Hyperliquid Exchange Hosts Record $1.1 Billion Bitcoin Long Position at 40x Leverage

TLDR

A trader has placed a $1.1 billion Bitcoin long position at 40x leverage on Hyperliquid DEX
The position is the first to exceed $1 billion on the platform
Bitcoin reached a new all-time high above $109,500 before pulling back
The trader, identified as “James Wynn,” has made $36 million profit on the position
The position’s liquidation price is around $103,800, while Bitcoin trades above $110,000

A crypto whale has made headlines by expanding their leveraged Bitcoin position to a staggering $1.1 billion on the decentralized exchange Hyperliquid. The trade, which appears to be the first position exceeding $1 billion on the platform, has caught the attention of the entire cryptocurrency community.

The trader, controlling a wallet starting with “0x507” and believed to be an account named “James Wynn,” placed a 40x leveraged long position betting that Bitcoin’s price would continue to rise. According to blockchain explorers HypurrScan and HyperDash, the trader used a $28.4 million margin position across several trades to build the massive bet.

The timing of the trade coincided with Bitcoin reaching a new all-time high above $109,500 on Wednesday, May 21, 2025. The cryptocurrency has been on a strong upward trend, gaining nearly 25% over the past month.

The position experienced extreme volatility during Wednesday’s trading. At one point, the trader had paper gains of $17 million before seeing those profits erased and temporarily turning into a $15.6 million loss as Bitcoin’s price fluctuated. The multi-million dollar swing took place in less than two hours.

A Trader’s Wild Ride

As of the latest data, the position is now profitable with gains of approximately $36 million as Bitcoin surpassed $110,000 and approached $112,000 in early trading on May 22. The average entry price for the position stands at $108,065.

The trader’s liquidation price, which would force the position to close automatically, is around $103,800. With Bitcoin trading well above this level, the position appears relatively safe for now, though cryptocurrency markets are known for their volatility.

On social media platform X (formerly Twitter), crypto analyst SigmaSquared tied the wallet address to JamesWynnReal, who describes himself as a “high risk leverage trader” and “meme coin maxi.” According to SigmaSquared, the trade began as a $400,000 bet around five days ago, with the trader adding funds to the position several times.

He did it fellas, first position ever to exceed 1B$ https://t.co/0qGxkLAoj8 pic.twitter.com/grvqnyEgaY

— sigma^2 (@SigmaSquared_) May 21, 2025

Before this massive Bitcoin trade, “0x507” had already earned millions trading Solana-based meme coins like Fartcoin and Official Trump earlier this month. The trader reportedly made $4.8 million and $6.8 million on these trades respectively.

The whale first engaged with Hyperliquid approximately two months ago, depositing around $3-4.65 million worth of stablecoins into the decentralized exchange. Since then, they have conducted 32 trades across various cryptocurrencies, including XRP, Toncoin, and several meme coins.

Despite their recent success, the trader has experienced losses as well. Their biggest setback occurred less than two weeks ago when they lost $912,000 on a Bitcoin trade.

Hyperliquid, the platform hosting this enormous trade, uses its own high-speed blockchain built upon the Ethereum layer-2 network Arbitrum. The decentralized exchange offers spot trading, perpetual futures, and borrowing and lending services.

User activity on Hyperliquid becomes publicly viewable through blockchain explorers, turning large trades like this one into public spectacles for the cryptocurrency community to watch in real-time.

Bitcoin’s price surge to new all-time highs above $109,000 comes amid broader strength in cryptocurrency markets. The largest cryptocurrency by market capitalization has gained nearly 25% over the past month.

As of May 22, Bitcoin was trading above $110,000, giving the whale trader a comfortable buffer above their liquidation price. The trader had begun closing some Bitcoin long positions when the cryptocurrency was trading around $106,000 on May 20.

The cryptocurrency community has reacted with a mixture of awe and concern to the size of the bet, with some calling the trader an “absolute mad man” while others praised their “nerves of steel.”