Crypto Trader Earns $46 Million in Two Months on Hyperliquid

A crypto trader known as James Wynn has garnered significant attention after reportedly earning over $46 million in profits within just two months on the decentralized exchange Hyperliquid. Since March, Wynn has achieved surprising profits through a series of high-leverage positions on Bitcoin and various meme coins, including PEPE, TRUMP, and Fartcoin.

According to on-chain analytics firm Lookonchain, Wynn began actively trading on Hyperliquid around mid-March. Since then, he has placed aggressive long positions with leverage ranging from 5x to 40x. Five of those positions remain open and are still generating significant unrealized gains.

Wynn’s most lucrative position is a 10x long on meme coin PEPE, which has delivered approximately $23.8 million in unrealized profits. He also holds a 40x long on Bitcoin with about $5.4 million in paper gains. Other notable trades include a 10x long on the Trump token, which netted $5.57 million. Another trade involves a 5x long on Fartcoin, which generated $5.15 million, and a 5x long on HYPE, which has yielded around $31,000.

His strategy and consistent performance have put him at the top of Hyperliquid’s trader leaderboard. In the past 24 hours alone, he reportedly earned $11.4 million, further cementing him as one of the platform’s most successful traders.

Wynn has gained attention not just for his profits but also for his vocal support of Hyperliquid and his criticism of centralized exchanges. In public posts, he alleged that platforms like Bybit manipulate token listings for internal gain, suggesting they often introduce tokens to dump them on retail traders. He stated he would reject a $1 million monthly offer to trade on Bybit, citing ethical concerns.

Instead, Wynn described Hyperliquid as a rare, trustworthy platform in the space. While the platform’s recent controversy surrounding the JELLY meme coin short squeeze has received widespread criticism, several whales and experienced traders continue to support it. Hyperliquid is designed for perpetual futures trading and delivers rapid on-chain execution. The platform lets users control their funds fully without intermediaries, making it an attractive choice for many day traders.

Due to this, the platform’s rise has been swift over the past year. According to DeFiLlama, Hyperliquid now commands over 60% of the decentralized perpetual market, up from 44% as of the end of 2024.

Wynn’s success on Hyperliquid highlights the potential for significant profits in the decentralized exchange market, particularly for traders who are willing to take on high levels of leverage. His strategy of focusing on meme coins and Bitcoin has proven to be highly lucrative, and his public advocacy for Hyperliquid has drawn attention to the platform’s advantages over centralized exchanges.

However, it is important to note that Wynn’s success is not without risk. High-leverage trading can result in significant losses if the market moves against the trader. Additionally, the decentralized nature of Hyperliquid means that users are responsible for their own security and must take steps to protect their funds from potential threats.

Overall, Wynn’s story serves as a reminder of the potential for both significant profits and risks in the decentralized exchange market. As the market continues to evolve, it will be interesting to see how traders like Wynn adapt their strategies and how platforms like Hyperliquid continue to innovate and attract new users.