Trader "CBB" buys $10.5 million of HYPE spot, then sells an equal amount to complete a 1:1 basis futures hedge.

BlockBeats News, September 1st. According to TradingBeats monitoring, the trader with the alias "CBB" associated sub-account has accumulated a purchase of 125,492.4 HYPE spot starting from 00:45 today, with a transaction volume of approximately $1055.06 million, at a weighted average price of $84.073 per unit.

However, simultaneously with the spot purchase, the account also entered a short position of 125,458.02 HYPE perpetual in 10x cross mode, with a position size of approximately $1055.24 million, at an entry price of $84.111 per unit.

The quantities and amounts of the two legs almost perfectly correspond, forming a nearly 1:1 cash-and-carry arbitrage.

Currently, the HYPE funding rate remains positive, meaning long positions pay funding to short positions. Today, the account has received approximately $1818.6 in funding payments through its perpetual short position.

This strategy also leverages borrowing to enhance capital efficiency. The account has activated portfolio margin, with approximately 190,538 HYPE held as the asset side while borrowing around $7.56 million USDC. The USDC balance is approximately -$5.96 million. The main account received a net inflow of approximately $10 million in this round, with the remaining spot exposure mainly financed through USDC borrowing.

The address belongs to the main account under 0x49e9 and is named "2 HYPE DN." The main account also holds around 15.696 million USDC and controls multiple associated sub-accounts.

Main Account: 0x49e96e255ba418d08e66c35b588e2f2f3766e1d0
Trading Sub-Account: 0x642ed9529b2c4fc33da54d1005b6aa12aefdf814

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