0xRay Liquidates $98M Short Position on Hyperliquid, Records $500K BTC Loss

A Taiwan-based trader linked to the address 0xRay has fully liquidated approximately $98 million (about KRW 132 billion) in short positions on Hyperliquid. The Bitcoin short resulted in a realized loss of $505,000 (around KRW 6.8 billion), but gains from PONS and SANDISK shorts led to a net profit of roughly $717,000 (about KRW 9.7 billion).

Arkham reported on September 14 at 3:25 PM KST that the address had initiated short positions totaling $98 million across Bitcoin, SANDISK ($SNDK), and PONS, with an unrealized profit of $2.7 million at that time. ChainNews ABMedia later confirmed that the liquidation began about 12 hours before Arkham’s post, starting at 3:48 AM KST on September 14.

The Bitcoin short was closed in 1,815 transactions, with approximately $76.96 million cleared by 10:50 PM KST on the same day. The final perpetual futures trade concluded at 12:55 AM KST on September 15. The account now holds USDC worth $11.69 million (about KRW 15.7 billion) and 4,187 HYPE tokens.

Realized profits included $1.112 million from PONS shorts, $166,000 from SANDISK shorts, and a $26 gain on HYPE longs. Losses came from PUMP longs ($4,000), AAPL short ($53,000), and Bitcoin shorts ($505,000). The final Bitcoin short was closed at around $78,434, above the entry price of $77,888.

The PONS short, opened on September 7 and closed at 11:57 PM KST on September 14, contributed most to the net profit. Total trading fees amounted to about $24,000 (KRW 3.2 billion), while funding fees received totaled approximately $68,000 (KRW 9.2 billion). The account did not experience any forced liquidations during the period.

Transactions involving SANDISK and AAPL featured 'xyz:' prefixes, indicating they were traded on third-party markets using HIP-3 protocol rather than Hyperliquid’s standard perpetual futures. PONS is a token from the Pons Family meme coin platform. The case highlights discrepancies between reported unrealized profits and actual realized gains.