> For the complete documentation index, see [llms.txt](https://hyperliquid-co.gitbook.io/wiki/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://hyperliquid-co.gitbook.io/wiki/introduction/roadmap/on-chain.md).

# On-Chain

Understanding on-chain movements provides valuable insights into Hyperliquid's ecosystem dynamics. **Monitoring large-scale transactions, major unstakes, significant buys and sells, and key player movements helps users understand market trends, potential price impacts, and shifts in institutional positioning.**

This page highlights the most significant wallet activities, large position changes, and notable trading patterns that have shaped the platform's liquidity and market behavior.

For real-time updates and comprehensive on-chain analysis, follow **MLM** ([Twitter](https://twitter.com/mlmabc) | [Telegram](https://t.me/mlmonchain)), who provides daily tracking of Hyperliquid's major wallet movements and trading activities.

### Tracking Tools & Resources

**Block Explorers & Analytics:**\
• [hypurrscan.io](https://hypurrscan.io/) / [purrsec.com](https://purrsec.com/) - Hyperliquid block explorers\
• [arbiscan.io](https://arbiscan.io/) / [etherscan.io](https://etherscan.io/) - For Arbitrum and Ethereum\
• [intel.arkm.com](https://intel.arkm.com/) - Multi-chain explorer with entity labels and alerts

**Trading & Position Tracking:**\
• [pvp.trade](https://pvp.trade/) / [hypurr.fun](https://hypurr.fun/) - Trade alerts via Telegram\
• [hyperdash.info/terminal](https://hyperdash.info/terminal) - View large perp positions\
• [app.hyperliquid.xyz/trade](https://app.hyperliquid.xyz/trade) - Import addresses to track execution and PnL

**Live Feeds:**\
• [Hyperliquid Liquidations](https://t.me/hyperliquid_liquidations) - Real-time liquidation feed on Telegram

***

### Notable On-Chain Activities

**May 1-23, 2025: The $23M HYPE Short**

* **Setup:** Newly created wallet received 6.5M USDC from Binance, immediately opened massive short position on HYPE worth $23M (1.16M tokens) with liquidation at $22.80
* **Escalation:** Continued adding to position with additional 1.8M USDC deposit, growing short to 1.3M HYPE ($27M) with liquidation at $25.50
* **Peak Commitment:** Received another 5M USDC from Binance, demonstrating serious conviction in bearish thesis
* **Outcome:** Position closed May 23 at $34.60, resulting in loss of **$23.5M** after withdrawing remaining funds

[View wallet activity](https://hypurrscan.io/address/0x20b141d3b74779d96b48b966807d719d5dfa08a6)