A new wallet deposited 2.44 million USDC onto Hyperliquid and opened a short position on 1,600 BTC at 40x leverage, according to data from hypurrscan.io. To put the size in perspective: at 40x leverage, a roughly 2.5% move against this trader’s position would wipe out the entire margin. Depositing $2.44M at 40x means the trader is controlling a position sized at roughly $97.6M in notional Bitcoin exposure. What 40x leverage actually meansHyperliquid supports 40x leverage on Bitcoin perpetual futures, and the platform is built on its own Layer-1 blockchain. If the market knows a massive short gets liquidated at a specific Bitcoin price above entry, some participants will push toward that level.