According to online reports, according to analysis by online analyst Ai Aunt (@ai_9684xtpa), after Hyperliquid launched the PUMP contract, most of the giant whales played a "few million margin +1x leverage" game. In fact, there is a high probability that they are pursuing the public offering arbitrage on the 12th, or making a wave of short-term money. At present, three giant whales have accumulated a total of 11 million USDC deposits, but only opened short positions of US$2.394 million. Due to the lack of marked prices, HYPE is currently in a state of being easily manipulated. If it is pulled to US$0.015 at 11:30 this morning, then 1 leverage will be forced out even if the margin is insufficient. Among them, the address 0xAc7... D53ce was the most aggressive. 4 million USDC margin opened 2x short orders, holding US$1.074 million, opening at US$0.00504, and closing at US$0.02138.