Data: A certain whale briefly bought a large amount of HYPE spot on HyperLiquid to squeeze shorts, causing a distortion in funding rates and significant price fluctuations

According to MLM monitoring, a certain whale deposited 32 million USDC into HyperLiquid, using TWAP to sweep the spot HYPE, intending to squeeze large short positions (about 5% away from the liquidation price). Within 15 minutes, he bought 14.5 million dollars worth of HYPE. At the same time, he also placed a short order of 7.05 million dollars in the range of 34.5 to 36 dollars, trying to lure shorts into being squeezed.

Subsequently, traders opened shorts against his buy orders, causing the funding rate to briefly rise to over -800%, and prompting a spot premium of 0.4 dollars. The whale then market sold 100,000 HYPE (3.3 million dollars), causing the HYPE price to drop by 4% within seconds.

The squeezed shorts now only have a position of 727,000 HYPE (24 million dollars), down from a previous scale of 2.1 million (67.1 million dollars).