u.today
A high-risk play has appeared on Hyperliquid after a trader known for large bets returned with $4.2 million $USDC. This was put to work straight away. The account went into leveraged shorts, targeting both Bitcoin and $XRP, drawing most attention to the latter.
According to Lookonchain, the trader put together a short position worth 2.78 million $XRP — that is about $7.5 million in margin, but they went for 20x leverage, which means the total notional exposure ended up being more than $154 million.
Gambler @qwatio created a new wallet "0x9018" and returned to #Hyperliquid with 4.22M $USDC.
— Lookonchain (@lookonchain) September 26, 2025
He shorted 1,366.67 $BTC($150M) with 40x leverage and 2.78M $XRP($7.7M) with 20x leverage, resulting in a loss of over $1.2M.
Liquidation price:$BTC: $110,280$XRP: $3.0665… pic.twitter.com/KbNN9yz3Ty
The average entry was around $2.71 per token, just as $XRP tested the lower end of its recent trading range.
What's liquidation price?
The liquidation data makes it pretty obvious where the danger zone is. If $XRP goes up to $3.06, the position will have to close, which could wipe out millions in collateral.
The size of this bet is made even bigger by the background: $XRP has been all over the place since it hit $3.70 in August, dropping to $2.70 in September but still way up from earlier in the year. With liquidation only 13% away from spot, there is not much margin for error.
The same wallet is also shorting 1,366 $BTC with 40x leverage, but it is $XRP where the squeeze potential looks brutal. If it goes beyond $3, it will be a total disaster. Thus, traders all over the market are keeping an eye on this high-risk player to see if they can make it through or if they will end up in the liquidation headlines.