There's a massive $41 million long position on Hyperliquid sitting at a $23.7 liquidation point. Meanwhile, the platform just crossed $1.36 billion in TVL—and get this, they're charging absolutely nothing on perps or spot trades.

HYPE token? Down 30% this month, making it the worst-performing asset in the top 50. Here's the critical part: that $23.7 level isn't just a number—it's the entire trade. If whales manage to defend it, you're looking at a potential short squeeze pushing prices past $35. But if it breaks? Well, the sentence got cut off, but you can imagine the bloodbath that follows when a position that size gets liquidated.

The zero-fee model is clearly pulling in capital, but price action tells a different story. Classic case of fundamentals versus market sentiment.