TLDR
- A trader known as “James Wynn” opened a $1.1 billion Bitcoin long position at 40x leverage on Hyperliquid DEX
- The position used $28.4 million in margin and became the first to exceed $1 billion on the platform
- The trade was profitable by $36 million as Bitcoin surpassed $110,000
- The position survived volatile price swings with liquidation price at around $103,800
- The trader has a history of high-risk leverage trades, including on memecoins like PEPE, TRUMP, and Fartcoin
A crypto trader has stunned the digital asset community by expanding an existing leveraged Bitcoin position to $1.1 billion on the decentralized exchange Hyperliquid. The trader, who uses the identity “James Wynn” on social media platform X, deployed a $28.4 million margin across several trades to build the massive position.
He did it fellas, first position ever to exceed 1B$ https://t.co/0qGxkLAoj8 pic.twitter.com/grvqnyEgaY
— sigma^2 (@SigmaSquared_) May 21, 2025
This marks what observers believe to be the first-ever position exceeding $1 billion on the Hyperliquid platform. The average Bitcoin entry price for the position was $108,065, according to data from blockchain explorers.
The trade has attracted widespread attention in crypto circles. Many commentators expressed shock at both the size of the position and the high risk factor of using 40x leverage on such a large amount.
As of May 22, the billion-dollar bet was showing a profit of approximately $36 million. This came after Bitcoin broke through the $110,000 level and approached $112,000 in early trading.
The position’s liquidation price sits at $103,790, giving the trader some cushion against downward price movements. The trade wasn’t always in profit, having experienced a loss of about $16.3 million before Bitcoin’s recent price surge.
Wild Price Swings
The massive leveraged position experienced dramatic swings in profitability during volatile Bitcoin trading. On May 21, Bitcoin hit a record high above $109,500 before retracing.
During this price volatility, the position’s value seesawed dramatically. At one point, the trader saw paper gains of $17 million. These profits were temporarily erased when Bitcoin pulled back from its all-time high, briefly putting the position at a $15.6 million loss.
This multi-million dollar zigzag took place in less than two hours, demonstrating the extreme volatility that can affect leveraged crypto positions. Despite these wild swings, the trader’s overall activity on Hyperliquid has reportedly generated an all-time profit of $59 million.
Blockchain data shows the trader began closing some Bitcoin long positions when the cryptocurrency was trading around $106,000 on May 20. This partial profit-taking came before the most recent price surge.
The trader appears to have started with a much smaller position. According to posts analyzed by crypto watchers, the trade began as a $400,000 bet approximately five days earlier, with funds added to the position several times.
The crypto whale first engaged with Hyperliquid about two months ago. They initially deposited around $3-4.65 million worth of stablecoins into the decentralized exchange.
Since joining the platform, the trader has completed 32 trades. These have included long positions on various cryptocurrencies beyond Bitcoin, including XRP, the Official Trump token, Fartcoin, and Toncoin.
According to blockchain data, the trader earned $4.8 million and $6.8 million trading Solana-based meme coins Fartcoin and Official Trump earlier in May. Their biggest loss was approximately $912,000 on a previous Bitcoin trade less than two weeks ago.
Hyperliquid’s DEX operates on its own high-speed blockchain built upon the Ethereum layer-2 network Arbitrum. User activity on the platform can become a public spectacle, with large trades visible to all through blockchain explorers like Hypurrscan and HyperDash.
The platform offers spot trading, borrowing and lending services, among other features. Large leveraged trades like this one highlight both the opportunities and risks present in decentralized finance platforms that allow for high-leverage trading.
Bitcoin was recently trading around $111,106, having pulled back slightly from its new all-time high. The leading cryptocurrency has gained nearly 25% over the past month.
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