Bottom line up front
Open SP500 long dominates this wallet: $11.3M notional, $48,957 unrealised gain, 3.48% unrealised ROE, 8x leverage on isolated margin, held 60 days, liquidation at 6,661.83. This is still open exposure; the unrealised PnL is not locked in, and the final outcome remains unknown until the position closes. The liquidation level sits 12% below current mark price, representing the downside boundary. The sample is too small—only two closed trades in the data covered—to draw behavioural conclusions, but the account's real story is the concentration in this single long position against a portfolio of three large short positions in BTC, ETH, and SOL that are collectively underwater by $927,650 unrealised.
What the data shows
The data covered covers 60 days of activity and captures only the most recent 10,000 public fills. Within that scope, the account has opened 66 positions and closed just 2, leaving 64 open. The closed trades generated -$113,531 realised PnL after fees, but this is noise relative to the open book. The two closed episodes—a long TENCENT loss of -$378.43 on 11 May and a short SMALL2000 win of $0.75 on 11 May—are too small to characterise the account's actual edge or method.
The real capital is deployed in four dominant open positions. The SP500 long at 8x leverage is the only position in profit, carrying $48,957 unrealised gain. The three short positions—BTC at 20x, ETH at 20x, and SOL at 20x—are all underwater. BTC short is down $336,420 unrealised, ETH short is down $594,347 unrealised, and SOL short is barely positive at $3,117 unrealised. Combined, the three shorts are -$927,650 unrealised, while the SP500 long is +$48,957. The net open book is -$568,341 unrealised PnL across $95.3M notional open exposure.
Funding costs have been substantial. data-covered funding paid across the four open positions totals -$1.27M. Since the positions opened (approximately 60 days ago), funding paid is -$99,190 across the four positions. This is a material drag on any eventual close.
The account is operating at extreme leverage and concentration. Margin used across the four open positions is $3.04M against a current balance of $98.05M. The cross-margin shorts are tightly coupled; a sharp move against any of them could cascade into forced liquidations. The SP500 position is isolated, which provides some structural separation, but the three shorts share the same margin pool.
Trade quality
Win rate on closed trades is 50%, but the sample is too small. Only two episodes closed: one loss and one negligible win. Gross fees paid in the data covered total $1,614.12 on $38.4M gross volume, a net fee drag of $1,563.54. The closed realised PnL of -$113,531 is dominated by the TENCENT loss; the SMALL2000 win contributed $0.75. These numbers are not meaningful for assessing edge or discipline.
Post-mortems
TENCENT long, 11 May 2026, entry 466.42, exit 464.52, -$378.43 loss. Opened and closed on the same day in 0.19 hours. The position hit a maximum adverse excursion of -0.56% before closing at a loss. The trade was flagged for averaging down behaviour. Structural stop distance was 0.32% based on 14-period ATR on the 1-hour chart, suggesting tight risk management intent, but the position was closed at a loss regardless.