followed with three more markets on Oct. 26, totaling $1.8 million.
The held winners. For 14 days after its last sale, it kept the PUMP short and banked $25,000. Its SUI$0.7295-9.75% short remained open for 16 days before producing $17,000.
The no-adding replay. Using the account’s history, the desk tested a simple limit. No additional size went into a position once its price had moved against the average entry.
Execution. Every fill crossed the spread rather than waiting among live bids and offers. Trading fees cost the account $3,000. Funding netted it $27,000 from Oct. 14 to Nov. 14, but by Saturday sellers were paying buyers 16.1% annualized to hold their bets.
Pitfalls
The replay covered 33 positions since Aug. 25. The replay measured profit and loss before fees. The thresholds are the desk’s. An add counted when price moved at least 0.5% against the position’s average entry.
Each later sale closed the same share of the smaller position in the replay. That method isolates the added size, but can’t show the judgment behind each trade.
This record covers one pseudonymous account and cannot establish future performance. Its unified balance backs every cross-margin position, so losses elsewhere can bring a forced close closer.
What's next
The next test is whether the open positions are closed by 11 a.m. Eastern Time on Sunday. A close would move their paper gains into the account’s record of closed trades.
If they closed at these prices, profit on positions closed during the period rises from $15,000 to about $1.4 million before fees. While they remain open, the $1.4 million stays on paper and moves with prices.