The next token release is PUMP, the new pump project already in the process of shorting by whales before its official launch on July 15. 

Early Hyperliquid trading indicates that substantial short positions are opened, and yes, the token is not yet available to be traded on spot markets.

Whales Bet Against PUMP on Hyperliquid

Two big players have taken short positions in the PUMP-USD futures market for Hyperliquid. It supported up to 3X leverage and introduced the pair with hyperps, a version of pricing that does not use external oracles. These initial trades indicate Hyperliquid as the prime site of pre-launch speculation.

By community request, Hyperliquid has listed PUMP-USD hyperps. You can now long or short the unlaunched $PUMP token with up to 3x leverage. pic.twitter.com/a3T4tjnS87

— Hyperliquid (@HyperliquidX) July 10, 2025

The initial whale placed an opening exchange of a value between $744,000 and $700,000. This trader used a liquidation price of 2 cents, which allows for a large safety margin. The second whale entered at $0.005, and the liquidation point was lower at $0.009. Together, these two senses represent the notional value on the PUMP market, which recorded the most significant notional level upon its launch.

Funding Rates Show High Risk for Shorts

In the initial one hour of trading, PUMP reached $0.005, exceeding the value of its presale, which was recorded at $0.004. The open interest on Hyperliquid was 19 million, and the volume was 35 million. The demand caused a sharp rise in funding rates, up to 1,100 percent annualized on short positions.

One of the whales took a more cautious position with a relatively high liquidation price, insuring against a post-launch rally. | Source: Hyperliquid

This kind of finance can support an extended position where short interest is high. Yet, as we have little liquidity on the one hand and it is highly volatile on the other, both ways are very dangerous. The short positions are now located above the presale level, which foreshadows a price increase relatively soon after the launch.

Other Exchanges Prepare for PUMP Trading

Binance has declared that it supports PUMP perpetual futures, with up to 5X leverage. The two went live on July 10 at 7:30 UTC. KuCoin was also involved in the sale of tokens to a tune of $1 million per user, which was more than what Bybit offered.

The token sale of Pump Fun is still unavailable to the residents of the USA and the EU. Spot trading is likely to commence post-token distribution; thus, the derivatives markets may be the place to start the speculation fairly early.

The initial supply of PUMP will be 150 trillion tokens, priced at the presale at 0.004. Pre-market movement will most likely trap both long and short traders.

The post Whales Are Shorting PUMP Even Before Its Official Launch first appeared on Coinfea.