HYPE Whale Holds $111M Long as Hyperliquid Enters US Energy

• Trader watershedpath holds $111 million in HYPE, the largest long onchain.
• He withdrew $18.5 million in margin, raising his liquidation price to $65.
• Hyperliquid entities have filed a CFTC comment urging US energy perpetual deals.

A trader identified onchain as “watershedpath” is holding the largest single long position in HYPE, Hyperliquid’s native token, currently worth $111 million, according to onchain analytics firm Arkham. The position comes as Hyperliquid-linked entities simultaneously push US regulators to open the door for energy perpetual contracts.

A Position Held for Nearly a Year

According to Arkham’s data:

• The trader has held a long HYPE position for almost a full year
• He is currently up $58 million on the trade
• Rather than taking profit by selling, he withdrew $18.5 million in margin over the past week
• That withdrawal raised his liquidation price to $65, meaning even a forced liquidation at current levels would still leave the position in profit

HYPE was trading at $81.25 at the time of writing, up 16.7% over the past week. Other large holders have moved in different directions recently: one wallet reportedly bought $31.5 million worth of HYPE across multiple exchanges over two days, while another sold its full position for a $5.3 million profit after buying between May and July at an average price of $63.

The Bigger Bet: Hyperliquid’s Push Into US Energy Markets

The whale’s position runs counter to a broader institutional push. Hyperliquid Policy Center and trade[XYZ], the largest third-party deployer of perpetual contract markets on Hyperliquid, filed a joint comment letter urging the CFTC to bring energy perpetual contracts, covering WTI crude, Brent crude, and Henry Hub natural gas, into the regulated US market. Important points from the filing:

• During a Middle East conflict in late February that closed conventional oil futures over a weekend, roughly two-thirds of the eventual price move had already occurred on Hyperliquid-based oil markets before traditional futures reopened
• trade[XYZ]’s markets have processed more than $500 billion in cumulative trading volume since launching in October 2025
• Those markets represent over 30% of total open interest across the Hyperliquid network as of July 2026
• These energy perpetual markets remain unavailable to US persons under current geoblocking restrictions, the exact restriction the CFTC filing aims to change

What the Trader May Be Positioned For

The position’s timing lines up closely with growing institutional and regulatory attention on Hyperliquid’s infrastructure. If the CFTC formally recognizes energy perpetual contracts and expands U.S. access, it could increase trading volume and demand across Hyperliquid’s ecosystem, directly benefiting HYPE token holders.

Related: Hyperliquid Eyes US Market as Regulators Weigh Path for Perpetuals