Key Takeaways:
- Whale 0x97f8 closed a $148M short on the S&P 500 via Hyperliquid
- The trade is among the largest single directional bets on a DeFi platform
- Hyperliquid processes over $10.5B daily in perpetual futures volume
Key Takeaways:

A whale identified as 0x97f8 closed a $148 million short position on the S&P 500 index through Hyperliquid, one of the largest single directional trades executed on a decentralized perpetual exchange.
A crypto whale closed a $148 million short position on the S&P 500 index through Hyperliquid, booking profits on a bet against US equities. The trade was flagged by on-chain analytics firm EmberCN, which tracks whale activity across DeFi derivatives platforms.
The position targeted the S&P 500 index via Hyperliquid's tokenized equity perpetuals, which the platform offers through licensing agreements with S&P Dow Jones Indices. Hyperliquid now commands roughly 70 percent of all on-chain perpetual futures volume, processing over $10.5 billion in daily trading activity, according to Citrini Research.
The $148 million trade shows DeFi's growing capacity to absorb institutional-grade macro positions. Hyperliquid's expansion into real-world asset derivatives — including oil, gold, and equity index perpetuals — has attracted over $280 million in cumulative trading volume for non-crypto assets alone, positioning the platform as a venue for sophisticated directional bets traditionally executed on centralized exchanges.
The same whale has a track record of profitable trades on Hyperliquid. Data from EmberCN shows 0x97f8 has earned approximately $4.91 million from Ethereum trades since June 10, maintaining a win rate exceeding 90 percent on closed positions. The whale currently holds an open short of 17,000 ETH — worth about $29.4 million — entered at $1,717.80, which is showing an unrealized loss of roughly $140,000 as of the latest data.
Hyperliquid's native token, HYPE, has surged 1,805 percent since its November 2024 launch, reaching a market capitalization above $16 billion and placing it among the top 10 cryptocurrencies by that measure. The token traded near $66 on June 15, up more than 9 percent in 24 hours, according to CoinGecko data.
The platform's ability to host a $148 million macro short reflects a structural shift in where sophisticated traders execute derivatives strategies. Unlike centralized exchanges that require custody of assets, Hyperliquid offers on-chain settlement with execution speeds that rival traditional venues, a combination that has attracted both retail and institutional participants.
This article is for informational purposes only and does not constitute investment advice.