22 liquidations later, James Wynn is still betting against the SP500

James Wynn has now been liquidated 22 times while shorting Hyperliquid’s SP500 perpetual futures contract, according to on-chain tracker Onchain Lens on August 3. His latest liquidation came roughly 40 minutes before the update.

As per S&P Dow Jones Indices, SP500 perpetual is “the first and only officially licensed perpetual derivative contract based on The 500®,” which permits qualified investors to trade the S&P 500 in any direction at any time without requiring ownership of the underlying stocks.

Although the underlying asset relates to U.S. stocks, the trading is fully happening through Hyperliquid, making Wynn’s losses a significant crypto event. His many liquidations demonstrate the risks—and strength—of decentralized perpetual futures markets.

James Wynn has now been liquidated 22 times on $SP500.

His latest liquidation occurred 40 minutes ago.

His realized losses on the asset have reached ~$73.1K.

Despite the repeated liquidations, Wynn still holds a 70.50 $SP500 short worth ~$530.9K at 50x leverage.

• Current… pic.twitter.com/2pBU7w5czK

— Onchain Lens (@OnchainLens) August 3, 2026

The contract has also turned into a significant market. According to CoinGlass data, the total traded amount in the last 24 hours is $117.7 million, and the current total number of open contracts stands at $704.5 million, which shows that a significant leverage participation despite the troubles of Wynn.

Realized losses of $73,000 and a short still open at 50x

According to Onchain Lens, Wynn has realized roughly $73,100 in losses on his SP500 short but continues to hold a 70.5-contract position worth about $530,900 using 50x leverage.

According to wallet information from hl.eco, the valuation of his account is in the region of $6,890, with a margin usage of 77% and almost $7,600 in unrealized losses. He has executed a total of 67 trades in which he has won 19 and lost 48, resulting in a win percentage of 28%.

There is not much chance to make mistakes. His open short position entered around 7,418 faces liquidation if the index reaches approximately 7,548, leaving almost no margin for error against minor upward price shifts. In light of the usage of leverage 50x, minor shifts in the markets can lead to liquidation.

Hypurrscan‘s blockchain records unveil a recent series of liquidations along with several other transaction types such as repositioning and adjustment of collateral related to the wallet belonging to Wynn. This indicates that he has been continuously adding and replacing margin without offsetting prior losses.

From a $300,000 wipeout to a $4 margin of error

The latest batch of liquidations follows an already difficult time.

Arkham Intelligence revealed on July 31 that Wynn had lost $300,000 from shorting Hyperliquid’s SP500 perpetual, leaving his account with a mere $12,000. According to Arkham, this means that even a slight rise of $4 in the value of the index would result in a fresh liquidation.

On-chain records from Hypurrscan confirm that Wynn continued operating out of the same wallet, corroborating Onchain Lens’ findings that he repeatedly reopened high-leverage short positions rather than stepping away.

The losses incurred by him extend beyond the recent trades. According to the information published by BeInCrypto on July 1, Wynn’s equity-index perpetual shorts have already resulted in $982,000 losses within twenty-four hours of trading and brought the total number of his liquidations career-wise to 200.

However, he is not the only one facing such losses. The same report mentioned that Jeffrey Huang, aka Machi Big Brother, had 335 liquidations, while Andrew Tate had come back to Hyperliquid with a new 40x Bitcoin position after getting liquidated 107 times.

Why Hyperliquid still watches him

Wynn first gained attention after turning roughly $7,000 invested in PEPE into about $25 million, according to Presto Research. He later initiated a Bitcoin long position at the cost of $1.27 billion with 40x leverage on Hyperliquid in May 2025. Despite earning tens of millions of dollars as unrealized profits for a short while, his account value eventually depleted from around $90 million to less than $5 million within eight days—a huge 94% drawdown.

His ability to come back after suffering huge losses has earned him a great reputation. As said in July 2025 by Cryptopolitan, Wynn made a short break from his X account with “broke” as his bio and returned back in a couple of days with another positive PEPE investment. Three months after that, Lookonchain found him putting $197,000 USDC into Hyperliquid and creating around $4.8 million in leveraged long positions in Bitcoin, PEPE and HYPE.

Some traders have termed it the “James Wynn effect” due to his sizable positions becoming events that people monitor. BeInCrypto reported that Hyperliquid has recorded considerable trading volume and experienced user growth during this time, while Wintermute’s founder called Wynn a “well-executed HL promo campaign,” even though he did not indicate that there was a coordinated effort behind it.

The fact that there remains more than $700 million in SP500 perpetual open interest outstanding makes Wynn’s ongoing liquidations so newsworthy, both in terms of the losses and the context in which they take place in relation to one of the largest tokenized equity-index perpetual markets on a decentralized exchange.

Wynn does not seem eager to change his approach. When asked on X why he continues to use extreme leverage despite repeated wipeouts, Wynn replied, ‘I like to fly close to the radar.

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