Disassemble the trading password and game strategy of Hyperliquid's top giant whale: the art of leverage and timing

Author: Frank, PANews

As the market conditions recovered, the giant whale operation on Hyperliquid once again attracted the attention of the market.

These mysterious big players, known as "giant whales", have caused ripples in the platform with their strong financial strength, unique trading strategies and accurate grasp of the pulse of the market. Their every move is not only a magnifying glass of market sentiment, but also provides us with a window to observe how top traders play.

Analyze their trading techniques, risk preferences and success or failure logic with different styles. Here, PANews tries to uncover a corner of their wealth code and explore what lessons and lessons ordinary investors can learn from.

Short-term sniper @qwatio: "50 times brother"'s event-driven and high-leverage art

The trader is an industry OG who has been posting content about Bitcoin on Twitter since 2014, and the content style looks like a loyal Bitcoin fan. For some reason, @qwatio began to choose to disappear on social media in 2015. Until March 2025, when the profit of more than $9 million in short Bitcoin due to high leverage shorting, it sparked heated discussions on social media. On-chain investigator ZachXBT said that its funding source was related to hackers, and @qwatio chose to publish his identity to respond to the question.

@qwatio's trading style is characterized by high risk and high returns. It often uses 50 times leverage and has a keen capture ability to capture the market. For example, before and after the Federal Reserve's interest rate resolution on March 20, 2025, he first shorted when the BTC price was $84,566, closed the position and made a profit of $81,500 after the price fell to $82,000, and then went long at $82,200 and closed the position when the price rebounded to $85,000, making an additional profit of $921,000, achieving a total of 164%. Therefore, it is called "Hyperliquid 50X Brother" by social media.

Judging from his trading strategy, @qwatio is good at capturing event-driven and short-term opportunities, and also shows a unique market vision. The battle to become famous mentioned above is to use the expected Fed interest rate resolution to infer that the market will have a short opportunity and repeatedly operate, resulting in huge profits in the band. At the same time, he can also make decisive decisions when the market is extremely panicked. When Ethereum fell to around 1,500, the market looked down on Ethereum. @qwatio chose to spend $5.5 million to buy 3,715 Ethereum (average price of 1,493.5) and sell it at $2,502, making a profit of $3.74 million.

On May 12, the results of the Sino-US trade negotiations were announced, and the foreseeable market will usher in a wave of turbulence. @qwatio chose to short Bitcoin at $104,094, and then made a profit of $1.18 million.

As of May 13, @qwatio made an estimated profit of $2.82 million on Hyperliquid. In summary, @qwatio's operations are not frequent, and only 3 to 4 operations were performed in 2 months. However, every operation can accurately predict a short-term trend, and it is very skilled and bold, and the liquidation is only within a short distance. However, this style is not suitable for ordinary users to imitate, and he often leaves the market at a loss during several counterfeit tokens operations.

Legend and controversy coexist: James Wynn's MEME coin hunting and big

money operation

James Wynn has been active in Hyperliquid since March 2025. From the perspective of operation style, James Wynn prefers relatively larger cycles (several days). In addition to mainstream tokens, James Wynn also prefers to bet on MEME-themed tokens such as TRUMP, Fartcoin, and PEPE. The high volatility of MEME tokens seems to have become his main source of profit.

Judging from his position still on May 13, the open interest brought to him by PEPE longs reached US$23 million. Far exceeding the returns of other mainstream tokens such as BTC.

However, in terms of leverage use, James Wynn is obviously more conservative. He seems to like to set different leverage multiples for different volatility. For example, BTC has set a 40-fold leverage when opening positions, while PEPE has only set a 10-fold leverage.

In addition, James Wynn also set up the largest user vault on Hyperliquid (Moon Capital), but unlike his personal precise operations, the current position effect of this vault is not ideal. Open a position at 103533 and go long BTC as of May 13, the yield on the position was about 10% loss. Loss of about $960,000. Over the past month, the overall yield of this vault was -8%. Even so, it still attracted $10 million in fund deposits, but $9.2 million of them were James Wynn's own.

Overall, James Wynn's revenue on Hyperliquid reached $45 million. His trading strategy focuses on long positions and captures the opportunity for market growth. For example, he opened a 40x long position when the BTC price is $94,000, and when the price rises above $100,000, the floating profit reaches $5.4 million. Although his trading winning rate is not high (about 47%), he still makes huge profits through large positions and high leverage.

James Wynn is known as the "Legend Trader" in the community, but his trading success is accompanied by some controversy. Some community members accused him of using community trust for profit, such as promoting Meme coins to raise prices and then sell them, such as baby pepe's 2024 pull-up and smashing the market. But he himself responded to this as nonsense. As of now, these controversies and responses are in a state of incredible .

Overall, James Wynn's successful trading is also due to his large position, which can open tens of millions or even hundreds of millions of positions each time. Coupled with his keen insight into the market, his high returns have been created. And enough margin also makes his liquidation price insurance reach a very high threshold. This style can help him achieve a higher winning rate, but he will suffer a greater loss once the trend is judged incorrectly.

The mysterious giant whale that shows its sharpness: testing the waters

and swaying the mainstream coins under low leverage

This mysterious giant whale is another big player who often appears in the news. However, this giant whale has only begun to be active on Hyperliquid in recent days. The initial reason for attracting attention was to spending more than $8 million in funds to go long for ETH. Since then, the address has made a profit of more than $8.16 million in one week by longing XRP and SOL.

From the perspective of operating style, this giant whale is also characterized by its strong financial strength, and the funds for opening positions in the early stage reached US$36 million. In addition, this mysterious giant whale is not keen on short-term operations in extreme speculation, but chooses to low leverage and extend its holding time to maintain profits.

Judging from the choice of trading varieties, this giant whale has only traded three mainstream altcoins: ETH, XRP, and SOL. Among them, ETH made a profit, and XRP and SOL suffered losses in the end. Judging from the trading strategy, the giant whale seemed to be not decisive enough. At the beginning, it only opened its position in ETH, and then chose to open long XRP and SOL at a high level during the market surge. As a result, as the market pulls back, the giant whale may also encounter psychological fluctuations. Therefore, although the final result of closing all orders is profitable, it is not worth learning from the perspective of operation style and ideas.

The market's firm retrograde: Can the bearish giant whale spend a lot of

money last laugh?

Compared with the giant whale introduced in the previous article, this giant whale can be regarded as a temporary negative textbook. As of May 13, the address lost $3.12 million by shorting BTC, ETH, and SOL.

Starting from May 10, the giant whale has begun to inject $50.5 million into Hyperliquid to short. The total amount of positions exceeded US$230 million. Among them, the holdings on BTC exceeded US$110 million. The giant whale seems to be a firm bearer in the market, with US$50.5 million invested in its position and had not closed the position for several days.

However, due to the strong margin, the liquidation price of this address is difficult to reach (BTC liquidation price is US$142,000, Ethereum liquidation price is US$4,254, and SOL liquidation price is US$294). In terms of overall position profit and loss, the current loss is only about 6%.

Of course, we cannot conclude that the ultimate direction of this giant whale is right or wrong. We can only continue to observe in the future to see if this mysterious market retrograde is predicting the market's prophet or the rich and powerful spirit acts.

Looking at these "powerful" giant whales on Hyperliquid, it is not difficult to find that their trading routines have their own advantages and there is no universal "Holy Grail". However, overall, giant whales are generally accustomed to choosing several tokens with higher liquidity such as BTC, ETH, SOL, XRP, etc. as operating objects. In terms of trading style, everyone has their own set of habits. Some people are keen on high leverage, while others are used to predicting the market in advance. But the positions and investments of these giant whales are obviously all about taking risks like blood-licking on the tip of the knife, which is not desirable for ordinary investors and cannot be copied. After all, in an encrypted ocean full of dangerous shoals and rapids, only by constantly learning and forming one's own trading system can we sail steadily in the stormy waves. ****