Two addresses continuously tracked on Hyperliquid simultaneously covered their short positions in altcoin perpetual bonds overnight. mk4 closed about 80% of his ZEC short position, which he had held for approximately 5 days, locking in about $2.47 million in profit. He remains short on ZEC. Loracle, on the other hand, continued to cover his altcoin short positions: his NEAR short position has been reduced by about 80% from near its peak, and his kPEPE short position is almost completely closed. His largest holding remains a long BTC position of approximately 913 coins, with a floating loss of about $8.55 million. This long position itself has neither been increased nor decreased. mk4 reduced his ZEC short position from 11,517.62 coins to 1,881.36 coins, closing a total of 9,636.26 coins. The average closing price was approximately $1,042.85, with a trading volume of approximately $10.05 million, realizing a profit of approximately $2.474 million. The remaining short positions are notional at approximately $1.95 million, with an average opening price of $1,299.55 and a current price of approximately $1,038.60, resulting in a floating profit of approximately $491,000. Hyperliquid address: 0x77375a8c9d13bf79afb2a87f1b0ac1dfd5f5bf66 Verifiable continuous trades from the Loracle main address since 17:21 yesterday show: covering 3.17 million NEAR short positions at an average price of approximately $3.59, resulting in a realized profit of approximately $1.952 million; covering approximately 1.496 billion kPEPE short positions at an average price of approximately $0.00530, resulting in a realized loss of approximately $1.214 million. Currently, NEAR is still short, with 909,200 tokens remaining, notional value approximately $3.37 million, average price $4.20989, current price approximately $3.706, and unrealized profit approximately $458,000; kPEPE short position has only 1,031 tokens remaining, notional value approximately $6, and is basically closed out. Hyperliquid address: 0xefe4c06b6d310978bead596e1798a4fc1d9d194b Additional points: 1. Position timeline (Singapore time): The ZEC short position opened by mk4 on November 6th, increased to a high of 11,517.62 tokens on November 7th, and remained almost unchanged for the next three days, held for approximately 5 days. Last night at 22:14, approximately 58 tokens were initially closed out. Starting at 01:21 today, short positions were split and closed out at a rate of approximately 1,146 tokens per hour. At 03:00, 9,579 tokens remained; at 06:00, 6,141 tokens remained; at 08:11, 3,639 tokens remained; and at 09:43, 1,881 tokens remained, following a TWAP-like pace. As of press time, this is still ongoing. Loracle's two short positions in NEAR and kPEPE were both opened around October 24th, with peak values of approximately 4.507 million NEAR tokens and 1.762 billion kPEPE tokens respectively, held for about 18 days. Yesterday at 14:00, the funding fee records showed both positions still at their peaks, but by 15:00, the funding fee records showed they had been covered. The continuous trading activity starting at 17:21 can be fully verified: NEAR had 3.13 million tokens remaining at 23:00, 2.37 million at 03:00, 1.76 million at 06:00, and 009,000 at 09:43; kPEPE was basically closed out by 08:29. 2. Equity and Leverage: The mk4 main account has approximately $806,000 in equity, with a perpetual notional total of approximately $5.8 million, resulting in an effective leverage of approximately 7.2 times. Besides ZEC, the account also has short positions in AAVE (approximately $2.39 million), MEGA (approximately $970,000), and AVAX (approximately $480,000). The Loracle main address has approximately $11.6 million in equity, with a perpetual notional total of approximately $98.02 million, resulting in an effective leverage of approximately 8.5 times. The largest single position is a long BTC position of 912.92 BTC, notional value approximately $67.49 million, average price $83,284.8, current price approximately $73,922.5; followed by a long XMR position of approximately $23.29 million, with a floating loss of approximately $1.71 million; there are also long positions in ETH and STRK. 3. Liquidation Distance: The current price of ZEC on mk4 is about 20.1% lower than the average opening price, with a liquidation price of approximately $10,547, far from the current price, indicating no short-term liquidation pressure. Loracle's BTC long position has a liquidation price of approximately $64,965, current price approximately $73,922, a distance of about 12.1%; the NEAR short position has a liquidation price of approximately $12.16, also far from the current price. In the cross-margin mode, the real determinant of Loracle's account risk is the BTC position. 4. From an operational perspective: mk4 took profits in batches according to a fixed rhythm after ZEC had fallen by about 20% from the opening price, without closing out at market price all at once. At the current rate, the remaining 1,881 coins may be closed out within one or two hours. After that, we need to see if he re-shorts ZEC or other coins. On Loracle's side, judging from the position structure, the short position is the hedging leg, and the long position is the main position. Covering the short position is equivalent to dismantling the hedging while going long on BTC and XMR, increasing the overall net long exposure of the account. 5. Data Scope: Positions, trades, and realized profit/loss are all from the official Hyperliquid interface, tested on November 11th at 09:43 Singapore time. The realized profit/loss for mk4 covers all short covering transactions from 22:14 last night to the present. For Loracle, realized profit/loss is calculated based on verifiable continuous transactions from 17:21 yesterday. Funding fees between 14:00 and 17:21 and the snapshot at 15:39 show that replenishment has begun, but the transaction details for this period were not fully returned by the interface and therefore not included in realized profit/loss. The start time and high point of the position are estimated based on the funding fee records of this address. Both positions are still changing; mk4's order splitting is still ongoing, and the figures are based on the snapshot at that time. Loracle only looks at the main address; there are other labeled sub-addresses under this name that are not included. The official combined interface shows that the historical cumulative profit/loss for this main address account is approximately a loss of $1.03 million, and the historical cumulative profit for perpetual accounts is approximately $1.09 million. Recently, both daily and weekly figures show losses. This account only considers this as a position signal and not as smart money. The above is only an observation of on-chain data and does not constitute investment advice.