A prominent trader on the decentralized perpetual exchange Hyperliquid, identified by the handle mk4, has emerged as the largest individual holder of long positions for the NEAR Protocol (NEAR) token. According to data monitored by on-chain analyst Ai Yi on September 27, 2026, the trader’s high-conviction bet has resulted in significant unrealized gains following a period of sustained bullish momentum for the Layer 1 blockchain asset.
Strategic Positioning and Leverage Details
The trader’s exposure represents a substantial portion of the market, accounting for 7.68% of the total open interest for NEAR on the Hyperliquid platform. The position consists of 5.838 million NEAR tokens, which, at current market valuations, is worth approximately $31.28 million. Technical details of the trade include:
- Leverage Ratio: 10x leveraged long.
- Average Entry Price: $4.35 per token.
- Current Market Price: $5.36 per token.
- Unrealized Profit: Approximately $5.55 million.
Open interest refers to the total number of outstanding derivative contracts, such as futures or options, that have not been settled for an asset.
Timeline of the NEAR Price Rally
The position was reportedly initiated in early September, capturing a major trend reversal in the cryptocurrency markets. Since the opening of this specific trade, the market price of NEAR has experienced a cumulative rise of approximately 18%. However, due to the utilization of 10x leverage, the return on equity for mk4’s position has surged by nearly 128%. Notably, this NEAR long is currently the only active position held by the trader, suggesting a highly concentrated risk strategy focused on the performance of the NEAR Protocol ecosystem.
This position is mk4's only current long position. It was opened in early September, during which NEAR has cumulatively risen by approximately 18%, and the corresponding increase for this position is close to 128%.
The scale of this position highlights the increasing liquidity and activity within decentralized finance (DeFi) perpetual platforms like Hyperliquid. As the trader continues to hold the largest share of open interest, the eventual closing or liquidation of this position could have localized impacts on the asset's price volatility. Investors and market participants continue to monitor such "whale" activities for insights into institutional-grade sentiment regarding the NEAR blockchain and its underlying utility.
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For educational purposes only. Nothing here constitutes financial or investment advice. Crypto markets are highly volatile — always DYOR before making any decisions.
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