Whales on Hyperliquid are predominantly engaging in low-leverage trading of PUMP contracts, likely for arbitrage opportunities. Analysis reveals that these traders are using millions in margin with 1x leverage, possibly targeting public offering arbitrage or short-term gains. Notably, three whales have deposited 11 million USDC but have only opened short positions totaling $2.394 million. The absence of a mark price for HYPE makes it susceptible to manipulation, with potential forced closures if prices fluctuate significantly. One aggressive trader, identified by the address 0xAc7…D53ce, has used a 4 million USDC margin to open a 2x short position, with an opening price of $0.00504 and a closing price of $0.02138.