A wallet funded via Tornado Cash executed a $26.2 million Bitcoin long and Ether short trade on Hyperliquid, deploying 20x leverage on both legs. The paired position targets either a relative value view between the two assets or funding rate differentials.
Prior to opening the perpetual contracts, the wallet converted 3,100 ETH into approximately 6.92 million USDC on-chain. That stablecoin liquidity provided the margin base for the leveraged trade.
Hyperliquid, a purpose-built L1 for on-chain perpetual futures, processed the execution. At the time of the trade, Bitcoin was near $75,647 and Ether near $2,231.
The wallet's initial funding through Tornado Cash—a privacy mixer that obscures asset origin and counterparties—underscores the continued use of privacy protocols for derivatives trading at scale. At 20x leverage, the position carries high sensitivity to price movement and requires substantial margin maintenance.
