One minute at 84,180: one Bitcoin short cut its loss, one was liquidated for $6.1M, one went back to 40x
Yesterday in one line: shorts paid. Hyperliquid liquidated $22.1M on October 11 across 2,416 wallets, almost seven times the day before, and $21.3M of it was shorts. Two-thirds came from BTC ($14.0M), in two bursts: $7.2M around 15:00 UTC and $6.5M at 17:36. Taker volume rose to $4.25B from $3.13B.
BTC gained 0.9% (82,946 → 83,729), ETH 1.2% (2,505 → 2,536), HYPE 1.4% to 86.65. NEAR added 11% and STRK 19% on the day, though STRK has since given most of it back (0.1232 → 0.106). Funding flipped back: BTC is now about +10% annualized and ETH +3%, after both were negative yesterday morning. Big BTC buyers led the move: taker trades of $100K or more bought a net $59.8M of BTC, 13% of big-trade volume and nearly ten times the day before.
Yesterday's question, answered
Yesterday we asked which of two positions would break first: a $24.6M BTC short at 40x, liquidated 1.2% up, or a $33.3M ETH long at 25x, liquidated 1.6% down.
The short broke first, but not the way most people expected. At 17:35 UTC BTC ripped to 84,181. 0xf15d…ddf9 did not wait for the liquidation engine. It closed the whole short itself at 84,153 for a $338K realized loss, more than half of the ~$608K account. Twenty-six minutes later, at 18:01, it flipped long. It now holds 77 BTC ($6.5M) long at 40x, entry 83,769, with about $178K of equity. Liquidation is at 82,710, 1.5% below. Same trader, same leverage, opposite direction.
The long survived and doubled down. ETH dipped to 2,496 around 08:00 UTC, about 1% above 0x020c…5872's liquidation line at the time. Instead of cutting, it kept buying. It held 13,300 ETH yesterday morning and now holds 19,300 ETH ($49.5M) at 25x, entry 2,545, about $2.07M of equity. With ETH at 2,564 it is up $363K, but each add has pulled its liquidation price higher: it is now 2,507, 2.2% below.
One minute at 84,180: three shorts, three endings
The same candle hit three large BTC shorts in different ways:
- Closed it himself: 0xf15d, as above. −$338K, then flipped long.
- Liquidated: 0x4b35…20c4 lost a $6.1M short to the liquidation engine at 17:36:03, filled between 84,164 and 84,187. The account is now empty. That single liquidation is most of the $6.5M liquidated in that hour.
- Went back for more: 0x4b62…57ca closed $18.2M of shorts between 15:40 and 17:35, flipped long at 17:48, then sold the rally again. It now holds 325 BTC ($27.3M) short at 40x, entry 83,846, about $690K of equity, liquidation 84,964.
The line has simply moved up. 0x4b62 and 0x004e…1bb8 (138 BTC, $11.6M, 40x, entry 83,005) are liquidated at 84,964 and 84,974, both about 1.2% above the current price. That is $38.9M of 40x shorts within $10 of each other, backed by under $1M of combined equity. A liquidation there means the system market-buys that BTC, which can push the price into the next short.
What the timeline is saying: the Papertrade trader
The biggest Hyperliquid story overnight wasn't about Hyperliquid's own users. A trader made about $1.28M on Papertrade, a new 1,000x perps venue, within hours of its launch (The Block, Bloomingbit, KuCoin News). Papertrade priced trades off the midpoint of Hyperliquid's ETH order book. At 1,000x, a 0.1% move is the whole margin, so moving Hyperliquid's book moved Papertrade's price. Papertrade says it has since tightened open-interest caps.
On Hyperliquid's own tape, the wallet the reports name, 0x2025…840e, traded $340M of ETH between 19:31 and 23:57 UTC on October 10. It paid $78K in fees and booked a $90K realized loss. On Hyperliquid alone, that evening cost about $170K. On Papertrade, it was the cost of making $1.28M. The account now holds about $25K.
Hyperliquid's own liquidations run on a mark price that blends in prices from other exchanges, not on the order book alone. A brief nudge to one order book moves that price far less, which is why analysts are pointing Papertrade at an oracle price instead.
Whale moves
Taking ETH profits. Two wallets closed big ETH longs into the rally within 13 minutes of each other: 0x2371…0883 sold $30.1M at 15:29–15:34 UTC for +$891K, and 0xbd1c…ff0e sold $25.3M at 15:42 for +$722K. Each then opened a small ETH short of about $2.5M.
Adding BTC shorts. 0x8853…8249 added $25.2M of BTC shorts. It now holds 303 BTC ($25.5M) at 20x, entry 83,140, liquidation 86,779 (+3.3%).
The reloaded ETH whale from Oct 9, 0x77dd…e0e9 and 0x0392…d7d9, still holds about $202M of ETH longs (79,000 ETH). The ETH rally cut its combined loss from $6.6M to about $2.0M. Liquidation 2,287 / 2,300, now about 10% below.
From our Telegram channel yesterday: a 9.7x ZEC long pushed at $1,295 (event 1059) is up 25% on margin, and a 5.2x HYPE long pushed at $84.80 (event 1025) is up 17%.
Levels to watch
BTC (≈83,980)
- Above: 84,960–84,980: $38.9M of 40x shorts across two wallets (+1.2%). 86,779: the $25.5M 20x short (+3.3%). The big block is 92,500–93,000: $69.1M, mostly one $60.4M short (+10.2%).
- Below: 82,710: 0xf15d's new 40x long, $6.5M (−1.5%). 80,000–80,500: $11.2M, one wallet (−4.7%). 77,000–77,500: $25.3M, one 40x long (−8.3%).
ETH (≈2,564)
- Below: 2,507: the 25x long, $49.5M (−2.2%). 2,400–2,410: $14.4M (−6.4%). 2,370–2,380: $29.2M (−7.6%). 2,287–2,300: the reloaded whale, $202M (−10%).
- Above: only $5.6M of shorts within 5%. 2,700–2,710: $15.2M (+5.3%). 2,770–2,780: $26.9M (+8%).
HYPE (≈87.7)
- Nothing tracked within 5% either side. Above, 95.00–95.50 holds an $8.1M short (+8.4%).
Live maps with every tracked wallet: BTC · ETH · HYPE. To get a Telegram alert when any of these wallets moves, tap 🔔 next to the title on its wallet page.
Data: Hyperliquid on-chain fills, liquidations and positions, compiled by CryptoAnimon. Positions and prices as of Oct 12, 07:00 UTC; "yesterday" covers Oct 11 UTC. Papertrade figures are as reported by the linked outlets; the Hyperliquid side is from the public trade tape.
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