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0x48d8…37a2 · Hyperliquid address profile

0x48d826da83e69844f2f84b2db50703a933d137a2View on Hyperliquid ↗ ·

Not offered yetDelta-neutral carry Mark-to-market cumulative profit $5.98M (perps + spot, since 2025-10-21), ranked #144 site-wide. All-time P&L on the exchange's own record (incl. spot, vaults, staking): $6.87M.

Three things to check before following him

This address still holds
$0
This address holds nothing on Hyperliquid
Ever liquidated
Yes
60 times · $189K notional
Time since last trade
Traded today
last fill 2026-11-07

Those three numbers describe where he stands now. The curve below is a different thing — how much he made in the past. An address showing $5.98M of profit can be sitting on an empty account, and the P&L figure alone will never tell you.

Mark-to-market cumulative P&L

compressedour ledger starts here$6.33M$5.78M

Three definitions on one axis: green = our mark-to-market ledger (perps + spot) · red = the exchange's public "closed P&L" · grey dashed = exchange all-in (also includes vaults and staking). The shaded gap is what closed-P&L misses ($556K). The hatched band on the left is before our data starts (20251021); the exchange had him at $351K by then — that is why our number differs from other sites.

His account equity

Equity at start
$0
2025-10-21
Equity now
$1
2026-11-02
All-time high
$7.66M
now 0% of peak
P&L over the same span
$5.98M
from trading, deposits excluded

The green line above is how much he made trading (rebuilt from on-chain fills; deposits and withdrawals are invisible there). This amber line is how much money is in his account (from the exchange API, deposits included). Wherever the two diverge, he put money in or took money out. So "made a lot but little left" and "made little but holds a lot" are both possible and neither is strange. Account equity covers perps, spot, vaults and staking.

Cumulative P&L
$5.98M
Max drawdown
$4.84M
Profit vs equity
78.1%
vs his peak equity of $7.66M
Active
383 days

Where the money comes from

92.2%7.8%$5.98Mnet
HYPE-$3.31Mxyz:SKHX$1.31MXRP$1.23METH$1.21MSOL$1.04MBTC$800KSUI$620Kxyz:SP500-$610K
minus fees−$196K (3.16%)

Funding is 7.8% of gross. Fees are negative, so they are listed under the ring as a deduction rather than forced into the pie.

Within each bar: green = directional, amber = funding. Right of the line is profit, left is loss. Italic names are spot.

What kind of trader

Size98Resilience45Maker54Funding82Consistency13Spread91
$100 – $156: 23$156 – $245: 20$245 – $383: 44$383 – $599: 70$599 – $938: 120$938 – $1,468: 214$1,468 – $2,297: 257$2,297 – $3,594: 322$3,594 – $5,623: 311$5,623 – $8,799: 363$8,799 – $14K: 359$14K – $22K: 352$22K – $34K: 357$34K – $53K: 417$53K – $83K: 709$83K – $129K: 743$129K – $202K: 615$202K – $316K: 528$316K – $495K: 486$495K – $774K: 332$774K – $1.21M: 226$1.21M – $1.90M: 169$1.90M – $2.97M: 112$2.97M – $4.64M: 92$4.64M – $7.26M: 71$7.26M – $11.36M: 55$11.36M – $17.78M: 27$17.78M – $27.83M: 14$27.83M – $43.54M: 10$43.54M – $68.13M: 7$68.13M – $106.61M: 2$106.61M – $166.81M: 3$166.81M – $261.02M: 1$261.02M – $408.42M: 1$100$1K$10K$100K$1M$10M$100M$1B#144 of 7,432 · top 1.9%only 143 made more · 1.93% of #1

Axes are percentiles among all addresses — further out means more pronounced, not better.

All 6 axes are facts, not a score. The right chart is cumulative profit across all 7,432 profitable addresses (log scale); the line is him — everyone to the right made more.

How he makes it

8.7
Out of every 10 positions, how many ended up green
0.32×
Average win vs average loss

One high and one low is the norm — either number alone misleads, so they are always shown as a pair.

Why copy trading is not open yet · High frequency
985 fills per day. Mirroring this account needs order placement at his speed and fees low enough not to eat the thin per-trade margin. That is an execution-layer problem, and we have not wired it into copy trading yet.

Also · Delta-neutral carry
He buys spot and shorts the perp on HYPE at the same time, hedge ratio 1.04 (1.0 = fully hedged). He looks like a short here, but he is not betting on direction — he earns funding. Shorting alongside him copies only one of his two legs.

Every round he traded

A round is one coin, from first entry until fully flat. The curve is that round's P&L in dollars at market prices.
Coins marked ↗ open the chart zoomed to that round. Unfold shows every fill: how he scaled in and how he got out.

3 most profitable rounds

xyz:SKHX Short$1.30M
2026-06-22 → 2026-08-03 · 43 days · 15,319 fills · peak $5.30M (73% of equity) · —
XRP Short$724K
2025-11-21 → 2026-01-31 · 72 days · 1,862 fills · peak $3.47M (78% of equity) · —
SOL Short$613K
2025-11-20 → 2026-01-31 · 73 days · 2,334 fills · peak $3.99M (82% of equity) · —

3 worst rounds

HYPE Short$-3.36M
2025-12-10 → 2026-09-07 · 272 days · 28,835 fills · peak $8.79M (192% of equity) · —
xyz:SP500 Short$-610K
2026-03-24 → 2026-08-19 · 149 days · 33,040 fills · peak $5.32M (110% of equity) · —
ZEC Short$-594K
2025-10-24 → 2026-01-31 · 100 days · 8,631 fills · peak $5.16M (182% of equity) · —

All rounds (175 rounds in total; the 30 largest by P&L are listed)

CoinSideFrom → toDaysFillsPeak % of equityP&LUnfold
HYPEShort2025-12-10 → 2026-09-0727228,835192%$-3.36M—
xyz:CXMTShort2026-07-15 → 2026-08-244124,38830%$-201K—
xyz:SP500Short2026-03-24 → 2026-08-1914933,040110%$-610K—
xyz:SKHXShort2026-06-22 → 2026-08-034315,31973%$1.30M—
xyz:INTCShort2026-06-21 → 2026-07-28381,40614%$348K—
xyz:SPCXShort2026-06-22 → 2026-07-152461814%$183K—
xyz:MUShort2026-06-25 → 2026-07-061290613%$135K—
xyz:ZHIPUShort2026-06-22 → 2026-06-23242020%$115K—
SUIShort2026-03-20 → 2026-06-19924,50416%$201K—
xyz:CRCLShort2026-03-02 → 2026-06-05963,22640%$172K—
XRPShort2026-02-02 → 2026-06-051244,52275%$474K—
ETHShort2026-02-25 → 2026-06-03993,553118%$433K—
xyz:COINShort2026-03-21 → 2026-05-29701,65818%$118K—
WLFIShort2026-03-20 → 2026-05-26681,02714%$292K—
SOLShort2026-02-02 → 2026-04-28863,87961%$321K—
xyz:TSLAShort2025-12-11 → 2026-04-231345,61225%$222K—
DOTShort2025-12-01 → 2026-03-3112160710%$96K—
SUIShort2025-11-22 → 2026-03-191181,40243%$413K—
ADAShort2025-12-01 → 2026-03-1910989210%$103K—
BTCShort2026-02-06 → 2026-02-16111,59757%$119K—
xyz:SILVERShort2026-01-19 → 2026-02-051866022%$254K—
ZECShort2026-02-01 → 2026-02-0552707%$120K—
XRPShort2025-11-21 → 2026-01-31721,86278%$724K—
SOLShort2025-11-20 → 2026-01-31732,33482%$613K—
ZECShort2025-10-24 → 2026-01-311008,631182%$-594K—
BTCShort2025-12-18 → 2026-01-31454,632104%$329K—
ETHShort2025-12-16 → 2026-01-31473,290127%$430K—
MONShort2025-11-10 → 2025-12-18395,59420%$188K—
HYPELong2025-11-21 → 2025-11-2334,37090%$102K—
HYPEShort2025-10-25 → 2025-11-031016,532254%$-141K—

Two rounds can both say "made $1M" and be nothing alike: one held steady the whole way, another sat 50% underwater before recovering, a third earned everything on the final day. The number hides that; the curve shows it. Curves are drawn only for rounds held 5 days or longer.

Every number

Cumulative P&L (mark-to-market)$5.98M
Max drawdown (mark-to-market)$4.84M
Return (÷ true intraday peak exposure)17.3%
Profit vs his peak account equity78.1%
His peak account equity$7.66M
Resilience (P&L ÷ drawdown)1.24
Largest exposure held$34.55M
Open-to-flat rounds259
Spread across69 coins
Fills inside those rounds287,580
Typical round length5.0 days
Same-day in-and-out share32.4%
Taker share69.5%
Fills per day984.9
Days active383

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Where these numbers come from. Rebuilt from Hyperliquid's raw fill stream: each coin's position is cut into rounds from first entry to fully flat, then marked to the market price of every single day, plus funding, minus fees. Summing all 1.24M rounds reconciles to the daily mark-to-market P&L to 2.2e-16.