A significant short position has emerged on Hyperliquid's $LIT token, with the address 0x540…3F802 becoming the largest short holder. Over the past two hours, the address deposited $4.35 million USDC as margin to open a short position of 1,110,677 LIT at an average entry price of $2.74. Currently, the position is experiencing an unrealized loss of $25,000.