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Crypto DeFi

Wintermute’s Hyperliquid Profit Hits $222M, Open Positions at $126M

Wintermute has earned $222 million in cumulative profit on Hyperliquid, with current open positions of $125.87 million, of which $115.76 million is short, on-chain data shows. The market maker’s 30-day profit stands at $18.83 million, with $3.46 million in unrealized gains. Its largest short positions are ETH at $26.16 million, BTC at $19.79 million, HYPE at $15.23 million and SOL at $12.72 million.

Original source

AI take

The striking detail is the composition of Wintermute's book: shorts outnumber longs by roughly ten to one, so a market maker's exposure on Hyperliquid currently reads as a directional bearish stance rather than neutral inventory. That matters because a single large participant's positioning can shape liquidity and funding conditions on a venue where transparency is the selling point. Whether this skew reflects hedging against spot holdings or a genuine view is not visible on-chain, and that ambiguity is the open question worth watching as the positions evolve.

Generated by AI for reference only.

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