Wintermute’s Hyperliquid Short Exposure Rises to $212M, HYPE Shorts Halved

The split matters more than the headline number: Wintermute is adding to Hyperliquid-linked short exposure while cutting its HYPE short roughly in half, suggesting the desk is treating the venue and the token as separate risks rather than one directional bet. That distinction is worth noting for anyone tracking how market makers position around Hyperliquid's own ecosystem, since it implies HYPE-specific conviction is fading even as broader short interest builds. Whether that divergence persists through the current volatility, or converges back into a single view, is the open question.