A wallet identified as an0n2498.hl has retained most of its 474,719 HYPE allocation from Hyperliquid’s November 2024 genesis airdrop while building substantial trading activity on newer perpetual decentralized exchanges, including Variational and Entropy.
At a HYPE price of about $79.50, the original allocation is worth roughly $37.74 million. On-chain portfolio records associated with the wallet show more than $30 million spread across several HYPE staking and yield-bearing formats, indicating that a large portion of the airdrop has remained inside the Hyperliquid ecosystem rather than being sold into the market.
The wallet’s activity offers a clear example of how large early recipients can preserve exposure to one network while using trading accounts and capital across emerging venues. Its on-chain identity is most closely associated with address 0x7bfee91193d9df2ac0bfe90191d40f23c773c060; the source material also links the activity to the X account @punk2498_.
More than $30 million held in HYPE-linked positions
Hyperliquid distributed its genesis airdrop on Nov. 29, 2024, giving eligible users HYPE tokens that later became central to the chain’s trading, staking, and ecosystem activity.
The an0n2498.hl wallet appears to have put much of that allocation into a mix of liquid-staking and yield products rather than leaving all tokens in a standard spot balance. The recorded positions include hlHYPE, vkHYPE, kHYPE, kmHYPE, d2HYPE, liquidHYPE, and hbHYPE.
These instruments represent different ways of maintaining HYPE exposure while potentially receiving staking rewards, protocol incentives, or liquidity-related returns. Their use also means the wallet’s holdings are distributed among several ecosystem products, which can create different liquidity and smart-contract risks than holding the native token directly.
The combined value of those positions exceeds $30 million according to the portfolio data supplied. That figure does not establish whether the tokens are subject to formal lockups, nor does it show the wallet’s overall profit or loss. It does show that the account has kept a large amount of capital linked to Hyperliquid after receiving the airdrop.
Variational leaderboard shows $3.546 billion in cumulative volume
While retaining HYPE exposure, the wallet has become one of Variational’s most active historical traders. Variational’s public leaderboard ranks the account second by cumulative trading volume, with approximately $3.546 billion in historical volume.
The same leaderboard assigns the account an “Infinity” tier and lists it as the only user at that level. Leaderboard tiers generally reflect a platform’s activity or volume framework, although the exact economic benefits attached to each tier depend on Variational’s rules.
The scale of the reported volume places the wallet among the most visible participants on the platform, particularly as Variational draws attention following the publication of its tokenomics and airdrop framework. Variational has allocated 32% of its total token supply to its community under those published plans.
High cumulative volume can result from frequent trading, large position turnover, market-making strategies, or activity designed to meet a platform’s stated reward criteria. It should not be treated as a measure of trading profitability. Perpetual futures volume records the total value of contracts traded, including repeated turnover of the same capital.
That distinction is especially relevant across newer perpetual DEXs, where points systems, leaderboard rankings, fee rebates, and prospective token distributions can shape user behavior. Large trading figures may reflect a trader’s expectation of future program rewards, but no public leaderboard alone can prove that motivation.
Entropy activity extends the wallet’s reach beyond Hyperliquid
Entropy is the second perpetual DEX where the wallet is described as holding a leading position. Public standings referenced in the source material place the account first by trading volume on Entropy, with a sizeable lead over other listed participants.
The wallet’s presence on both Variational and Entropy shows activity spreading across venues that are still building their trading communities. Such platforms compete partly on execution, liquidity, incentives, and the prospect of becoming an early high-volume participant before a potential token launch or rewards distribution.
The account’s stated project focus is divided into three groups: Hyperliquid and affiliated ecosystem projects including Entropy and Kinetiq; Variational and projects that may emerge around it; and projects associated with Ink, Nado, Quotrons, and Kraken. The supplied material says the wallet has not participated in Lighter and does not plan to do so.
That selective approach matters because perpetual DEX trading has become increasingly fragmented. New platforms are competing for active users with different market structures, trading interfaces, points programs, and community allocations. A trader with an established on-chain profile can concentrate activity where its preferred incentives, products, or counterparties are available rather than attempting to participate everywhere.
Token incentives are shaping early DEX competition
Variational’s 32% community allocation has added to scrutiny of trading leaderboards and user activity. The disclosure gives participants a clearer reference point for assessing how much supply has been reserved for users, although the ultimate distribution will depend on the project’s eligibility criteria and final implementation.
Other products mentioned in the source material, including Lighter’s Robinhood “independent market” and Arcus, a product associated with the dYdX team, reflect the crowded environment around on-chain perpetual trading. Each new venue faces the same challenge: attracting active liquidity and repeat users without relying solely on short-lived incentive campaigns.
For an account holding tens of millions of dollars in HYPE-linked positions, moving trading activity to Variational and Entropy does not necessarily signal a retreat from Hyperliquid. The available data instead shows a strategy of retaining substantial ecosystem exposure while participating heavily on competing or adjacent perpetual trading platforms.
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