Onchain data shows that Loracle, the trader holding the largest publicly tracked short on the Hyperliquid decentralized perpetuals exchange, deposited 616,675 HYPE tokens valued at $36.76 million into the platform, then sold the vast majority almost immediately.
The capital raised was used to add margin to a 1.8 million HYPE short position carrying over $103.7 million in notional exposure, buying Loracle additional time as the token continues to press toward new highs.
Loracle’s short has been building for weeks as he originally held a large long position before flipping entirely to a short around April 20, 2026, a contrarian bet that HYPE would decline from elevated levels.
