Hyperliquid Trader Fumbles $26M ETH Short Profit, Faces $716K Loss After Doubling Down

An ether (ETH) trader known only by their wallet address became the subject of on-chain attention after a massive short position flipped from deep unrealized profit to a loss in a matter of days.

According to data from Lookonchain, wallet address 0xCB92 opened a 50,000 ETH short position on Hyperliquid, which at one point showed an unrealized profit of over $26 million.

But rather than closing the transaction, the trader held on — even adding another 10,000 ETH to the short position even as the price rose.

A short position is, in effect, a bet the price will fall .

If it rises, the trader loses out.

The decision turned out to be costly.

As ETH surged, the position was stopped out, and Lookonchain reported the trader realized a loss of $716,000 as of Thursday.

The position might have been a hedge against a long position as part of a broader strategy, though the tracked wallet held only a short position.

The moves are reminiscent of infamous trader ‘James Wynn,’ whose on-chain antics drew eyes to Hyperliquid among mainstream circles.

In May, Wynn built a record-setting $1.25 billion notional long position in bitcoin (BTC) at an average price of $108,243, only to see it collapse as the fell below $105,000 after U.S.

President Donald Trump’s tariff announcement on EU exports .

Multiple liquidations, including a 527 BTC position worth over $55 million and a 421 BTC position worth nearly $44 million, wiped out more than $100 million of Wynn’s holdings over a few days, leaving many wondering if they were witnessing a full-blown gambling addiction.

Wynn has since not opened any trades similar to his May one.

Wallet 0xCB92 may be the one stepping up to take the baton..