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

According to monitoring by Hyperinsight, since first establishing a long position in SPCX on July 16, the whale address 0x3527 has been chasing the price decline, averaging down and increasing its position daily. Currently, the whale holds a full 20x 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 staggering return rate of -174.5%, with the loss already exceeding the initial margin for this position.

Calculated by margin, the theoretical liquidation price is around $113.06, only about $2.94 away from the current price. However, this address has actually activated portfolio margin. After including 301,900 HYPE (with approximately 60,000 newly added recently) as collateral, they 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 equity shrink bidirectionally, and once the threshold is triggered, the system may liquidate the HYPE collateral.

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