Lookonchain just dropped another gem that has the perp traders talking.

A trader with a proven nose for winners (address 0xbbc0a674EeEe74717D7a3DeED9d43D55087bc032) opened a 5× leveraged long on 29.5 million $STRK (roughly $6.7M notional) three days ago and is already up more than $2.5 million in unrealized profit.

Instead of taking profits and chilling, this same wallet went straight back in four hours ago and built a 10× leveraged long on 77,598 $HYPE — a position worth $2.98M at entry.

They didn’t slam it all in one order either. The position was accumulated through dozens of smaller opens from the HIP-2 vault, most likely to minimize slippage and front-running on Hyperliquid’s orderbook.

At 10× leverage, the actual margin at risk is only about $298k, but the payoff (or liquidation) moves fast — a 10% adverse move wipes the position, a 10% favorable move 10× the margin.

Hyperliquid’s native token $HYPE has been one of the strongest performers since its airdrop, climbing into the top 20 by market cap and regularly trading hundreds of millions in daily volume across spot and perps. A trader who just printed $2.5M on STRK deciding to rotate straight into a high-conviction 10× HYPE long is the kind of smart-money signal that gets copied hard in these circles.

Whether it’s conviction in Hyperliquid’s growth as the go-to on-chain perp venue or just a sharp read on near-term price action, moves like this rarely go unnoticed.

Original spotlight from Lookonchain: https://x.com/lookonchain/status/1990255336348123197

High leverage, high reward — and high risk. Trade safe out there.