The largest cluster of leveraged Ethereum long positions on Hyperliquid sits at an entry price of $2,538, Hyperliquid whale data shows, with 21% of those positions opened above where ETH currently trades. A $151 million position anchors the cluster, carrying a liquidation price of $2,460.8.
Leveraged Ethereum bulls on Hyperliquid have crowded around one number: $2,538. Hyperliquid whale data shows the largest cluster of net long ETH positions entered at that price, and 21% of the positions inside it were opened above where ETH currently trades.
The $151 million position anchoring the cluster
The positioning comes from Hyperliquid, a decentralized exchange for perpetual futures — contracts that let traders bet on an asset's price without owning it and that never expire. The headline position belongs to a wallet identified as 0x0392…d7d9, which holds an 8x leveraged long worth approximately $151 million, opened at an entry price of $2,538.3.
That position's liquidation price sits at $2,460.8. If ETH falls to that level, the exchange closes the trade automatically and the collateral backing it is gone.
Where ETH trades now
Hyperliquid data snapshots as of October 2, 2026 put ETH trading between $2,662 and $2,683, which places the $2,538 cluster above water for now, depending on exact timing.
Not every trader in the cluster is sitting comfortably, though. The 21% of positions entered above the current price are, for now, holding paper losses. Another notable long nearby is a $111 million position at 10x leverage, opened at $2,693.9, above the current trading range. The book is not all bulls, either — trackers also flag a short of roughly $278 million at $2,304.
Why the cluster matters
The data comes from on-chain and perpetual DEX analytics trackers such as CoinLobster and Proliquid whale monitors, which scrape public blockchain records to show who is holding what. Because positions and wallets on a decentralized exchange are public by design, large traders operate in full view. The trackers found no direct link between this entry level and CME or traditional futures activity, nor any identified connection to CFTC reporting frameworks.
Clusters like this matter because they map where pressure could build. When many leveraged positions share a similar entry and liquidation zone, those prices can act like tripwires. A slide toward the $2,460.8 liquidation level on the largest long could trigger forced selling, while a rally squeezing the $278 million short could add buying pressure in the other direction.
Source: Crypto Briefing
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