A whale trader using the ENS-linked address pension-usdt.eth was liquidated on Hyperliquid after a massive Ether short position unraveled in just 12 seconds.
The position was large: 50,000 ETH, worth about $108 million in notional exposure. As prices spiked, the short was unwound between 04:51:03 and 04:51:15 UTC, leaving the trader with a reported loss of $26.66 million.
Hyperliquid’s insurance and backstop fund absorbed the remaining 1,417 ETH.
This is not an Ethereum network issue. It is not evidence of a Hyperliquid malfunction. It is a leverage story — and a sharp reminder that crypto derivatives can move faster than even experienced traders expect.
TL;DR
A Hyperliquid trader using pension-usdt.eth was liquidated on a 50,000 ETH short.
The unwind reportedly took 12 seconds.
The trader lost $26.66 million, while Hyperliquid’s backstop fund absorbed the remaining 1,417 ETH.
Why The Liquidation Matters
Large liquidations are useful because they show where leverag
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