Floating loss of approximately $1.24 million, a whale's SPCX long position return rate reaches -174.5%

According to monitoring by Hyperinsight, since first establishing a long position in SPCX on July 16, the whale address 0x3527 has been averaging down by following the price decline and increasing its position daily. Currently, the whale holds a 20x full-margin long position in SPCX, with an average price of $127.1 and a position value of approximately $12.958 million. The floating loss is about $1.238 million, with a return rate of -174.5%, meaning the loss has exceeded the initial margin for this position.

Calculated based on margin, the theoretical liquidation price is approximately $113.06, only about $2.94 from the current price. However, this address has actually enabled a portfolio margin system. 301,900 HYPE tokens (with approximately 60,000 added recently) are included as collateral to jointly support the SPCX loss. The risk lies in the fact that when HYPE and SPCX fall together, both the collateral value and the position's equity shrink simultaneously. Furthermore, once a trigger threshold is reached, the system may liquidate the HYPE collateral.

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