Analysis: Many whales participating in PUMP contract transactions on Hyperliquid are engaged in low-leverage trading or primarily focused on arbitrage.

On July 10th, according to on-chain analyst Ai Auntie (@ai_9684xtpa), after Hyperliquid launched the PUMP contract, most whales mainly adopted the strategy of "hundreds of millions in collateral + 1x leverage." In actuality, the high probability was aiming for the public sale arbitrage on the 12th, or to make a quick profit.

Currently, three whales have cumulatively deposited 11.000 million $USDC in collateral, but have only opened a short position of 2.394 million US dollars.

Due to the lack of a reference price, the current $HYPE is in a susceptible state of manipulation. If, like this morning at 11:30, it drops to $0.015, then even at 1x leverage, under insufficient collateral, it would be liquidated.

Among them, the address 0xAc7...D53ce is the most aggressive, with 4.000 million $USDC in collateral opening a 2x short position, holding $1.074 million, with an opening price of $0.00504 and a liquidation price of $0.02138.