Unrealized loss of approximately $1.24 million: a whale's SPCX long position yields a staggering -174.5% return

Odaily Odaily reports that according to Hyperinsight monitoring, since opening its initial SPCX long position on July 16th, the whale behind address 0x3527 has been averaging down by chasing the price decline, adding to the position daily. Currently, the whale holds a full 20x leveraged SPCX long position with an average entry price of $127.1 and a position value of approximately $12.958 million; the unrealized loss is about $1.238 million, yielding a return rate of -174.5%, with losses exceeding the initial margin of this position.

Calculated based on margin, the theoretical liquidation price is approximately $113.06, only about $2.94 away from the current price. However, this address has actually enabled a portfolio margin system. After factoring in 301,900 HYPE tokens (with approximately 60,000 recently added) as collateral, they collectively support the SPCX loss. The risk lies in the fact that when HYPE and SPCX decline simultaneously, both the collateral value and the position equity contract in two directions, and upon triggering the threshold, the system may dispose of the HYPE collateral.

As of press time, SPCX on Hyperliquid was trading at approximately $116, down 49.6% from its high of $230, and 14.1% below its IPO price of $135. Today, it fell to a low of $114.48, with the decline below the issuance price briefly widening to 15.2%.