James Wynn, the “Hyperliquid 40x whale,” has recently become the center of attention in the market.

The price of the HYPER token has surged by 120%, and Hyperliquid’s 24-hour trading volume reached $8.6 billion.

Hyperliquid, a centralized exchange offering perpetual futures contracts, appears to be the primary beneficiary of numerous large-volume trades generated by whales like James Wynn, a "Hyperliquid 40x whale."

The price of the HYPER token has surged by 120%, and Hyperliquid’s 24-hour trading volume reached $8.6 billion.

Recently, James Wynn has been a hot topic in the market. According to Lookonchain, Wynn executed 38 trades over the past 75 days on Hyperliquid (HYPE). Notably, James achieved a win rate of 45%.

Wynn's journey began drawing attention on May 25, when he closed a $1.2 billion BTC long position, incurring a loss of $13.39 million. Immediately after, he opened a BTC short position and gradually increased it to $1 billion. However, on May 26, Wynn faced another loss of $15.86 million upon closing this short position.

Despite these recent losses in large trades, Wynn still secured a total profit of $25 million. His assets on Hyperliquid include $28.99 million in a perps account, $24,294 in a spot account, and 126,116 HYPER tokens, with a total value reaching $33.88 million.

Following the closure of this significant short position, James Wynn is suspected of announcing his withdrawal from contract trading.

“We had a good run gambling on perps. At peak the account was up $87,000,000 profits from like $3-$4m. Now decided to leave the casino with my $25,000,000 profit. It’s been fun, but now it’s time for me to walk away a wynner,” Wynn shared.

However, shortly after this statement, the latest on-chain data shows that Wynn opened two new positions. This includes a $75 million BTC long position with 40x leverage and a PEPE position valued at nearly $20 million with 10x leverage. Besides, James Wynn has been involved in some scandals with MOONPIG recently.

Hyperliquid as the Beneficiary

Wynn’s large-scale trades attracted attention and brought substantial benefits to Hyperliquid. According to an X user, Wynn’s opening of a $1.2 billion position helped Hyperliquid garner significant community attention, enhancing liquidity and trading volume.

“Since May, Hyperliquid has accumulated $55.4 million in transaction fees, with fees and protocol revenue peaking on May 21 since 2025, reaching a single-day high of $4.65 million in fees. That day was exactly when James and Insider Bro opened opposing positions, with James’ position hitting $1.2 billion for the first time.” X user ai_9684xtpa shared.

Data from Dune Analytics shows that Hyperliquid commands a 73.1% market share in perps trading, with a total trading volume of $12.09 billion, of which Wynn contributed significantly.

Moreover, the price of the HYPER token has risen by 120% over the past 30 days, reaching $38.81 on May 26, pushing Hyperliquid’s market capitalization past $12.96 billion. This growth is largely attributed to the media effect from Wynn’s trades, which generated massive trading volume on the platform.

Hyperliquid has effectively leveraged Wynn’s presence to solidify its position. According to CoinMarketCap, Hyperliquid recorded a 24-hour trading volume of $8.6 billion, with 86.83% coming from perps trades. The platform also benefits from transaction fees, with Wynn estimated to have contributed around $2.31 million in fees over 75 days, according to Lookonchain.