In a bold move that underscores a shifting tide in crypto market infrastructure, a single trader has opened a staggering $1.1 billion long position on bitcoin (BTC) using 40x leverage — not on a centralized exchange, but entirely on-chain via Hyperliquid, a rising decentralized exchange (DEX).
The position, one of the largest ever executed in decentralized finance, is linked to wallet address “0x507” and attributed to the pseudonymous trader “James Wynn,” according to blockchain analytics firm Lookonchain.
Data indicates the entry price was $108,084, with the position facing liquidation if BTC falls to $103,640. As of Thursday morning, the trade is sitting on more than $40 million in paper gains. Wynn reportedly secured a $1.5 million realized profit after closing a portion of the trade — 540 BTC worth approximately $60 million — earlier in the European session. Lookonchain noted that previous exits by Wynn have coincided with local BTC tops, making his activity closely watched.
The use of Hyperliquid for such a high-stakes bet marks a new level of confidence in DeFi infrastructure among sophisticated capital. The platform, powered by its custom HyperEVM blockchain and the high-throughput HyperBFT consensus, boasts real-time order books, deep liquidity, and negligible gas fees — features traditionally associated with centralized venues.
Hyperliquid’s permissionless design removes KYC barriers and is increasingly attracting whales looking for speed, transparency, and capital efficiency. The billion-dollar trade may set a precedent for future institutional-size moves to be conducted entirely on-chain.
In response to the attention, Hyperliquid’s native token HYPE has jumped 15% over the last 24 hours as user interest and volumes surged.
As capital continues to shift from centralized platforms to decentralized alternatives, this trade could prove a watershed moment — signaling that DeFi is no longer just for retail, but ready for the big leagues.
