Hyperliquid Trader Loses $26M As Ether Short Unwinds In Seconds

A whale trader using the ENS-linked address pension-usdt.eth was liquidated on Hyperliquid after a massive Ether short position unraveled in just 12 seconds.
The position was large: 50,000 ETH, worth about $108 million in notional exposure. As prices spiked, the short was unwound between 04:51:03 and 04:51:15 UTC, leaving the trader with a reported loss of $26.66 million.
Hyperliquid’s insurance and backstop fund absorbed the remaining 1,417 ETH.
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