Record-Breaking Trade Highlights Growing Appetite for High-Stakes Onchain Leverage
A crypto trader has stunned the community by opening a $1.1 billion long position on Bitcoin using 40x leverage on decentralized exchange Hyperliquid, marking what is believed to be the first-ever billion-dollar position on the platform.
The trade, executed by an X user going by “James Wynn,” was made using $28.4 million in margin and achieved an average entry price of $108,065, according to Hypurrscan data.
As of May 22, the position had accrued over $36 million in unrealized profits, with Bitcoin trading near $111,000, comfortably above the liquidation price of $103,790.
“He did it fellas. First position on Hyperliquid to exceed $1B,” wrote crypto analyst Sigma² on X.
He did it fellas, first position ever to exceed 1B$ https://t.co/0qGxkLAoj8 pic.twitter.com/grvqnyEgaY
— sigma^2 (@SigmaSquared_) May 21, 2025
High Risk, High Reward: Wynn’s Position Roars Back to Profit
Wynn’s leveraged long position briefly sank to a $16.3 million unrealized loss before rebounding into profit as Bitcoin broke through $110,000 on May 21, setting a new all-time high.
By May 22, BTC had peaked at $111,897, boosting the value of Wynn’s open position and solidifying his bet as the largest known trade ever made on Hyperliquid.
On May 20, when Bitcoin hovered around $106,000, HyperDash data showed that Wynn began closing parts of the position, likely to lock in partial gains or reduce risk.
“That mfer has nerves of steel,” commented influencer Follis, while others called the move “insane” and questioned the rationality behind such high leverage.
Who Is James Wynn?
The trader behind the trade, James Wynn, is known on X for his self-proclaimed status as a “memecoin maxi” and high-risk leverage trader. He claims to have called Pepe (PEPE) a buy at a market cap of $600,000, long before it went viral.
Hypurrscan records show that Wynn began trading on Hyperliquid two months ago, depositing $4.65 million in USDC. Since then, he has made 32 trades, dabbling in high-volatility assets including:
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XRP
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Official Trump (TRUMP) token
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Toncoin (TON)
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Fartcoin (FARTCOIN)
Hyperliquid’s Rise in Onchain Leverage Trading
Hyperliquid is a growing Layer 1 blockchain ecosystem offering decentralized perpetual futures, spot trading, and onchain borrowing/lending. The $1.1 billion position reflects a growing appetite among whales and high-risk traders for onchain leverage and more transparent derivatives infrastructure.
While centralized exchanges still dominate volumes, trades like Wynn’s are showcasing the increasing maturity and capacity of DEX platforms to support institutional-level bets.
Final Thoughts: Risk or Brilliance?
While some view Wynn’s high-leverage bet as reckless, others consider it a bold and calculated move amid Bitcoin’s bullish breakout. As BTC enters a potential price discovery phase, trades like this signal both confidence in the rally and evolving sophistication in onchain derivatives.
With more capital flowing into onchain platforms and Bitcoin ETFs fueling institutional demand, eyes will remain on high-stakes trades like Wynn’s — and whether they signal a new era for decentralized leverage trading.
