Markets · Derivatives
Two Hyperliquid accounts hold about $220 million of ether longs with platform liquidation prices near $2,178 and $2,182 after a margin top-up Lookonchain reported at 10:48 p.m. ET Oct. 24. Le Coin re-read the public API at 12:15 a.m. ET Oct. 25.
Two Hyperliquid accounts hold ether long perpetual positions totaling about 93,234 ETH, or about $220.3 million of notional, with the venue's liquidation prices printed in public. Le Coin's Hyperliquid info API pull at 12:15 a.m. ET Oct. 25 showed liquidation levels of $2,177.85 and $2,181.75, about 7.7% to 7.8% below the ether mid of $2,363.05 [1]. Lookonchain flagged the books at 11:36 a.m. ET Oct. 24 with higher liquidation prices, then reported a margin top-up at 10:48 p.m. ET that moved those levels lower [2]. Sizes and liquidation prices here are Le Coin's API read, not Lookonchain's screenshots.
On Hyperliquid, positions and margin sit on its own chain. The public info API returns an account's size, leverage, entry, margin, unrealized profit and loss, and computed liquidation price at the time of the read [1]. Centralized exchanges do not publish that account-level view. A liquidation price here is Hyperliquid's figure at a stated clock; it moves with margin, funding, and the mark, and is not a forecast of where ether will trade.
The feed does not identify who controls an address, prove two addresses share an owner, or reveal hedges held elsewhere. Lookonchain attributes both accounts to one trader [2]. Le Coin treats that as Lookonchain's claim and does not assert single ownership.
Address 0x0392…d7d9 held a 44,734.8 ETH long at 9x cross leverage, entry $2,518.71, liquidation $2,177.85, notional about $105.7 million, unrealized about -$7.0 million, and account value about $10.2 million [1]. Address 0x77dd…e0e9 held a 48,499.5 ETH long at 10x cross, entry $2,610.31, liquidation $2,181.75, notional about $114.6 million, unrealized about -$12.0 million, and account value about $11.0 million [1]. Together the books are about 8.4% of Hyperliquid's ether open interest of about 1,108,579 ETH [1]. All-time cumulative funding in Hyperliquid's cumFunding field summed to about $2.88 million; Lookonchain's $2.68 million may use a different window, so each is attributed separately [1][2]. Lookonchain's 11:36 a.m. ET liquidation prices were $2,256.45 and $2,226.53; against Le Coin's later read, the reported top-up moved those levels down by roughly $45 to $79 [1][2].
CoinMarketCap's crypto-only 24-hour liquidations to 12:14 a.m. ET Oct. 25 were about $77.3 million in shorts and $464.3 million in longs, with ether about $24.7 million shorts and $135.0 million longs [3]. On that snapshot, ether traded at $2,360.81, down 0.7% over 24 hours and 52.3% below its all-time high of $4,953.73 set Aug. 24, 2025, at 3:25 p.m. ET [3].
A fair objection is that a public liquidation price is not a countdown. Adding margin, cutting size, or a rebound in the mark can push the level away again, as the top-up Lookonchain reported already did [1][2]. Hyperliquid also shows only these two books, not hedges elsewhere. Re-pulling clearinghouseState later will change notional, unrealized profit and loss, and, if margin or price moves, the liquidation prices [1].
In Le Coin's view, the tell is whether these liquidation prices keep printing in a tight band a few percent under the Hyperliquid mid after further margin changes, or whether the public levels jump again as margin is added or withdrawn. That describes what the venue discloses at stated times. It is not a call on where ether trades next [1].
Holding the Corner.
Not financial advice.