Before trading even starts, some players are already betting against it. Whales on the Hyperliquid platform have begun shorting the newly announced PUMP token — even before its official launch. Two whales allocated hundreds of thousands of dollars to open short positions with limited leverage.
🔹 Hyperliquid Becomes the Battleground for Pre-Launch Bets
PUMP, the new token from Pump.fun, is expected to go live on July 15, but Hyperliquid has already launched a PUMP-USD futures market with a maximum 3× leverage. This move came in response to high demand from traders looking to profit from price swings before spot trading begins.
The futures market uses a mechanism called hyperp, which doesn’t rely on external price oracles. Instead, funding rates dictate price direction — if the market is overloaded with shorts, incentives shift toward longs via favorable funding rates.
🔹 Early Trading Sees Massive Volume and Volatility
Just hours after the announcement on Bybit, over $19 million in open positions were recorded on Hyperliquid, with $35 million in trading volume. The token initially traded at around $0.005, higher than the planned presale price of $0.004.
However, the overall outlook remains bearish — many analysts expect PUMP to drop shortly after launch due to weak activity in the memecoin space. Still, short positions remain highly risky amid extreme volatility in early trading.
🔹 Two Whales, Two Strategies
The first whale holds a position ranging from $700,000 to $744,000, with a liquidation price of $0.02, offering room to maneuver in case of a post-launch price spike.
The second whale took an even more aggressive approach — opening a $790,000+ position at an entry price of $0.005 and a liquidation price of $0.009. These are currently the largest known PUMP positions based on early on-chain data.
🔹 Binance and KuCoin Join the Game
Binance has also jumped in, launching its own PUMP perpetual futures market on July 10 with up to 5× leverage, providing yet another tool to gauge price discovery.
Before Binance, KuCoin had already enabled direct token purchases with a $1 million limit per user, double Bybit’s $500,000 cap. Both exchanges filled their presale quotas within hours.
🔹 Expect a Wild Ride Ahead
The PUMP futures market is currently highly chaotic, with funding rates for short positions skyrocketing to 1,100% APR — a clear signal that many expect the token's price to crash. At the same time, this also shows how much attention and risk is concentrated on both sides of the market.
Due to regulatory restrictions, token sales are limited to traders outside the US and EU. That makes Hyperliquid the most accessible route for exposure to PUMP without needing to hold the token directly.
#pump , #pumpfun , #Hyperliquid , #CryptoWhale , #memecoins
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