A floating loss of approximately USD 1.24 million ; a certain whale's SPCX long position return rate reaches as high as -174.5%

According to Hyperinsight monitoring, since the initial establishment of a long position in SPCX on July 16, the whale at address 0x3527 has been chasing the price decline to average down, increasing the position daily. Currently, this whale holds a 20x full-margin long position in SPCX, with an average price of USD 127.1, and a position value of approximately USD 12.958 million; the floating loss is about USD 1.238 million, with a return rate as high as -174.5%, with losses exceeding the initial margin for this position.

Calculated based on margin, the theoretical liquidation price is approximately USD 113.06, only about USD 2.94 away from the current price. However, this address has actually enabled a portfolio margin. With 301,900 HYPE tokens (including approximately 60,000 newly added recently) counted as collateral, they jointly support the SPCX losses. The risk lies in the fact that when HYPE and SPCX decline together, the collateral value and position equity contract in both directions, and if the trigger threshold is breached, the system may dispose of the HYPE collateral.

As of press time, SPCX on Hyperliquid was quoted at approximately USD 116, down 49.6% from its high of USD 230, and down 14.1% from its IPO price of USD 135. Today, it touched a low of USD 114.48, with the decline below the IPO price once expanding to 15.2%.