On-chain data reveals a significant whale, identified by wallet address 0x082e, has made substantial capital injections to defend a large leveraged long position in HYPE on the HyperLiquid decentralized derivatives platform. The trader, described as one of the biggest HYPE bulls on-chain, is facing severe pressure from both market volatility and the mechanics of perpetual futures contracts.
The core position consists of 1.38 million HYPE tokens, valued at approximately $35.9 million. This leveraged long has accrued an unrealized loss of roughly $17.47 million as HYPE's price has declined. To prevent automatic liquidation, the whale deposited a total of $2.4 million in USDC on February 24, 2026. This fresh collateral successfully lowered the position's liquidation price to around $23.91, providing a crucial buffer against further downside.
This defensive maneuver follows a similar, earlier action where the same entity (or a related one) deposited $1.2 million in USDC to support a separate 5x leveraged HYPE long. That particular position was reported to be facing a $16.7 million unrealized loss and had already incurred about $1.6 million in funding costs. Funding payments are a continuous burden in perpetual futures markets, where longs typically pay shorts when bullish sentiment is dominant, a mechanism designed to keep contract prices aligned with spot markets.
The whale's activity highlights the intense risk management required for high-leverage trading during volatile periods. HYPE has declined approximately 15.40% in the week leading up to February 24, 2026, increasing liquidation risks. The situation is being closely monitored by market observers via platforms like Lookonchain and Onchain Lens, which provide real-time transparency into such large on-chain positions.
This event occurs against the backdrop of HyperLiquid's history with significant liquidation events, including one in October 2025 that saw over $10 billion in positions forcibly closed. The current whale's choice to add margin rather than exit the position entirely demonstrates a continued, albeit costly, conviction in HYPE's price recovery.
