A Hyperliquid whale shorted the S&P 500 with 50x leverage, achieving a paper profit of up to $3.6 million.

According to Hyperinsight monitoring, yesterday evening, a whale on the Hyperliquid platform continuously opened and added to a short position on the S&P 500 with 50x leverage. The position was fully established by 9:50 p.m. yesterday, reaching a total of 20,000 contracts—approximately $147 million—with an average entry price of $7,428. At the time of the final addition, the S&P 500 was still trading around $7,466, meaning the position was nearly fully built near the peak.