ChainCatcher report: According to on-chain analyst AiYi, trader Loracle opened a 3x short position on PONS on Hyperliquid starting September 3, holding 25.04 million PONS (approximately $19.41 million) at an average entry price of $0.6553, accounting for 19% of Hyperliquid’s total PONS open interest. The trader continues to add to the position and is currently facing an unrealized loss of nearly $3 million. Loracle independently created a zero-fee fork of PONS. On September 6, overseas analyst @mlmabc posted publicly seeking funding to collectively target this short position, stating that seven-figure amounts have already been pledged. Loracle’s short position will be liquidated at $1.83, meaning PONS must rise 128% to trigger liquidation. A similar coordinated attack against a 50x leveraged Bitcoin short on Hyperliquid in March 2025 previously drew significant attention.
Loracle's 3x PONS Short on Hyperliquid Incurs $3M Floating Loss
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Summary
Loracle’s 3x PONS short on Hyperliquid is currently facing a $3 million unrealized loss, with 25.04 million PONS (valued at $19.41 million) held at an average entry price of $0.6553. This position represents 19% of Hyperliquid’s total PONS exposure and is still being added to. On-chain trading signals indicate the short remains active. Loracle has also launched a zero-fee PONS fork. Analyst @mlmabc has called for funds to target the short, citing eight-figure commitments. A stop-loss strategy is critical for such leveraged positions; the liquidation price is set at $1.83, requiring a 128% price increase to trigger. A similar 50x BTC short event in March 2025 drew comparable attention.
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