Hyperliquid trader loses $24 million on Ethereum short in 12 seconds
A Hyperliquid trader who previously made around $49 million betting against cryptocurrencies lost nearly $24 million when an Ethereum short was liquidated. The 50,000 ETH position was forcibly closed in just 12 seconds as the market surged.
According to HyperBot, the pension-usdt.eth wallet had held Ethereum short for more than two months. Before this trade, it ranked among the most successful short sellers of 2026.
Liquidation takes just 12 seconds
According to analysts, the forced closure began at 04:51:03 and ended at 04:51:15. The platform executed several consecutive transactions as the price of Ethereum climbed.
The first 9,989 ETH were closed at around $2,193, followed by 20,698 ETH at $2,209. Another 15,830 ETH were liquidated at $2,214, while 1,871 ETH were closed at approximately $2,236.
There were no buyers for the remaining 1,417 ETH. This portion of the position was absorbed by a dedicated Hyperliquid fund designed for such situations.
Ethereum gained roughly $43 during those 12 seconds. The forced closure of such a large short itself generated additional demand for ETH, meaning that the rising price made the remaining portion of the liquidation increasingly expensive.
Before the loss, the trader had made around $49 million betting against the crypto market. In June, the wallet earned nearly $6 million from a 60,000 ETH short and $3.6 million from a position against 1,400 BTC. Another Bitcoin trade in March generated about $1.7 million.
The latest liquidation wiped out nearly half of those accumulated profits. Afterward, the account labeled Pension Fund was left with only around $35.
Short liquidations reach $2.74 billion
The position had remained open for 1,445 hours, or slightly more than two months. The situation changed abruptly following the U.S. Treasury’s announcement of a bond buyback: Ethereum gained around 18% in 24 hours, while Bitcoin climbed from roughly $64,000 to nearly $70,000.
Across the crypto market, approximately $2.74 billion in short positions were liquidated within 24 hours. It marked the largest wave of forced short liquidations since available records began in 2021.
The largest single liquidation, however, was a $48.8 million Bitcoin position, also on Hyperliquid.
The platform has also attracted attention following Donald Trump’s comments about a potential Hyperliquid launch in the U.S. The U.S. president said the Commodity Futures Trading Commission is working on a regulatory-compliant mechanism that could allow the perpetual futures platform to enter the country.
Trading in perpetual futures on Hyperliquid and Binance has previously been cited as an example of how blockchain platforms are beginning to compete with traditional financial infrastructure following the SpaceX IPO.
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