Analysis: Most Whale PUMP Contract Trades on Hyperliquid Use Low Leverage, Likely Focused on Arbitrage

According to a report by Jinse Finance, on-chain analyst Ai Yi (@ai_9684xtpa) observed that after Hyperliquid launched the PUMP contract, most whales are employing a strategy of "several million in margin + 1x leverage." In reality, this is most likely aimed at arbitraging the public sale on the 12th or making a quick profit from short-term trades. Currently, three whales have cumulatively deposited $11 million USDC as margin, but have only opened $2.394 million in short positions. Due to the lack of a mark price, HYPE is currently in a state that is easily manipulated. For example, if the price is pushed up to $0.015 at 11:30 this morning (UTC+8), even 1x leverage positions could be liquidated if the margin is insufficient. Among them, address 0xAc7...D53ce is the most aggressive, using $4 million USDC in margin to open a 2x short position, holding $1.074 million, with an entry price of $0.00504 and a liquidation price of $0.02138.