On-chain data shows that Machi Big Brother turned $152,000 into $12.72 million in just three days on Hyperliquid. The recent surge in the crypto market has brought the exchange's leveraged perpetuals back into focus.
Hyperliquid held a perpetual futures volume of $12.19 billion on August 22 within a 24-hour period, representing nearly 30% of the $40.79 billion volume traded across all perpetual decentralized exchanges that day.
The Multi-Million Dollar Bet
HypurrScan data details the figures behind the trades. Machi’s portfolio held around $12.9 million in total, consisting almost exclusively of USDC, but maintained about $103 million in open trades. This included $52.4 million in Bitcoin, $44.9 million in Ether, and $6.1 million in Hyperliquid Hype Tokens in long positions. The account operated entirely net long with a margin ratio of 14.41%.
Ether contributed to the gains as its price surged by nearly 30% over a seven-day period, while its 24-hour futures open interest reached $33.18 billion.
Liquidations and NFT Sales
This market run follows a history of liquidations. According to Lookonchain, the trader has faced liquidation nearly 500 times. In June, the account experienced seven liquidations within a ten-hour span while pursuing Ethereum long positions.
Declining Ethereum and PUMP prices previously left Machi’s positions at $21.77 million in September 2025, requiring a $4.72 million top-up in USDC to prevent liquidation. Arkham data indicated total losses of $80.43 million since September 2025, including five liquidations in a single day in January. To help finance the trades, Machi sold several NFTs from a Bored Ape Yacht Club collection that previously totaled 182 items.
Lookonchain noted following the recent market reversal that Machi no longer needs to sell Bored Apes to sustain the long positions. Machi summarized the strategy on August 20 by stating, “I'm longing my longs.”
Hyperliquid Liquidation Mechanics
Hyperliquid's liquidation process triggers when account equity drops below the maintenance margin, set at 50% of the initial margin required for fully leveraged assets. Maximum leverage ranges from 3x to 40x, with maintenance levels set between 1.25% and 16.7% of position value depending on the instrument.
Positions exceeding 100,000 USDC are liquidated in 20% increments separated by 30-second pauses, using market orders for execution. With approximately $103 million in long exposure, adverse price movements can initiate liquidation sequences, highlighting the high risk associated with the strategy.
