Brother Ma Ji Huang Li Cheng has made a comeback with his account.

As of September 22, 2026, the net asset value of his contract account has rebounded to 11 million dollars. Previously, the account had dropped to about 800,000 dollars, and with the market rebound, the account has returned to the tens of millions level.

But more noteworthy than the "11 million dollars" is the position he currently holds: approximately 126 million dollars worth of long positions.

Among them:

 

• ETH long position: approximately 82.69 million dollars, unrealized profit of about 4.28 million dollars
• BTC long position: close to 29.09 million dollars, unrealized profit of about 0.88 million dollars
• HYPE long position: 15.18 million dollars, unrealized profit of about 0.14 million dollars

 

Currently, the take profit range for ETH is set between 2755 to 2828 dollars.

Many newcomers to contracts may react by wondering: How can an account with only 11 million dollars open a position worth 126 million dollars?

Understanding this question clears up the mystery behind Ma Ji's position.

01｜Why can 11 million dollars open 126 million dollars?

When looking at contract data, it's important to distinguish between two numbers: account net value and position value.

The account net value refers to the current asset size of the account; the position value refers to the scale of the current contract position held; the two are not the same.

For example, if there is 1000 dollars in the account, by using leverage to establish a position worth 10,000 dollars, the account itself still holds only 1000 dollars, but the market exposure reaches 10,000 dollars.

This involves a common concept in contracts — margin.

Margin is the funds used to support this contract position. Through leverage, traders can use relatively small amounts of margin to establish larger positions, but the profits and losses from price fluctuations will also be magnified correspondingly.

For instance, a position of 10,000 dollars rising by 1% results in a profit or loss change of 100 dollars; if the price moves in the opposite direction, it will also incur a loss of 100 dollars.

Thus, Ma Ji currently holds a long position worth about 126 million dollars, which does not mean there is 126 million dollars in cash in the account, but rather that a larger position has been established through margin and leverage.

This is also why when looking at whale data, one cannot focus solely on "how much was bought."

The account net value, position value, and margin must be considered together.

02｜For these concepts the first time, simulate trading first

If you are not yet familiar with concepts such as position, margin, and unrealized profits, you can first simulate a round through Demo Trading.

Binance's simulated trading uses virtual funds and will not involve real assets; it can be used to get accustomed to opening positions, position changes, profits and losses, and other basic mechanisms.

If you do not have a Binance account yet, you can complete the registration first:

👉 Binance registration link:
https://jump.do/zh-Hans/xlink-proxy?id=3
(Invite code: aicoin668, enjoy a 10% rebate)

App version:

Open the Binance APP, click the top left corner to enter the personal center page, find and enter 【More Services】 and then enter 【Simulated Trading】. If you do not see it directly, you can search for 【Simulated Trading】 in the homepage search bar.

Web version:

Enter "Trade" from the top menu, select "Simulated Trading / Demo Trading".

Once you enter, the page will display the simulated trading identity and operate using virtual funds.

When using it, be sure to confirm that you are on the simulated trading page and do not mistakenly enter the real contract trading page.

Additionally, it is important to note that the market trends, order book, and trading environment in simulated trading and real trading may not be completely the same, and contract trading itself also carries high risks.

03｜Looking at Ma Ji's fund curve reveals the risks of high leverage

What truly deserves attention about Ma Ji is not just that the account has returned to 11 million dollars.

Linking the previous changes in funds, it roughly goes: 150,000 → 12.3 million → 800,000 → over 11 million

The account once grew from about 150,000 dollars to 12.3 million dollars, then sharply retraced to about 800,000 dollars, and now has returned to over 11 million dollars.

The most notable figure in this series is the intermediate retracement.

A drop from 12.3 million dollars to 800,000 dollars means that a large amount of accumulated account value experienced significant shrinkage.

And to return from 800,000 dollars back to the original level requires a very high increase.

Losses and recovering are not symmetric.

For example, losing 50% on 100 dollars leaves you with 50 dollars; but to recover from 50 dollars to 100 dollars requires a 100% increase.

Therefore, when looking at a high-leverage account, you cannot only consider how much it has previously earned.

How much it has experienced in drawdown is equally important.

04｜With an unrealized profit of 4.28 million dollars, has it really earned it?

Currently, Ma Ji's ETH long position has an unrealized profit of about 4.28 million dollars.

Unrealized profit refers to the paper profit calculated based on the current price.

As long as this position has not been closed, the unrealized profit will change with market price fluctuations.

Closing a position means finishing the currently held contract position. Once the position is closed, this part of the profit and loss will change from a floating status on the books to realized profit and loss.

Thus, "unrealized profit of 4.28 million dollars" and "already earned 4.28 million dollars" are two different things.

Currently:

ETH unrealized profit of about 4.28 million dollars; BTC unrealized profit of about 0.88 million dollars; HYPE unrealized profit of about 0.14 million dollars.

Overall, the unrealized profit from these positions has exceeded 5.14 million dollars.

However, as long as the positions are still there, the figures will continue to change.

05｜Besides looking at how much is earned, also consider where to take profit

Currently, Ma Ji's ETH long position has a take profit range set between 2755 to 2828 dollars.

Take profit, simply put, is to set an exit plan for a profitable position in advance.

When the price reaches the preset conditions, the position can be closed, converting the originally fluctuating unrealized profit into realized profit and loss.

Thus, when examining a whale's position, one cannot only ask "how much is currently earned."

One should also look at:

how large the position is, how much the current unrealized profit is, and where the take profit is set.

Especially with larger position sizes, a significant market price fluctuation may lead to considerable profit and loss changes.

06｜Why can’t we just follow the whale's profitable moves?

Seeing that Ma Ji returned from 800,000 dollars to 11 million dollars, it's easy to generate the idea:

If he can bring his account back with high leverage, can I follow his position to operate as well?

The problem is that public data typically only shows a part of the position.

You can see his ETH, BTC, and HYPE positions, but you may not know the complete asset allocation, the actual margin used, and how much market volatility he can withstand.

Similarly, the same price change on different accounts can lead to completely different results.

Therefore, what really deserves attention is not "how much Ma Ji bought," but rather to put these data together:

Account net value, position value, margin, leverage, unrealized profit, take profit position, and historical fund curves.

These numbers combined will allow one to see the risk and volatility space behind a whale's position.

07｜In the future, when seeing “whales opened more than 100 million,” first check these numbers

In the future, when seeing similar information about "certain whale opened a long position of over 100 million," you can check by looking at these several numbers.

First, check the account net value.

Know how much asset this account currently has.

Second, check the position value.

Determine how much market exposure it is actually carrying.

Third, check the margin and leverage.

For the same position, different margin sizes correspond to different risks.

Fourth, check if it’s unrealized profit or already closed.

Unrealized profit changes with price fluctuations; only closed positions will yield final realized profit and loss.

Fifth, check the take profit position and historical fund curve.

Just because an account once earned 12.3 million dollars does not mean it was continuously profitable.

Ma Ji's fund curve — 150,000 → 12.3 million → 800,000 → over 11 million

Itself is a very intuitive example: high leverage can amplify returns but will also magnify the volatility faced by the account.

Thus, what truly deserves to be learned is not "what whales bought," but how to understand the relationship between account net value, position size, changes in profits and losses, and the risk space.

Conclusion

If after reading about Ma Ji's position, you begin to be interested in contract trading, what you really need to do first is to clarify the trading rules, margin, leverage, and risk mechanisms.

If you want to further understand the real trading environment of Binance, you can register an account directly, familiarize yourself with basic trading products such as spot trading, and then learn about different trading tools according to your own risk tolerance.

👉 Binance registration link:
https://jump.do/zh-Hans/xlink-proxy?id=3
(Invite code: aicoin668, enjoy a 10% rebate)

Don’t rush to copy the whale's position; first, know what risk you are undertaking.

Understand the position before discussing trading.

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Risk warning: Trading in crypto assets and contracts carries high risks, and price fluctuations may lead to significant profits or losses. This article's content is based on publicly available market data and is for informational sharing only; it does not constitute any investment advice. The data referred to in this article corresponds to market conditions before and after September 22, 2026, and whale positions and unrealized profits will vary with market changes.
 

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