Hyperliquid’s XRP short chatter has a familiar theme. Traders on the venue are reportedly leaning on a “Sell in May” style correction idea for XRP. The CoinDesk link hosted by u.today frames the bet as the reason many of Hyperliquid’s top traders remain in position rather than closing.
The same source highlights one “whale” short position that still hasn’t exited. It cites an unrealized profit of 1,557%. The implication is simple. If the correction thesis holds, that kind of position can still pay out more. If it doesn’t, the risk stays real.
This is not a guaranteed outcome, just a rationale for why a profitable short might not be closed immediately. The story is about timing and conviction, not about certainty.
In markets, “Sell in May” is a seasonal framing, not a mechanism. Hyperliquid traders are using that framing to justify staying put through the period where they expect conditions to shift.
As the u.today piece notes through its discussion of Hyperliquid’s best performers, the absence of an exit is the key detail. A very large unrealized gain can still turn, because profits on leveraged positions are not the same as settled results.