# Hyperliquid whale position — X 热门讨论 (2026-09-24 19:26 UTC)
## @TheFatMbappe (FatMbappe) · 09-24 15:47 · ♥55 ↻6 💬8 Polymarket Perps has a massive wash trading problem.
17 connected wallets trading $10,510,000 strictly with EACH OTHER in less than 96 hours.
This is just a tiny snapshot. There is significantly more.
How the $10.5M Wash Trading Loop Worked:
One wallet funds 17 sub-accounts
A single funding source (a whale entity, probably Wintermute or Jump - linked to a Hyperliquid account aliased "ABC") funneled over $10M into an Arbitrum treasury wallet. From there, the money was split across 17 secondary accounts on Polymarket Perps.
WASH:
Instead of trading with actual market participants, these 17 accounts were paired up on the order books. Account A placed an order, and Account B instantly filled it.
RISK:
Seconds later, they ran the exact reverse trade. For example, in the $VVV market, two accounts swapped contracts and reversed the same quantity at the same price just 9.36 seconds later.
- Net position change: Zero. - Market risk taken: Zero.
COSTS:
Because of maker fee rebates and dirt-cheap taker fees, running a $10,000 trade back and forth cost only $1.50 in net fees. Pumping eight figures of fake volume cost pennies on the dollar.
SCALE:
Over just four days (Sept 18–22), this cluster ran this loop 22,210 times, fabricating $10.51 million in volume. In markets like $VVV, this single group accounted for nearly 29% of all trading activity.
You thought Kalshi was the only one manufacturing fake volume? Think again.
This is only a snapshot from a few days of captured activity. There is significantly more in the public data.
You can check the public receipts and reproduce the results here:
LINK ⏬⏬⏬ https://t.co/tXuND1zzeE
More soon. https://x.com/TheFatMbappe/status/2103149455146905937