The White Whale: trade history, replayed
Hyperliquid A main account and five sub-accounts
The White Whale is an anonymous Hyperliquid trader who ran large positions across a main account and five sub-accounts (Open, Open2, Open3, SOL and ETH) in 2025. All six are combined here, and each trade is labelled with the account it came from.
The record at a glance
- Trades
- 1,628
- Period
- 2025-03-31 → 2025-11-14
- Win rate
- 69.5%
- Net P&L
- +$17.6M
- Biggest win
- +$28.0M
- Biggest loss
- −$26.6M
- Without the 5 best trades
- −$45.0M
- Long / short
- 1,104 long · 524 short
- Median holding time
- 8 min
- Most traded
- SOL (60) · ETH (54) · DOGE (53) · WIF (45) · SUSHI (45)
⚠ 935 of the 1,628 trades (Main 2025-03 – 2025-05) have no fee data, so their P&L is before fees. 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
- High win rate, small winners. 69.5% of trades are profitable, but the average win is only 0.5× the average loss; a few large losses can undo many small gains.
- Winners and losers are held for similar times (median 9 min vs 8 min).
- Gains are concentrated: the best 10 trades account for 78% of all profit from winning trades.
- Without the 5 best trades the overall result turns negative, so the record depends heavily on a handful of trades.
- Long trades netted +$18.6M; short trades −$1.01M.
- The strongest holding-time range is 1 to 7 days (+$12.3M).
- Average win
- +$91.8K
- Average loss
- −$175K
- Average win ÷ average loss
- 0.53
- Median hold, winners
- 8 min
- Median hold, losers
- 9 min
- Best 10 trades' share of all gains
- 78%
- Median fills per position
- 5
By holding time
| Trades | Win rate | Net P&L | |
|---|---|---|---|
| Under 1 hour | 1,359 | 69% | +$125K |
| 1 hour to 1 day | 179 | 67% | +$4.92M |
| 1 to 7 days | 46 | 98% | +$12.3M |
| Over 7 days | 29 | 69% | +$248K |
15 more positions were already open when the record starts, so their holding time is unknown; they are not in this table (net +$6.0K).
Long vs short
| Trades | Win rate | Net P&L | |
|---|---|---|---|
| Long | 1,104 | 68% | +$18.6M |
| Short | 524 | 73% | −$1.01M |
By quarter
| Trades | Win rate | Net P&L | |
|---|---|---|---|
| 2025 Q1 | 1 | 100% | +$12 |
| 2025 Q2 | 1,490 | 68% | +$10.1M |
| 2025 Q3 | 111 | 88% | +$10.5M |
| 2025 Q4 | 26 | 81% | −$3.02M |
Most traded markets
| Trades | Win rate | Net P&L | |
|---|---|---|---|
| SOL | 60 | 85% | −$22.8M |
| ETH | 54 | 85% | +$33.9M |
| DOGE | 53 | 68% | +$10 |
| WIF | 45 | 67% | −$116 |
| SUSHI | 45 | 69% | −$46 |
| RUNE | 43 | 51% | −$68 |
Notable trades
Biggest wins
| Opened | Market | Side | Net P&L | Held | |
|---|---|---|---|---|---|
| 2025-07-20 | ETH ETH | Long | +$28.0M | 35.5 d | Replay #1531 Free |
| 2025-08-14 | ETH Open | Long | +$11.6M | 10.7 d | Replay #1559 Pro |
| 2025-07-28 | ETH SOL | Long | +$10.2M | 25.3 d | Replay #1544 Pro |
| 2025-07-11 | ETH Open | Long | +$6.91M | 22.2 d | Replay #1508 Pro |
| 2025-06-30 | SOL SOL | Long | +$5.80M | 32.3 d | Replay #1490 Pro |
Biggest losses
| Opened | Market | Side | Net P&L | Held | |
|---|---|---|---|---|---|
| 2025-08-24 | ETH Main | Long | −$26.6M | 47.1 d | Replay #1575 Free |
| 2025-09-18 | SOL Open3 | Long | −$21.5M | 22.1 d | Replay #1601 Pro |
| 2025-09-12 | SOL SOL | Long | −$19.8M | 28.1 d | Replay #1597 Pro |
| 2025-08-28 | ETH ETH | Long | −$12.5M | 43.2 d | Replay #1583 Pro |
| 2025-10-28 | SOL SOL | Long | −$3.31M | 16.4 d | Replay #1626 Pro |
Free shows a sample of each trader's trades. Pro unlocks every trade and full diagnostics.
About the data
The main account and all five sub-accounts, rebuilt fill by fill into positions and checked for gaps. The name comes from public attribution.
Main account: from 2025-03-18 to 2025-05-04 only 51 markets are included (about 1% of fills are missing for that period, so other markets cannot be rebuilt reliably), and those fills have no fee data, so their P&L excludes fees. From 2025-05-04 on, all markets are complete. The five sub-accounts are complete.
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