A well-known Hyperliquid trader labelled “Mk4” currently holds more than $10 million in unrealised gains on a sizeable NEAR long.
Arkham Intelligence flagged the position today, showing the trader remains long over $25 million notional in NEAR while the unrealized profit sits near $12.15 million after peaking higher two weeks ago.
Who Is Hyperliquid Trader Mk4?
On-chain trackers identify Mk4 through the address 0x77375A8c9d13bf79Afb2a87f1B0ac1dFd5F5Bf66.
This wallet has built a reputation on Hyperliquid for concentrated, high-conviction bets.
The trader opened the NEAR long in early September 2026 and has held through sharp price swings, turning an average entry near $2.35 into substantial paper profits as NEAR rallied.
How Large Is the NEAR Long Position on Hyperliquid?
Mk4 controls a 10x leveraged long exceeding 5.8 million NEAR tokens. The notional value now tops $25 million.
Two weeks ago, when NEAR reached recent highs, the same position showed roughly $20.88 million in unrealised gains.
Even after the pullback, the profit remains above $12 million, showing both the size and the timing of the entry.
What Other Positions Does Mk4 Hold Alongside the NEAR Long?
Alongside the dominant NEAR long, the trader maintains $13.1 million in short exposure across Bitcoin, Ethereum, Solana, XRP, BNB, Cardano and Avalanche.
This setup creates a clear relative-strength trade: long NEAR while shorting a basket of major assets.
The combination has allowed Mk4 to capture NEAR’s outperformance while hedging broader market risk.
Why Does This Hyperliquid Trade Stand Out?
Hyperliquid continues to attract sophisticated flow, and positions of this scale often influence open interest and funding rates.
Mk4’s concentrated NEAR exposure once accounted for a meaningful share of the market’s total open interest.
Meanwhile, the mixed long-short book highlights an active relative-value approach rather than simple directional betting.
Stakeholders observing Hyperliquid’s order flow must monitor wallets like this one for clues about sentiment shifts.
How Has the Profit Picture Evolved Recently?
The position delivered its strongest paper gains near the recent NEAR peak.
Subsequent price consolidation trimmed the unrealised profit from nearly $21 million down to the current $12 million-plus range.
Yet, the trader has not closed the core long, keeping the bulk of the exposure intact.
Active management of the short book appears to continue, with small adjustments visible in recent fills.
Hyperliquid’s transparent ledger lets anyone verify these numbers in real time.
The combination of a high-conviction NEAR long and offsetting major-asset shorts offers a live case study in how large HYPE participants structure multi-asset books.
