Largest ZEC Short on Hyperliquid Faces $20M Unrealized Loss, Adds $5M Margin

A trader holding the largest ZEC short position on Hyperliquid deposited an additional $5 million USDC as margin in the early hours of Nov. 16, HyperInsight data show. The position, opened at $360 with 5x leverage, now faces a $20 million unrealized loss with ZEC trading at $686 and a liquidation price of $1,084. The address has maintained the short for over a month since Oct. 11, repeatedly adding to the position to average down costs during price increases. The same trader holds a separate 15x leveraged ETH short position worth $26 million, opened at $4,094, currently showing a $7 million unrealized profit.