During the time window marked on the chart, Hyperliquid saw a cluster of large xyz:SP500 short-side flows.

Did the whales know something early?

0x97f8...89d9:
Start Time: UTC 13:44
Size: ~$37.31M
19 fills, largest single fill ~$10.66M

0xfc66...ca06:
Start Time: UTC 14:06
Size: ~$6.82M
63 fills

0xcab5...6e6e:
Start Time: UTC 14:16
Size: ~$12.97M
7 fills

In total, over $57M of SP500 short-side flow appeared in a very short window.

#Hyperliquid #SP500 #Perps $SPY

A smart money wallet that has been trading on Hyperliquid since 2024.

Historical PnL: $15M+

And in under 2 hours, it just built a $24.1M
$CL
(Crude Oil) short.

Is he betting that the war premium in crude is about to fade?

Ceasefire soon?

#Hyperliquid #CRUDEOIL #PERP

Smart money is not just about the PnL curve.

You also need to study the actual trades.

Today’s wallet:

0xb798...4fbf

A whale account with ~$14M.

Large accounts usually have a harder game.

They cannot easily jump in and out of small names.
They need size, liquidity, and real trends.

His PnL curve is not the cleanest.

But his BTC trade from Jan to Feb 2026 was a masterclass.

First, he cut a losing BTC long:

Long 111.54 BTC
Nov 14 → Jan 7
PnL: -$588.6K

Then, on Jan 7, the same day, he flipped into a much larger BTC short:

Short 191.76 BTC
Jan 7 → Feb 6
PnL: +$4.98M

Cut the wrong trade.
Size into the right one.
Let the winner run.

Even if you do not copy a trader, watching how they change positions can still give you a serious edge.

The largest single position we’re tracking on Hyperliquid right now:

0x0ddf...a902

Short 60,000
$ETH

Position value: ~$108M
Liq. Price: $2,381.4
Entry: ~$1,814.80

ETH is now trading back near his entry.

At one point, this short was up over $16M.

He is still holding.

Does he still believe ETH is going lower?

Update on the $MU whale.
He opened $MU long again last night.
And made another +$4M.
If you started copy trading from this post, yesterday alone was already over +20% profit.