A certain trader's account recently took a rollercoaster ride—the funds on Hyperliquid soared from $500,000 all the way to $3.34 million, but in the past two days have shrunk back to $2.65 million.

The main culprit was the HYPE trade. Eight hours ago, he painfully cut a position of 50,000 HYPE, taking a direct loss of $278,000. The unrealized gains on ETH hadn’t even made it into his pocket yet before he paid tuition on HYPE.

However, he’s still holding a sizable chip: a $37.05 million ETH long position, 25x leverage, holding 11,700 ETH, with an average cost of $3,050.81. At present, there’s still an unrealized profit of $1.361 million on the books.

That’s the nature of high leverage—you can make money fast, but lose it just as quickly. This round of trading really brought the “equity curve” to life.