Whale Positions at Risk (Shorts)
Published 7/27/2026, 8:31:04 AM
Following the public listing of ChangXin Memory Technologies (CXMT) on the Shanghai Stock Exchange on July 27, 2026, the stock surged over 465% on its debut [Source: https://x.com/JonkooTrades/status/2081647383104852237]. This volatility has placed several large whale short positions on decentralized perpetual exchanges (primarily Hyperliquid) at significant risk of liquidation or deep unrealized losses.
Whale Positions at Risk (Shorts)
The most significant risk is concentrated in massive short positions opened prior to or during the IPO surge. While the IPO price was approximately $1.28 (8.66 yuan), tokenized perps reached peaks near $8.64, creating a massive premium and squeezing short sellers.
| Whale Address / Identifier | Position Size | Entry / Status | Liquidation Price | Current Floating P/L |
|---|---|---|---|---|
| Whale 0xf292 | 2.6M CXMT ($18.36M) | Active Short | $16.91 | -$1.7M |
| Whale 0x004e | ~$3.5M | Active Short | $13.58 | Underwater |
| Whale (YakusaHL) | $2.976M Margin | Entry @ $6.40 | $17.84 | Near Break-even |
| Whale 0x517b | 272,505 CXMT | Liquidated | ~$7.00 | -$249,000 (Loss) |
- Whale 0xf292 is currently the most prominent "trapped" bear, nursing a $1.7 million loss on an $18.36M notional position [Source: https://x.com/pnlsdaily/status/2081655488643576026]. This whale has not closed the position and reportedly has take-profit orders set between $2.00 and $4.50, betting on a mean reversion.
- Whale 0x517b was reportedly forced out of their position when the price pierced the $7.00 level during initial volatility, resulting in a quarter-million-dollar loss [Note: not independently confirmed].
- Whale 0x004e, a known Bitcoin whale, has a liquidation trigger at $13.58, roughly 120% above the current trading price of ~$6.10.
- YakusaHL recently entered a ~$3M margin short at an entry price of $6.40, with a liquidation threshold at $17.84 [Source: https://x.com/YakusaHL/status/2081645145360040223].
Market Dynamics and Regional Sentiment
The market structure for CXMT perps shows a clear "short squeeze" environment. One whale is actively defending the $7.50–$9.00 range with $8.32M in pending sell orders to bolster an existing $1.26M short position.
On-chain sentiment appears geographically split:
- South Korean wallets show the strongest net short exposure [Source: https://x.com/AlliumLabs/status/2081646005708329183].
- US, Hong Kong, and Chinese wallets are predominantly net long [Source: https://x.com/AlliumLabs/status/2081646005708329183].
Long Positions at Risk
While the surge favored longs, extreme volatility has put late-entry buyers at risk. One whale holding a $4.945M long (751,734 CXMT) at an average entry of $6.78 is currently facing an unrealized loss of approximately $154,000 as the price retraced toward the $6.10 level following the initial peak.
In summary, the primary risk remains with short-sellers concentrated around the $16.91 liquidation cluster, though late-stage longs are now vulnerable to the post-surge retracement.