Qwatio: trade history, replayed
Hyperliquid Two wallets of leveraged shorts, −$30.9M net
Qwatio became known on Hyperliquid in 2025 for very large, highly leveraged BTC and ETH shorts, and was compared with James Wynn after repeated liquidations. Community speculation that the trader had inside information is unconfirmed. Two wallets are included: 0x916e (June to August 2025) and 0x9018, a new wallet that returned with 4.22M USDC in late September 2025 and shorted BTC and XRP again.
The record at a glance
- Trades
- 15
- Period
- 2025-06-23 → 2025-10-01
- Win rate
- 6.7%
- Net P&L
- −$30.9M
- Biggest win
- +$1.28M
- Biggest loss
- −$12.4M
- Without the 5 best trades
- −$32.0M
- Long / short
- 1 long · 14 short
- Median holding time
- 49.4 h
- Most traded
- BTC (6) · ETH (4) · XRP (3) · SOL (1) · PUMP (1)
⚠ Funding payments are not included in any trade.
Trading style, from the data
Computed from all of the trades. These describe what the record shows; the record contains no information about the trader's intentions, so anything about motives is inference, not the trader's own rule.
What stands out
- Win rate 6.7%; the average win is 0.6× the average loss.
- Losers are held longer than winners (median 51.8 h vs 8.0 h). In the data this looks like a tendency to sit with losing positions.
- Long trades netted +$1.28M; short trades −$32.2M.
- BTC is the most traded market (40% of trades), netting −$20.5M.
- Average win
- +$1.28M
- Average loss
- −$2.30M
- Average win ÷ average loss
- 0.55
- Median hold, winners
- 8.0 h
- Median hold, losers
- 51.8 h
- Best 10 trades' share of all gains
- 100%
- Median fills per position
- 4,108
By holding time
| Trades | Win rate | Net P&L | |
|---|---|---|---|
| Under 1 hour | 1 | 0.0% | −$30 |
| 1 hour to 1 day | 3 | 33% | +$278K |
| 1 to 7 days | 8 | 0.0% | −$13.3M |
| Over 7 days | 3 | 0.0% | −$17.9M |
Long vs short
| Trades | Win rate | Net P&L | |
|---|---|---|---|
| Long | 1 | 100% | +$1.28M |
| Short | 14 | 0.0% | −$32.2M |
By quarter
| Trades | Win rate | Net P&L | |
|---|---|---|---|
| 2025 Q2 | 3 | 33% | −$16.6M |
| 2025 Q3 | 12 | 0.0% | −$14.3M |
Most traded markets
| Trades | Win rate | Net P&L | |
|---|---|---|---|
| BTC | 6 | 0.0% | −$20.5M |
| ETH | 4 | 25% | −$8.41M |
| XRP | 3 | 0.0% | −$1.46M |
| SOL | 1 | 0.0% | −$588K |
| PUMP | 1 | 0.0% | −$30 |
Notable trades
Biggest wins
| Opened | Market | Side | Net P&L | Held | |
|---|---|---|---|---|---|
| 2025-06-23 | ETH 0x916e | Long | +$1.28M | 8.0 h | Replay #1 Free |
Biggest losses
| Opened | Market | Side | Net P&L | Held | |
|---|---|---|---|---|---|
| 2025-06-23 | BTC 0x916e | Short | −$12.4M | 17.3 d | Replay #2 Free |
| 2025-06-24 | ETH 0x916e | Short | −$5.53M | 16.3 d | Replay #3 Pro |
| 2025-07-12 | BTC 0x916e | Short | −$3.95M | 40.0 h | Replay #4 Pro |
| 2025-09-26 | BTC 0x9018 | Short | −$3.12M | 59.6 h | Replay #11 Pro |
| 2025-07-12 | ETH 0x916e | Short | −$2.60M | 40.0 h | Replay #5 Pro |
Free shows a sample of each trader's trades. Pro unlocks every trade and full diagnostics.
About the data
Every perpetual fill of both wallets, read from Hyperliquid's public API and rebuilt into positions; each position's fills chain together without gaps and every position is closed. The wallet attribution comes from public reporting (Lookonchain, BeInCrypto).
Includes both of qwatio's wallets: 0x916e (June–August 2025) and 0x9018 (September–October 2025). One FARTCOIN position on 0x916e from 13 to 14 July 2025 (about −$2.02M realised) is not included: the exchange API returned more fills in a single millisecond than it allows, so that record is incomplete.
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