According to on-chain analyst Ai Yi (@ai_9684xtpa), after the launch of the $PUMP contract on Hyperliquid, several large whales have been playing mostly with "several million USDC as margin + 1x leverage", which seems more like aiming for the public fundraising arbitrage opportunity on July 12, or just trying to take advantage of the initial launch phase for a short-term profit.

Currently, three large players have cumulatively deposited 11 million USDC as margin, but the actual short positions opened amount to only 2.394 million USD, indicating that they are not really planning to heavily bet on direction, but are more likely waiting for the right moment or testing the market.

Since there is currently no marking price mechanism, the HYPE contract is actually quite easy to manipulate. For example, this morning at 11:30, there was a sudden spike to 0.015 USD; if the margin is insufficient, even with just 1x leverage, it could lead to a forced liquidation.

The most aggressive is address 0xAc7...D53ce, which directly used 4 million USDC in margin to open a 2x short position, with a position amount of about 1.07 million USD, opening price at 0.00504 USD, and a liquidation price as high as 0.02138 USD. This position is quite bold, but it also leaves enough room to prevent being swept out in the short term.

It’s not that it can’t be done, but you need to understand that you’re up against large capital strategy players; don’t confront them directly, or you might become cannon fodder. #pupmfun