Analysis: On Hyperliquid, whales engaging in PUMP futures trading mostly use low margin trading, or are primarily focused on arbitrage.

BlockBeats news, on July 10, according to on-chain analyst Ai Yi (@ai9684xtpa), after the launch of the PUMP contract on Hyperliquid, most whales are playing with "millions in Margin + 1x leverage". In fact, they are likely aiming for the public sale arbitrage on the 12th, or to make a quick profit in the short-term. Currently, three whales have collectively deposited 11 million USDC in Margin but have only opened a short order position of 2.394 million USD. Due to the lack of mark price, HYPE is currently in a manipulable state. If it pumps to 0.015 USD like it did at 11:30 AM today, then with insufficient Margin, a 1x leverage position will also be liquidated. Among them, address 0xAc7...D53ce is the most aggressive, with a Margin of 4 million USDC opening a 2x short order, Holdings of 1.074 million USD, entry price of 0.00504 USD, and exit price of 0.02138 USD.