Someone with the wallet address 0x97f8 just made nearly seven figures betting against the US stock market, and they did it entirely on-chain. The trader, operating on Hyperliquid’s perpetual futures platform, has been managing a short position on the S&P 500 worth roughly $147.6 million at 50x leverage, one of the most aggressive macro trades visible on any decentralized exchange.
The position initially opened on June 9 at around $111.6 million notional value, spanning 15,001 contracts on Hyperliquid’s xyz:SP500 perpetual. Within hours, the trader scaled that exposure up to $147.6 million. Unrealized gains quickly ballooned to somewhere between $977K and $1.1 million as the market cooperated with the bearish thesis.
Inside the trade mechanics
Here’s the thing about 50x leverage: it turns modest price moves into life-changing swings. A 2% move in the underlying index means a 100% gain or loss on collateral.
On-chain analytics firm Lookonchain tracked the position closely, noting that as 0x97f8 added to the short, the liquidation price tightened from approximately $8,294.9 down to $8,067.34. That narrowing gap between the current index level and the point of forced closure tells you the trader was leaning harder into conviction, accepting less margin for error in exchange for more exposure.
The position is denominated in Hyperliquid’s xyz:SP500 contract, a perpetual futures instrument that tracks the S&P 500 index. Unlike traditional futures that expire on set dates, perpetuals let traders hold positions indefinitely, paying or receiving funding rates to keep the contract price anchored to the spot index.
How Hyperliquid became a macro trading venue
Hyperliquid licensed the S&P 500 for perpetual futures trading in March 2026, partnering with S&P Dow Jones Indices to bring traditional index exposure onto its on-chain order book. The move marked a significant evolution for the platform, which had previously been known primarily for crypto-native perpetuals.
That 24/7 accessibility matters because macroeconomic news doesn’t respect the closing bell. When a Federal Reserve governor drops a comment at a weekend conference, Hyperliquid traders can react immediately while traditional futures traders wait for Sunday evening’s Globex open.
What this means for investors
The timing of 0x97f8’s trade aligns with broader market anxiety around upcoming US economic data releases and Federal Reserve policy signals.
Bitcoin and Ethereum have shown persistent positive correlation with US equities over the past several years, meaning a trader’s bearish thesis on the S&P 500, if correct, would likely drag crypto prices lower too.
As of June 10, 2026, no evidence of profit-taking or position reduction had emerged. A sharp equity rally could rapidly push the index above that $8,067.34 liquidation level and wipe out the entire position.