Whales are strategically engaging with Hyperliquid's newly launched PUMP contracts, predominantly using a strategy of high-margin deposits with low leverage. Three major players have collectively deposited 11 million USDC as margin but have only opened short positions totaling $2.394 million. This approach is likely aimed at arbitrage opportunities related to the upcoming public offering on July 12 or to capitalize on short-term price movements. The absence of a marked price for HYPE makes it susceptible to manipulation. A price surge to $0.015, as seen earlier today, could trigger liquidations even with 1x leverage if margins are insufficient. Notably, one address, 0xAc7…D53ce, has taken a bold stance with a $4 million USDC margin, opening a 2x short position worth $1.074 million at an entry price of $0.00504 and a liquidation price of $0.02138.