A Hyperliquid trader is sitting on an estimated $20.55m in unrealised profit after taking a long position on 5.76 million NEAR tokens, while simultaneously betting against seven of the largest cryptocurrencies.
The trader bought NEAR at $2.35 in September. The token is now trading at about $5.82, having risen roughly 12% in the past day and more than 145% in a month. It was changing hands at close to $2.30 in early September.
Onchain analysts first highlighted the position after its floating profit passed $20m. The account’s public Hyperliquid positions also show short positions of approximately $2m each in BTC, ETH, SOL, BNB, XRP, ADA and AVAX.
Together, those trades represent about $14.7m in bets against the wider large-cap cryptocurrency market. They are currently losing money, with the combined short positions down approximately $1.33m.
The AVAX position is showing a loss of about $623,000, while the ADA and SOL shorts are down roughly $327,000 and $207,000 respectively. The bitcoin short was opened at an average price of $79,550, meaning moves towards $84,000 have increased the trader’s losses.
That figure remains small compared with the profit on the NEAR position.
The timing of the NEAR purchase meant the trader entered before several developments that helped drive demand for the token. The Bitwise NRR fund, described as the first U.S. spot NEAR exchange-traded fund (ETF), launched on Sept. 29 and attracted nearly $58m during its first week.
Network activity has also increased. NEAR Intents, the project’s cross-chain swap layer, processed $1.84bn during September. Cumulative Intents volume is estimated at between $31bn and $33bn across more than 30 chains.
Supply conditions have changed as well. A governance decision in late 2025 reduced NEAR’s maximum annual inflation rate from about 5% to roughly 2.5%. A newer proposal would cut issuance further, towards 1.6%, over two years.
The trader also benefited from a wave of short liquidations. When bitcoin moved towards $84,000 on Sunday, about $7.18m in NEAR positions were liquidated, most of them shorts, according to a liquidation heatmap shared by Kook Capital.
Despite the gain, the trade remains exposed to sharp falls. NEAR would have to drop by about 77% from its current level to reach the estimated $1.33 liquidation price. But with 10x leverage applied to a $34m position, a 10% fall in NEAR would remove approximately $3.4m from the profit in a single move.
Analysts have also warned that NEAR’s relative strength index has at times risen above 70 to 80, levels often associated with overbought conditions. ETF inflows, they add, can reverse as quickly as they appear.
