Two addresses continuously tracked on Hyperliquid simultaneously covered their altcoin perpetual short positions overnight. mk4 closed about 80% of his ZEC short position, held for approximately 5 days, locking in about $2.47 million in profit. He currently remains short on ZEC. Loracle continued to cover his altcoin short positions: he reduced his NEAR short position by about 80% from near its peak, and his kPEPE short position was almost completely closed. His largest holding remains a BTC long position of approximately 913 coins, with a floating loss of about $8.55 million. This long position was neither added to nor reduced. mk4｜ZEC Short Position Reduced from 11,517.62 ZEC tokens to 1,881.36 ZEC tokens, a total of 9,636.26 ZEC tokens closed. Average closing price: approximately $1,042.85; trading volume: approximately $10.05 million. Realized profit: approximately $2.474 million. Remaining notional short position: approximately $1.95 million. Average opening price: $1,299.55; current price: approximately $1,038.60; unrealized profit: approximately $491,000. Address: 0x77375a8c9d13bf79afb2a87f1b0ac1dfd5f5bf66 Loracle｜NEAR, kPEPE Short Positions Verifiable continuous trades since 17:21 yesterday: NEAR covered 3.17 million ZEC tokens, average price approximately... $3.59, realized profit of approximately $1.952 million kPEPE covering approximately 1.496 billion tokens, average price of approximately $0.00530, realized loss of approximately $1.214 million Currently, NEAR has 909,200 short positions remaining, nominally worth approximately $3.37 million, average price of $4.20989, current price of approximately $3.706, unrealized profit of approximately $458,000 kPEPE has only 1,031 tokens remaining, nominally worth approximately $6, almost fully closed Address: 0xefe4c06b6d310978bead596e1798a4fc1d9d194b Position Timeline (Singapore Time) mk4: Opened a ZEC short position on November 6th, added to a high of 11,517.62 tokens on November 7th, and then remained almost unchanged for the next three days. Last night at 22:14, approximately 58 tokens were initially closed out. Starting at 01:21 today, short positions were being closed out at a rate of approximately 1,146 tokens per hour, similar to the pace of TWAP. As of press time, this is still ongoing: 03:00 9,579 tokens remaining 06:00 6,141 tokens remaining 08:11 3,639 tokens remaining 09:43 1,881 tokens remaining Loracle: Both NEAR and kPEPE short positions were opened around October 24th, with peak values of approximately 4.507 million NEAR tokens and 1.762 billion kPEPE tokens respectively, held for approximately 18 days. Yesterday at 14:00, two funding fees still showed positions at their peaks, but by 15:00, funding fees indicated a recovery. NEAR Remaining Quantities: 23:00 3.13 million tokens remaining 03:00 2.37 million tokens remaining 06:00 1.76 million tokens remaining 09:43 909,000 tokens remaining kPEPE was basically liquidated by 08:29 Account Equity and Leverage mk4: Account equity approximately $806,000, perpetual notional total approximately $5.8 million, effective leverage approximately 7.2x. Besides ZEC, there are also short positions in AAVE approximately $2.39 million, MEGA approximately $970,000, AVAX approximately $480,000, etc. Loracle: Main address equity approximately $11.6 million, perpetual notional total approximately $98.02 million, effective leverage approximately 8.5x. 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. 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, indicating no short-term liquidation pressure. The liquidation price of the BTC long position on Loracle is approximately $64,965, about 12.1% away from the current price of approximately $73,922; the liquidation price of the NEAR short position is approximately $12.16, far from the current price. In cross-margin trading, the BTC position is the primary driver of account risk. From an operational perspective: mk4 took profits in batches according to a fixed rhythm after ZEC fell by about 20% from its opening price, without closing it all at market price at once. At the current rate, the remaining 1,881 coins may be closed within one or two hours. After that, we'll see if he re-enters short positions in ZEC or other coins. From Loracle's 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. Data Scope: Positions, trades, and realized profit/loss are from the official Hyperliquid interface, tested at 09:43 Singapore time on November 11th. Both positions are still changing; the figures are based on the snapshot at that time. mk4's realized profit/loss covers all short positions closed from 22:14 last night to the present. Loracle calculates based on verifiable continuous transactions since 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 API and are therefore not included. The start time and peak of the holding period are estimated based on funding fee records. Loracle only considers the primary address; sub-addresses already marked under that address are not included. Official API data shows that this primary address account has a historical cumulative loss of approximately $1.03 million and a perpetual historical cumulative profit of approximately $1.09 million, with recent daily and weekly losses. This account only uses this as a position signal and should not be considered "smart money." The above is only an observation of on-chain data and does not constitute investment advice.