A Hyperliquid trader who accumulated $3.29 million in all-time perpetuals profits faces a critical moment as a large Zcash short position approaches liquidation. Trader 0x362a shorted 15,785 ZEC at $867 on September 4 and is currently down $5.27 million as the price climbed to $1,249.
The position carries 5x cross leverage with liquidation set at $1,316.95, roughly 10% above where ZEC was trading around $1,200. The account holds $3.76 million in equity but zero free margin, meaning any further pressure could trigger forced liquidation of the entire position.
Additional Exposure
The same account is also short 30,000 tokenized Strategy shares on Hyperliquid's equity perpetuals at 8x isolated leverage, down $381,812 or 52% of that leg's margin. Combined, the two positions represent $23.34 million in notional value against just $3.76 million in account equity, a 6.26x account-level leverage ratio.
Record and Risk
The trader's account showed a 66.67% win rate over the past week before this recent decline. However, the three-day-old ZEC short has given back roughly two-thirds of the approximately $10 million the account held at the start of September, reducing all-time profits from that peak to $3.29 million.
ZEC's 24-hour trading range has spanned $1,024 to $1,256. The account holds $105,813 in spot holdings but has no capacity to deposit additional collateral without external funds. The largest short position on Hyperliquid, held by Garrett Jin, remains $25.7 million underwater from an entry at $444.
