Someone with the wallet address 0x97f8 just made nearly seven figures betting against the US stock market, and they did it entirely on-chain. The trader, operating on Hyperliquid’s perpetual futures platform, has been managing a short position on the S&P 500 worth roughly $147.6 million at 50x leverage, one of the most aggressive macro trades visible on any decentralized exchange.
The position initially opened on June 9 at around $111.6 million notional value, spanning 15,001 contracts on Hyperliquid’s xyz:SP500 perpetual. Within hours, the trader scaled that exposure up to $147.6 million. Unrealized gains quickly ballooned to somewhere between $977K and $1.1 million as the market cooperated with the bearish thesis.
Inside the trade mechanics
Here’s the thing about 50x leverage: it turns modest price moves into life-changing swings. A 2% move in the underlying index means a 100% gain or loss on collateral.
On-chain analytics firm Lookonchain tracked the position closely, noting that as 0x97f8 added to the short, the liquidation price tightened from approximately $8,294.9 down to $8,067.34. That narrowing gap between the current index level and the point of forced closure tells you the trader was leaning harder into conviction, accepting less margin for error in exchange for more exposure.
