A Hyperliquid trader, identified as 'qwatio,' has closed a $521 million short position on Bitcoin at $83,898 with 40x leverage, securing a profit of $3.9 million. The trade required a margin of $13.027 million and would have been liquidated at $85,591. Following this, the trader invested $2.7 million with 5x leverage in a long position on MELANIA, a Solana-based meme coin associated with U.S. First Lady Melania Trump. The trader has reportedly made over $9.37 million in profits in less than 30 days, including a controversial $285 million Ethereum trade that caused a $4 million loss for Hyperliquid's liquidity provider. In response, Hyperliquid has reduced its leverage cap on Bitcoin and Ethereum trades. The MELANIA position is at risk of liquidation if the coin's value falls by 9.78% from its current price of $0.7238. The trader's activities highlight the use of Hyperliquid's decentralized exchange for high-leverage trades.