Odaily Planet Daily reports, according to Hyperinsight monitoring, since first establishing a long position in SPCX on July 16, whale address 0x3527 has consistently averaged down by adding to its position daily. The whale currently holds a 20x leveraged long position in SPCX at an average price of $127.10, with a position value of approximately $12.958 million; the unrealized loss is about $1.238 million, resulting in a return rate of -174.5%, with losses exceeding the initial margin of this position.
If calculated based on margin, the theoretical liquidation price is approximately $113.06, just $2.94 away from the current price; however, this address has actually enabled portfolio margining. With 301,900 HYPE tokens (approximately 60,000 newly added recently) included as collateral, they collectively support the losses in SPCX. The risk lies in the simultaneous decline of HYPE and SPCX, which would cause a dual contraction in collateral value and position equity, and upon triggering the threshold, the system may liquidate the HYPE collateral.
As of press time, SPCX on Hyperliquid is trading at approximately $116, down 49.6% from its peak of $230 and 14.1% below its IPO offering price of $135; today’s low touched $114.48, temporarily widening the discount to 15.2%.