A wallet tracked by on-chain data services has opened a 2x long on 27.23 million GPS tokens on Aster DEX, entering with approximately $450,000 in notional value. The position had produced unrealized gains of $80,000 at the time it was flagged, according to on-chain data.
The wallet previously ran a leveraged long on AKE through the same venue. That trade generated $1.42 million in unrealized profits at its peak, with a $3.37 million long position opened July 16.
The same wallet also holds a 4x long on 7.2 million ASTER tokens worth $4.33 million on the platform, alongside a staking commitment of 4.02 million ASTER worth $2.42 million locked for four years, per Lookonchain data.
GPS surged 60 percent overnight in at least one recent trading window. A separate wallet with the address 0x8B6E…c6a3 was flagged as a notable participant on the GPS side, though on-chain data does not confirm that address is the same wallet behind the AKE and ASTER positions.
Allegations of a team sale circulated alongside the overnight surge. No on-chain proof of insider selling has been confirmed in the available data, and the claims remain unverified.
Aster DEX is the common thread across all three positions—AKE, GPS and ASTER. The protocol supports perpetual-style leveraged trading on altcoins with relatively low liquidity, which amplifies both profit potential and slippage risk on exits. A 4x long on a thin book moves differently than the same leverage on a deep-liquidity pair.
The four-year ASTER stake is a harder commitment. Locking 4.02 million tokens worth $2.42 million for that duration suggests the wallet is not treating Aster DEX purely as a short-term trade vehicle. Most DeFi staking locks in this range carry illiquidity risk: if ASTER's price drops materially, the staker cannot exit until the lock expires.
The GPS long, by contrast, is a 2x leverage position—lighter than the 4x ASTER trade. The lower leverage on GPS is consistent with a wallet sizing down on a token with a recent 60 percent move already behind it, where the risk-reward on aggressive leverage compresses.
The unrealized $80,000 gain on the GPS position is not realized. On Aster DEX, as on any perpetual DEX, open positions are subject to funding rates, liquidation risk and mark-price divergence from spot. A position showing unrealized profit can reverse before it is closed, particularly in low-liquidity altcoin markets where a single large exit can move the mark price against remaining longs.
